Commercial Real Estate Law in Maryland
In Ellicott City, Maryland, commercial real estate is any type of real property (land or permanent structures) being used for business purposes.
Commercial real estate in Ellicott City, Maryland is managed by laws which differ significantly from state and local laws that apply to residential real estate.
Many of the protections that buyers and renters of residential real estate enjoy rarely apply to renters of commercial real estate.
Some 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 basic protections, however, 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 Ellicott City, Maryland
Financing: The majority of small businesses in Ellicott City, Maryland can't afford to make large real estate purchases with the money they have in the bank. Nonetheless, buying real estate is sometimes necessary for a business' survival. This problem is sometimes remedied by taking out a mortgage; a loan used to buy property, with that same property being used to secure 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: 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: Encumbrances are defects of a different type: rather than physical defects, they are defects of title. In Ellicott City, Maryland, an encumbrance is an interest in a piece of real estate held by a third party, such as covenants or easements. An easement is a right held by someone to use the property of someone else for a particular purpose. For example, a person might have an easement on the land of another person, allowing them to cross the land to access a public road.
Can a Ellicott City, Maryland Attorney Help?
These issues can be very complicated, and most people consider such financially-weighty decisions to be very essential. If you are one of those people, it's a smart move to contact an Ellicott City, Maryland real estate attorney if you are facing any of the issues discussed above.