Commercial Real Estate Law in Georgia
In Braselton, 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 Braselton, Georgia is regulated 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 higher 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 many 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 Braselton, Georgia
Financing: Some small businesses in Braselton, Georgia find it necessary, at some point, to purchase a piece of real estate, for various reasons. However, most owners of small to medium-sized businesses can't afford to make a real estate purchase up front, with the cash they have on hand. Simply put, very few people have hundreds of thousands of dollars just sitting in the bank. One solution to this is a mortgage, which is similar to most other types of secured loans: a bank lends you money, and you put up some piece of property as collateral, so the bank has some security in the event of default. With a mortgage, however, the property being purchased with the loan also secures the loan, authorizing the bank to foreclose on it in case the buyer defaults.
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 responsible 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: usually, 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 injured by physical defects that an inspection would have revealed, and that the seller didn't know about.
Encumbrances: An encumbrance is some small ownership interest in land held by a third party, or some right held by a third party to restrict the use of a parcel of land. A typical encumbrance is an easement. In Braselton, Georgia, an easement is some right of some third party to make limited use of land owned by someone else. For example, cable companies often purchase easements from property owners (or they are imposed by the government) allowing them to string cable wiring from the telephone wires on the street to nearby houses. Like any other property right, the holder of an easement can prevent others from interfering with it. Obviously, if a buyer doesn't know about an encumbrance on a piece of land, he might find that he's unable to make the use of the land that he was expecting.
Can a Braselton, Georgia Attorney Help?
The issues surrounding commercial real estate in Braselton, Georgia can get fairly complex. Therefore, it's never a bad idea to have the assistance of an efficient commercial real estate attorney.