Cedar Rapids Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Cedar Rapids, IA

Commercial Real Estate Law in Iowa

In Cedar Rapids, Iowa, "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 Cedar Rapids, Iowa is regulated by laws which differ significantly from state and local laws that apply to residential real estate.

Buyers and renters of residential property enjoy some pretty significant legal protections, because the law of most states presumes that shelter (being necessary to survive, for the most part) is more important than business. Therefore, many of these consumer protections don't apply to commercial real estate.

These absent protections include rent control, and warranties of habitability, among others. The most basic protections, such as prohibiting sellers of real estate from lying about the property to the buyer, apply in any context, however.

Common Commercial Real Estate Law Issues in Cedar Rapids, Iowa

Financing: Many businesses in Cedar Rapids, Iowa 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: 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 common, 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: This is a companion to the duty to disclose defects. Generally, buyers of real estate are expected to inspect the property. If they fail to conduct a good inspection, they might not be able to recover damages if they are harmed by any defects which an inspection would have revealed.

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 common encumbrance is an easement. In Cedar Rapids, Iowa, 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 Cedar Rapids, Iowa Attorney Help?

Because of the complexity and importance of many of the issues concerning commercial real estate, it is almost always necessary to consult with a Cedar Rapids, Iowa attorney before buying or selling commercial real estate.

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Life in Cedar Rapids

Cedar Rapids is Iowa's second largest city, neighboring the Linn County line and Cedar River. It is about 100 miles from the capital, Des Moines. The city is home to approximately 126,326 people. The dominant industries in the area are the transportation industry and the health care industry.

Cedar Rapids is one of the largest cities in the world for corn processing. Grain processing is the most important sector in the city because most of the residents are employed within it. Large companies that have a location in Cedar Rapids include Rockwell Collins, Quaker Oats, Archer Daniels Midland, General Mills and Nordstrom. To serve these corporations and industries, Cedars Mills is home to many law firms and lawyers, well-experienced in all areas of practice.

Popular figures who have once called Cedar Rapids home include Grant Wood, William L. Shirer, Carl Van Vechten, Bobby Driscoll, Ashton Kutcher, Elijah Wood, and Ron Livingston.

Popular attractions in the area include the Cedar Rapids Museum of Art, the National Czech Slovak Museum Library, Theater Cedar Rapids, and the Paramount Theater.

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