Springfield Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Springfield, MO

Commercial Real Estate Law in Missouri

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

The laws in Springfield, Missouri which regulate commercial real estate differ considerably from the laws governing the rental and purchase of residential real estate.

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

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 Springfield, Missouri

Financing: The majority of small business owners in Springfield, Missouri probably can't afford to buy much real estate outright, with cash paid up front, so most small business buy 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 significant 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 significant 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.

Duty to Inspect: This is a companion to the duty to disclose defects. Usually, 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 challenging for the buyer to use the land as they intended when they bought it. A typical type of encumbrance in Springfield, Missouri 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 Springfield, 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 Springfield, Missouri real estate attorney if you are facing any of the issues discussed above.

Talk to a Real Estate Law Attorney now!

Life in Springfield

Springfield, Missouri is the third-largest city in the state of Missouri. It has a population of approximately 160,000 people.

Springfield has a long and fascinating history. During the Civil War, Missouri was a border state, and its population was divided in its loyalty to the Union and the Confederacy. Both the Union and the Confederacy claimed Missouri, and its star was on the flags of both sides. It also had two separate governments, one loyal to the union, and one to the confederacy. Both purported to be the legitimate government of the entire state. There were many small skirmishes between rival towns and neighbors, essentially creating a war within a war. As a result, Springfield, MO was the site of many clashes during the war. Springfield, MO also gave rise to the "Wild West" era of American history. In 1865, there was a "quick draw" shootout in the town square. This was the only such shootout ever recorded in American history, even though they're now a staple of Western movies.

Modernly, Springfield is a thriving city, with an economy based on education, healthcare, manufacturing, and tourism. Kraft Foods and 3M, among other major corporations, have manufacturing facilities in Springfield, MO.

As a result, it goes without saying that there are many sophisticated and skilled attorneys in Springfield, MO. If you can think of a legal practice area, you can be almost certain that there's at least one (and probably more) Springfield, MO lawyer who practices it, and can help you with your legal problem.

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