Commercial Real Estate Law in Georgia
In Alpharetta, Georgia, "commercial real estate" is any type of land or building which is used for a business, as opposed to residential, purpose.
Commercial real estate in Alpharetta, Georgia is managed by laws which differ significantly from state and local laws that apply to residential real estate.
People who buy and rent residential unites have a greater deal of legal protections not available to buyers of commercial property.
These include implied warranties of habitability, rent control, and covenants of use and quiet enjoyment, among several others. Of course, the most basic protections, such as prohibiting the seller from actively concealing defects, apply to both.
Common Commercial Real Estate Law Issues in Alpharetta, Georgia
Financing: Many businesses in Alpharetta, Georgia can't save up enough money to pay the full asking price of a decent-sized piece of real estate up front. Nonetheless, it's sometimes necessary for businesses to acquire real estate. To solve this problem, most rely on a mortgage. A mortgage is a common type of loan, taken out to purchase real estate. The lending institution lends the full purchase price to the borrower, who then purchases the property. The property, in turn, becomes collateral for the loan, which must be paid back over a period of years, with interest.
Concealment of Defects: if the seller of commercial property acts to conceal a significant defect in the property, and then sells the property, he will be liable for any harm this defect cause, as well as the reduced value of the property, or the cost of repair.
Buyer's Duty to Inspect: generally, buyers of commercial real estate are expected to inspect the property before buying it. A failure to do so might prevent the buyer from prevailing in a lawsuit if he is harmed by physical defects that an inspection would have revealed, and that the seller didn't know about.
Encumbrances: An encumbrance is any interest held in a piece of property by a party other than the seller and the buyer. These property interests might make it very difficult for the buyer to use the land as they intended when they bought it. A common type of encumbrance in Alpharetta, Georgia is the easement. An easement is some right that a third party has in a piece of property. For example, suppose that, many years ago, a neighbor adjacent to the land you want to buy, paid a previous owner for the right to cross his land to reach a public road. Unless the agreement states otherwise, this right will usually apply to subsequent owners, and has to be honored. Therefore, it might interfere with the intended use of the new owner.
Can a Alpharetta, Georgia Attorney Help?
These issues can be very complicated, and most people consider such financially-weighty decisions to be very important. If you are one of those people, it's a smart move to contact an Alpharetta, Georgia real estate attorney if you are facing any of the issues discussed above.
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Accountant
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