Commercial Real Estate Law in Michigan
In Macomb County, Michigan, commercial real estate is any form of real property (land or permanent structures) being utilized for business purposes.
Commercial real estate in Macomb County, Michigan is controlled 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 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.
These absent protections include rent control, and warranties of habitability, among others. The most general protections, such as prohibiting sellers of real estate from lying regarding the property to the buyer, apply in any context, however.
Common Commercial Real Estate Law Issues in Macomb County, Michigan
Financing: Most small business owners in Macomb County, 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.
Concealment of Defects: if the seller or lessor of commercial real estate actively conceals a material defect in the real estate, they can be liable 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. Generally, 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: 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 common encumbrance is an easement. In Macomb County, 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 Macomb County, Michigan Attorney Help?
These issues are sometimes perplexing, and almost always very important. Therefore, it's essential to seek the assistance of a Macomb County, Michigan real estate attorney if you have any dealings in this area.