Duluth Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Duluth, MN

Commercial Real Estate Law in Minnesota

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

The Duluth, Minnesota laws regulating commercial real estate differ significantly from the laws that cover residential and other types of real estate.

Most of the protections that buyers and renters of residential real estate enjoy rarely apply to renters of commercial real estate.

Several 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 general protections, nonetheless, 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 Duluth, Minnesota

Financing: Some small businesses in Duluth, Minnesota find it necessary, at some point, to purchase a piece of real estate, for various reasons. Nonetheless, most owners of small to medium-sized businesses can't afford to make a real estate purchase up front, with the cash they have on hand. Simply put, very few individuals have hundreds of thousands of dollars just sitting in the bank. One solution to this is a mortgage, which is similar to most other forms of secured loans: a bank lends you money, and you put up some piece of property as collateral, so the bank has some security in the event of default. With a mortgage, however, the property being purchased with the loan also secures the loan, allowing the bank to foreclose on it in case the buyer defaults.

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 any interest held in a piece of property by a party other than the seller and the buyer. These property interests might make it very difficult for the buyer to use the land as they intended when they bought it. A common type of encumbrance in Duluth, Minnesota is the easement. An easement is some right that a third party has in a piece of property. For example, suppose that, many years ago, a neighbor adjacent to the land you want to buy, paid a previous owner for the right to cross his land to reach a public road. Unless the agreement states otherwise, this right will usually apply to subsequent owners, and has to be honored. Therefore, it might interfere with the intended use of the new owner.

Can a Duluth, Minnesota Attorney Help?

These issues can be very complicated, and most people consider such financially-weighty decisions to be very necessary. If you are one of those people, it's a smart move to contact a Duluth, Minnesota real estate attorney if you are facing any of the issues discussed above.

Talk to a Real Estate Law Attorney now!

Life in Duluth

Duluth, Minnesota is the fourth-larges city in the state, with a population of about 85,000. It is the county seat of St. Louis County. It is located on the north shore of Lake Superior, the largest of the Great Lakes.

Various Native American tribes have lived in the area now known as Duluth for thousands of years. The first permanent European settlement of Duluth was established in 1852, and discovery of significant deposits of copper and iron led to a land rush, creating rapid population growth.

Around the same time, newly-build channels linking the Great Lakes to the Atlantic Ocean allowed for large ships to access Duluth, further promoting economic growth.

During the first half of the 20th Century, Duluth, Minnesota underwent a major industrial boom, becoming an important center for steel manufacturing. However, by the 1970s, foreign competition began to seriously weaken the U.S. steel industry, leading to the closure of one of the major steel plants in the area.

More recently, Duluth, Minnesota has, with a good amount of success, transitioned into a tourism-based economy.

If you live in or near Duluth, Minnesota, chances are you can find a good lawyer for whatever legal problem you might have. Duluth, Minnesota lawyers are able to handle just about any case that walks through their door.

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