Commercial Real Estate Law in Missouri

Commercial Real Estate Law in Savannah, Missouri is any type of land or permanent structure which isn't used for residential or industrial purposes, and is instead used for a business involving the buying and selling of goods or services.

The laws in Savannah, Missouri which control commercial real estate differ substantially from the laws governing the rental and purchase of residential real estate.

Buyers and renters of residential property enjoy a massive number of legal protections. Many of these protections don't apply to buyers or renters of commercial property.

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 Savannah, Missouri

Financing: The majority of small business owners in Savannah, Missouri 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.

Concealment of Defects: if the seller of commercial property acts to conceal a significant defect in the property, and then sells the property, he will be accountable for any harm this defect cause, as well as the reduced value of the property, or the cost of repair.

Duty to Inspect: While buyers of real estate have some considerable 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 normally won't be able to successfully sue, if defects are discovered after the purchase.

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 Savannah, Missouri, 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 particular 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 Savannah, Missouri 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 Savannah, Missouri real estate attorney if you are facing any of the issues discussed above.