Elkhart Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Elkhart, IN

Commercial Real Estate Law in Indiana

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

The laws in Elkhart, Indiana which control commercial real estate differ substantially from the laws governing the rental and purchase of residential real estate.

People who buy and rent residential unites have a larger deal of legal protections not available to buyers of commercial property.

For instance, residential real estate is governed by laws concerning rent control, living conditions, and other things relevant to buildings where people will be living. Most of these protections don't apply to commercial real estate, because the law assumes that the average business person is a bit more sophisticated in such dealings than the general population, and because a place to do business is typically less important than a place to live. However, the most basic protections, such as protection from fraud and deliberate concealment of defects, still apply.

Common Commercial Real Estate Law Issues in Elkhart, Indiana

Financing: Many businesses in Elkhart, Indiana 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 of commercial property acts to conceal a significant defect in the property, and then sells the property, he will be accountable for any harm this defect cause, as well as the reduced value of the property, or the cost of repair.

Duty to Inspect: Lest you believe that the duty to disclose defects relieves any duty of diligence on the part of the buyer, the law will not reward such lapses with a major cause of action. Buyers have a duty to conduct a reasonable inspection of the property before they buy it, normallyy with a licensed building inspector. If the buyer fails to do this, they won't be able to recover any damages for defects which they could have discovered through a reasonable inspection.

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 frequent encumbrance is an easement. In Elkhart, Indiana, 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 Elkhart, Indiana Attorney Help?

The issues surrounding commercial real estate in Elkhart, Indiana can get fairly complex. Therefore, it's never a bad idea to have the assistance of an accomplished commercial real estate attorney.

Talk to a Real Estate Law Attorney now!

Life in Elkhart

Elkhart, Indiana is a city located in Elkhart County, just south of the Illinois border. As of the 2000 Census, it has a population of about 52,000 people. Until the early 1800s, the area now known as Elkhart was mainly populated by various American Indian tribes, including the Ottawa, Chippewa, and Potawatomi. In 1829, settlers established the village of Pulaski, which consisted of little more than a post office, a saw mill, and a few homes. Modernly, Elkhart, Indiana is known as a major center for a niche industry: the manufacture of musical instruments. Several such manufacturers have set up shop in Elkhart, and have, since the early 20th Century, made up a major portion of the city's industrial base. It is also home to a highly specialized sector of the auto industry - the manufacture of recreational vehicles (RVs). Sadly, because Elkhart, Indiana's industrial base was focused largely on the manufacture of luxury items (musical instruments, RVs, etc.), its economy was particularly hard-hit by the recent economic decline experienced by the U.S., along with most of the industrialized world. However, as the economy begins to look up, with manufacturing increasing, Elkhart, Indiana has plenty of reasons for hope. If you live in or near Elkhart, Indiana, and are facing a legal issue, chances are excellent that an Elkhart, Indiana lawyer can help. Elkhart, Indiana lawyers are experienced in many diverse areas of law. There is almost certainly an Elkhart, Indiana lawyer who can help you.

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