Commercial Real Estate Law in Michigan
In Pontiac, Michigan, commercial real estate is any type of real property (land or permanent structures) being used for business purposes.
Commercial real estate in Pontiac, Michigan is managed 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.
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 Pontiac, Michigan
Financing: The majority of small business owners in Pontiac, Michigan 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.
Duty to Disclose Defects: It is of the utmost importance that sellers and lessors of commercial real estate be up front about any defects that might be present in the property. Failing to disclose them can be bad, and actively concealing them can be much worse. In general, if a defect is serious enough that it would influence a reasonable person's decision to buy a piece of property, and the seller knows about it, the seller should disclose it. Failure to disclose can have serious consequences. If the buyer later discovers the defect, they can sue for the cost of repairing it, or for any reduction in the property's value caused by it. And, of course, if it causes any injuries, the buyer can sue the seller for those, as well.
Duty to Inspect: While buyers of real estate have some significant protections with respect to defects, they also have some obligations. Before finalizing a purchase, buyers are expected to undertake a reasonable inspection of the property, usually by using a licensed building inspector. If the buyer fails to conduct an inspection, they usually won't be able to successfully sue, if defects are discovered after the purchase.
Encumbrances: Encumbrances are defects of a different type: rather than physical defects, they are defects of title. In Pontiac, Michigan, 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 certain 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 Pontiac, Michigan Attorney Help?
These issues can be very complicated, and most people consider such financially-weighty decisions to be very crucial. If you are one of those people, it's a smart move to contact a Pontiac, Michigan real estate attorney if you are facing any of the issues discussed above.
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Accountant
Actually, I did hire him but I basically handled my situation and got the necessary results before a contract was signed with Attorney Muller beyond the first 30 minute consultation. That said, he seemed very nice and if I would need an attorney in the area of his expertise I would contact him again. Thank you.
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thanks!
Was incredible, just who we needed to represent us with our needs.
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Nick Muller is an asset to the Legal community. Thanks for having Nick Muller on your team!
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