Commercial Real Estate Law in Georgia
In Conyers, Georgia, "commercial real estate" is any form of land or building which is utilized for a business, as opposed to residential, purpose.
Commercial real estate in Conyers, Georgia is handled 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 absent protections include rent control, and warranties of habitability, among others. The most general protections, such as prohibiting sellers of real estate from lying regarding the property to the buyer, apply in any context, however.
Common Commercial Real Estate Law Issues in Conyers, Georgia
Financing: The majority of small business owners in Conyers, Georgia probably can't afford to buy much real estate outright, with cash paid up front, so most small business buy commercial real estate with a mortgage. A mortgage is a loan taken out for the purpose of buying real estate, using that real estate as collateral for the loan.
Concealment of Defects: Sellers and lessors of commercial real estate are under a duty to disclose any defects in the property which might impact the buyer's decision to purchase it, such as water damage, mold, or other structural problems. These defects are quite typical, and the buyer has a right to know about them. If the seller doesn't disclose these defects, where they exist, the buyer can sue for any harm this causes.
Duty to Inspect: Buyers of commercial real estate are expected to be diligent, and a court will not reward a lack of diligence. Therefore, if the buyer fails to conduct a thorough inspection of the property before buying it, and thereby fails to discover defects which such an inspection could have easily revealed, he will not be able to sue the seller over these defects later on.
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 Conyers, 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 Conyers, Georgia Attorney Help?
Because of the complexity and importance of many of the issues regarding commercial real estate, it is almost always crucial to consult with a Conyers, Georgia attorney before buying or selling commercial real estate.