Grand Rapids Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Grand Rapids, MI

Commercial Real Estate Law in Michigan

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

Commercial real estate in Grand Rapids, Michigan is handled by laws which differ significantly from state and local laws that apply 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.

These include implied warranties of habitability, rent control, and covenants of use and quiet enjoyment, among numerous others. Of course, the most general protections, such as prohibiting the seller from actively concealing defects, apply to both.

Common Commercial Real Estate Law Issues in Grand Rapids, Michigan

Financing: Most small business owners in Grand Rapids, Michigan don't have the money to buy real estate with the cash on hand. Nonetheless, there is a solution to this problem, permitting 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 bought is used as collateral for the loan.

Disclosure of Defects: Sellers of real estate have an requirement to inform prospective buyers of any defects present in the property, such as water damage and other structural problems. Essentially, if the defect is significant enough that it might affect a reasonable buyer's decision on whether or not to purchase the property, and the seller knows about it, it must be disclosed. Failure to disclose such defects would give a buyer the right to sue the seller, and recover considerable damages, including the cost of repairing the defect, compensation for any injuries or illness caused by it, and the reduction in the property's value caused by the defect.

Buyer's Duty to Inspect: typically, 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 hurt by physical defects that an inspection would have revealed, and that the seller didn't know about.

Encumbrances: An encumbrance is some small ownership interest in land held by a third party, or some right held by a third party to restrict the use of a parcel of land. A frequent encumbrance is an easement. In Grand Rapids, Michigan, an easement is some right of some third party to make limited use of land owned by someone else. For instance, cable companies often purchase easements from property owners (or they are imposed by the government) allowing them to string cable wiring from the telephone wires on the street to nearby houses. Like any other property right, the holder of an easement can prevent others from interfering with it. Obviously, if a buyer doesn't know about an encumbrance on a piece of land, he might find that he's unable to make the use of the land that he was expecting.

Can a Grand Rapids, Michigan Attorney Help?

These issues are sometimes intricate, and almost always very important. Therefore, it's necessary to seek the assistance of a Grand Rapids, Michigan real estate attorney if you have any dealings in this area.

Talk to a Real Estate Law Attorney now!

Life in Grand Rapids

Grand Rapids, MI is a city serving as the county seat of Kent County. It is a fairly large city, with a population of slightly under 200,000 people. Human habitation of the area now known as Grand Rapids can be traced back at least 2,000 years, when elements of the Hopewell Culture (a large group of tribes which extended from Canada down the Southeastern U.S., which developed cultural similarities through centuries of trade) lived in the area. By about 1700AD, the Ottawa Indians had moved into the area, and established a permanent presence. Europeans first reached Grand Rapids in the early 1800s, with the first settlers being missionaries and fur traders. In the early 20th Century, Grand Rapids, Michigan became known as "the furniture city" due to its large natural supply of lumber, which lead many famous furniture manufacturers and designers to set up shop there.Modernly, furniture and automotive industries still maintain a presence in Grand Rapids, Michigan. However, their presence has gradually waned over the past decades.

If you live in Grand Rapids, Michigan, and need a good attorney, chances are good that you can find one. Grand Rapids, Michigan lawyers are very qualified to handle virtually any case that comes into their door.

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