Olathe Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Olathe, KS

Commercial Real Estate Law in Kansas

In Olathe, Kansas, commercial real estate is any form of real property (land or permanent structures) being utilized for business purposes.

The laws in Olathe, Kansas which govern commercial real estate differ significantly from the laws governing the rental and purchase of 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.

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 Olathe, Kansas

Financing: Many businesses in Olathe, Kansas 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.

Duty to Disclose Defects: It is of the utmost importance that sellers and lessors of commercial real estate be up front about any defects that might be present in the property. Failing to disclose them can be bad, and actively concealing them can be much worse. In general, if a defect is significant enough that it would influence a reasonable person's decision to buy a piece of property, and the seller knows about it, the seller should disclose it. Failure to disclose can have significant consequences. If the buyer later discovers the defect, they can sue for the cost of repairing it, or for any reduction in the property's value caused by it. And, of course, if it causes any injuries, the buyer can sue the seller for those, as well.

Buyer's Duty to Inspect: generally, buyers of commercial real estate are expected to inspect the property before buying it. A failure to do so might prevent the buyer from prevailing in a lawsuit if he is harmed by physical defects that an inspection would have revealed, and that the seller didn't know about.

Encumbrances: An encumbrance is any interest held in a piece of property by a party other than the seller and the buyer. These property interests might make it very difficult for the buyer to use the land as they intended when they bought it. A common type of encumbrance in Olathe, Kansas is the easement. An easement is some right that a third party has in a piece of property. For example, suppose that, many years ago, a neighbor adjacent to the land you want to buy, paid a previous owner for the right to cross his land to reach a public road. Unless the agreement states otherwise, this right will usually apply to subsequent owners, and has to be honored. Therefore, it might interfere with the intended use of the new owner.

Can a Olathe, Kansas Attorney Help?

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

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Life in Olathe

Olathe, Kansas is a city in Johnson County, Kansas. It is also the county seat of that county. it has a population of about 125,000 people.

In 2008, CNN andMoneyMagazine named Olathe, Kansas one of the 100 best U.S. cities to live in, ranking it at number 11. Olathe, Kansas was so ranked because of its ample job opportunities, low unemployment, good public schools, and relatively low cost of living. Many professionals, such as lawyers, have relocated to Olathe, Kansas in recent years, making it one of the fastest-growing communities in the United States.

One of the largest employers in Olathe, Kansas is an air traffic control facility run by the Department of Transportation. It is one of 20 such facilities in America, and it monitors and directs most air traffic in the region.

If you live in Olathe, Kansas, and are in need of legal services, you will almost certainly be able to find an Olathe, Kansas attorney who can help.

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