Commercial Real Estate Law in Illinois

In Riverside, Illinois, commercial real estate is any type of real property (land or permanent structures) being used for business purposes.

The laws in Riverside, Illinois which govern commercial real estate differ significantly from the laws governing the rental and purchase of 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 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 Riverside, Illinois

Financing: Many businesses in Riverside, Illinois 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 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 Riverside, 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 example, 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 Riverside, Illinois Attorney Help?

These issues are sometimes complex, and almost always very important. Therefore, it's essential to seek the assistance of a Riverside, Illinois real estate attorney if you have any dealings in this area.