Commercial Real Estate Law in Mississippi
Commercial Real Estate Law in Crystal Springs, Mississippi 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 Crystal Springs, Mississippi which govern commercial real estate differ significantly from the laws governing the rental and purchase of residential real estate.
Buyers and renters of residential property enjoy a large number of legal protections. Many of these protections don't apply to buyers or renters of commercial property.
For example, commercial real estate usually isn't covered by rent control laws, nor does it carry with it an implied warranty of habitability (because people generally won't be living in it). Furthermore, it also doesn't come with a covenant of quiet enjoyment. However, some of the most basic legal protections (such as laws against fraud, and concealment of defects) apply in both the commercial and residential context.
Common Commercial Real Estate Law Issues in Crystal Springs, Mississippi
Financing: Most small business owners in Crystal Springs, Mississippi don't have the money to buy real estate with the cash on hand. However, there is a solution to this problem, allowing people without massive sums of money (but with a steady income) to buy real estate: the mortgage. A mortgage is a loan used to buy real estate, and the real estate being purchased is used 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 liable 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 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: An encumbrance is some small ownership interest in land held by a third party, or some right held by a third party to restrict the use of a parcel of land. A common encumbrance is an easement. In Crystal Springs, Mississippi, an easement is some right of some third party to make limited use of land owned by someone else. For example, cable companies often purchase easements from property owners (or they are imposed by the government) allowing them to string cable wiring from the telephone wires on the street to nearby houses. Like any other property right, the holder of an easement can prevent others from interfering with it. Obviously, if a buyer doesn't know about an encumbrance on a piece of land, he might find that he's unable to make the use of the land that he was expecting.
Can a Crystal Springs, Mississippi Attorney Help?
Because of the complexity and importance of many of the issues concerning commercial real estate, it is almost always essential to consult with a Crystal Springs, Mississippi attorney before buying or selling commercial real estate.