Royal Oak Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Royal Oak, MI

Commercial Real Estate Law in Michigan

In Royal Oak, Michigan, commercial real estate is any type of real property (land or permanent structures) being used for business purposes.

Commercial real estate in Royal Oak, Michigan is regulated 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 substantial 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 Royal Oak, Michigan

Financing: The majority of small businesses in Royal Oak, Michigan can't afford to make large real estate purchases with the money they have in the bank. Still, buying real estate is sometimes imperative 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.

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 results. 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.

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

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 Royal Oak, Michigan, 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 Royal Oak, Michigan Attorney Help?

Because of the importance and potential complexity of the issues surrounding commercial real estate, it's almost always advisable that, before engaging in any real estate deal, you pursue the counsel of a good Royal Oak, Michigan real estate attorney.

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Life in Royal Oak

Royal Oak is a city in Oakland County, Michigan. It has a population of about 60,000 individuals, and is considered a suburb of Detroit.

Royal Oak was incorporated as a village in 1891, but its human history dates back thousands of years - the area now known as Royal Oak was inhabited by indigenous peoples millennia before the arrival of European settlers. The name of Royal Oak dates back to 1819, when an early settler to the region saw an oak tree which reminded him of the "Royal Oak" - an oak tree in which King Charles II hid to evade enemy forces during a battle in 1651.

The downtown area of Royal Oak features a variety of entertainment options, including bars, restaurants, music venues, comedy clubs,and nightclubs. Royal Oak appears to have avoided the worst of the economic hardship that the Detroit area has experienced over the past few decades, with only 4.3% of the population living below the poverty line - much lower than the national average. It also has a verylow rate of violent crime, and an average rate of property crime, which is much better than many of its neighbors.

Thanks to its diversity and relative prosperity, Royal Oak, Michigan has a thriving legal community, with attorneys who should be able to solve just about any legal problem a person might have. If you need any form of legal assistance, a Royal Oak, Michigan lawyer is who you should contact.

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