Commercial Real Estate Law in Illinois

In Murphysboro, Illinois, "commercial real estate" is any form of land or building which is utilized for a business, as opposed to residential, purpose.

The Murphysboro, Illinois laws regulating commercial real estate differ significantly from the laws that cover residential and other types of real estate.

When renting or buying residential real estate, renters and buyers have significant legal protections which often don't apply to commercial real estate.

Several of the protections that don't apply to commercial property include warranties of habitability, rent control, and warranties of quiet enjoyment. There are others, as well. The most general protections, nonetheless, apply to buyers of both residential and commercial real estate, including remedies for fraud and concealment of physical or title defects.

Common Commercial Real Estate Law Issues in Murphysboro, Illinois

Financing: The majority of small businesses in Murphysboro, Illinois can't afford to make large real estate purchases with the money they have in the bank. Nevertheless, buying real estate is sometimes essential for a business' survival. This problem is sometimes remedied by taking out a mortgage; a loan used to buy property, with that same property being used to secure the loan.

Concealment of Defects: if the seller or lessor of commercial real estate actively conceals a material defect in the real estate, they can be liable to the buyer or renter for any damages caused by this concealment.

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: Encumbrances are defects of a different type: rather than physical defects, they are defects of title. In Murphysboro, Illinois, an encumbrance is an interest in a piece of real estate held by a third party, such as covenants or easements. An easement is a right held by someone to use the property of someone else for a certain purpose. For instance, a person might have an easement on the land of another person, allowing them to cross the land to access a public road.

Can a Murphysboro, Illinois Attorney Help?

Because of the importance and potential complexity of the issues surrounding commercial real estate, it's almost always recommended that, before engaging in any real estate deal, you seek the counsel of a good Murphysboro, Illinois real estate attorney.