Peabody Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Peabody, MA

Commercial Real Estate Law in Massachusetts

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

The laws covering commercial real estate in Peabody, Massachusetts are quite different from those applying to residential real estate.

Buyers and renters of residential property enjoy some pretty considerable 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.

For example, commercial real estate normally isn't covered by rent control laws, nor does it carry with it an implied warranty of habitability (because people typically won't be living in it). Furthermore, it also doesn't come with a covenant of quiet enjoyment. However, some of the most basic legal protections (such as laws against fraud, and concealment of defects) apply in both the commercial and residential context.

Common Commercial Real Estate Law Issues in Peabody, Massachusetts

Financing: The majority of small business owners in Peabody, Massachusetts probably can't afford to buy much real estate outright, with cash paid up front, so most small business purchase commercial real estate with a mortgage. A mortgage is a loan taken out for the purpose of buying real estate, using that real estate as collateral for the loan.

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 common, 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: Buyers of commercial real estate are expected to be diligent, and a court will not reward a lack of diligence. Thus, 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: Undisclosed encumbrances are defects of another sort: defects of title. An encumbrance is any interest that a third party has in the Peabody, Massachusetts commercial real estate. These normally 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 essential to know about them before buying.

Can a Peabody, Massachusetts Attorney Help?

The issues surrounding commercial real estate in Peabody, Massachusetts 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 Peabody

Peabody is an Essex County city that is home to 55,000 residents of Boston's highly desirable North Shore suburban area. Peabody began as a farming community but has since shifted focus to more tourist friendly avenues like the massive Northshore Mall and Shopping Center, on of the areas largest, the historic Brooksby Farm, and the infamous host of the U.S. Senior and U.S. Women's Golf Opens, Salem Country Club. In 2009, Forbes Magazine dubbed Peabody the 14th most livable city in the United States. There are also a number of manufacturing, medical, and technology companies located in Centennial Industrial Park which is located a stone's throw from the Corwin Manufacturing Company. With such a thriving city there are bound to be some problems but you will be relieved to know there are a number of Peabody lawyers who can help sort those out. Peabody lawyers are familiar with local courts and their procedures; they can also lay out your legal options and help you weigh one against another. Peabody is known locally for its strong school system and sports programs. Ice hockey, soccer, and track are their strongest but the baseball program has been making outstanding progress too. Olympic swimmer Samantha Arsenault, professional wrestler Matt Bloom, pitcher John Tudor, and hockey player Bobby Hanson are just a few of the local notables.

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