Commercial Real Estate Law in Indiana
In Fishers, Indiana, commercial real estate is any form of real property (land or permanent structures) being utilized for business purposes.
The laws in Fishers, Indiana which regulate commercial real estate differ considerably from the laws governing the rental and purchase of residential real estate.
People who buy and rent residential unites have a higher deal of legal protections not available to buyers of commercial property.
For instance, residential real estate is controlled 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 usually 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 Fishers, Indiana
Financing: Many businesses in Fishers, 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 issue, most rely on a mortgage. A mortgage is a typical 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 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: This is a companion to the duty to disclose defects. Usually, 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: Undisclosed encumbrances are defects of another sort: defects of title. An encumbrance is any interest that a third party has in the Fishers, Indiana commercial real estate. These typically take the form of easements, which are rights held by third parties to use the land for a specific purpose. Easements can have profound effects on how a new owner can use the land, so it is crucial to know about them before buying.
Can a Fishers, Indiana Attorney Help?
These issues are sometimes complicated, and almost always very important. Therefore, it's imperative to seek the assistance of a Fishers, Indiana real estate attorney if you have any dealings in this area.