Commercial Real Estate Law in Massachusetts
In Tewksbury, 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 Tewksbury, 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 Tewksbury, Massachusetts
Financing: Most small business owners in Tewksbury, Massachusetts don't have the money to buy real estate with the cash on hand. However, there is a solution to this problem, allowing people without massive sums of money (but with a steady income) to buy real estate: the mortgage. A mortgage is a loan used to buy real estate, and the real estate being purchased is used as collateral for the loan.
Concealment of Defects: if the seller or lessor of commercial real estate actively conceals a material defect in the real estate, they can be accountable to the buyer or renter for any damages caused by this concealment.
Duty to Inspect: This is a companion to the duty to disclose defects. Typically, 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: These are defects to title, rather than physical defects. They are legal issues which might make it difficult or impossible for a landowner to make full use of their land. In Tewksbury, Massachusetts, these might include easements. An easement is a right to use property held by a party other than the owner. This use is often very limited in scope, such as allowing the holder of the easement to cross the property to access a public road, or something similar. Such rights usually have to be recognized and honored by new owners, so if they buy property not knowing about them, they might be seriously inconvenienced.
Can a Tewksbury, Massachusetts Attorney Help?
Because of the complexity and importance of many of the issues concerning commercial real estate, it is almost always necessary to consult with a Tewksbury, Massachusetts attorney before buying or selling commercial real estate.