Elizabeth City Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Elizabeth City, NC

Commercial Real Estate Law in North Carolina

Commercial Real Estate Law in Elizabeth City, North Carolina 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 Elizabeth City, North Carolina 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 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.

These absent protections include rent control, and warranties of habitability, among others. The most basic protections, such as prohibiting sellers of real estate from lying about the property to the buyer, apply in any context, however.

Common Commercial Real Estate Law Issues in Elizabeth City, North Carolina

Financing: The majority of small business owners in Elizabeth City, North Carolina 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: Sellers and lessors of commercial real estate are under a duty to disclose any defects in the property which might impact the buyer's decision to purchase it, such as water damage, mold, or other structural problems. These defects are quite common, and the buyer has a right to know about them. If the seller doesn't disclose these defects, where they exist, the buyer can sue for any harm this causes.

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

Encumbrances: Undisclosed encumbrances are defects of another sort: defects of title. An encumbrance is any interest that a third party has in the Elizabeth City, North Carolina commercial real estate. These typically take the form of easements, which are rights held by third parties to use the land for a specific purpose. Easements can have profound effects on how a new owner can use the land, so it is crucial to know about them before buying.

Can a Elizabeth City, North Carolina Attorney Help?

The issues surrounding commercial real estate in Elizabeth City, North Carolina can get fairly complex. Therefore, it's never a bad idea to have the assistance of an efficient commercial real estate attorney.

Talk to a Real Estate Law Attorney now!

Life in Elizabeth City

Elizabeth City, North Carolina is a city in Camden County. It has a population of about 21,000 people, as of a 2009 Census estimate.

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