Commercial Real Estate Law in Nebraska
Commercial Real Estate Law in Papillion, Nebraska 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 regulating real estate in Papillion, Nebraska apply differently when dealing with commercial, as opposed to residential, real estate.
When renting or buying residential real estate, renters and buyers have considerable legal protections which often don't apply to commercial real estate.
These include implied warranties of habitability, rent control, and covenants of use and quiet enjoyment, among various others. Of course, the most general protections, such as prohibiting the seller from actively concealing defects, apply to both.
Common Commercial Real Estate Law Issues in Papillion, Nebraska
Financing: Some small businesses in Papillion, Nebraska 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, permitting the bank to foreclose on it in case the buyer defaults.
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 typical, 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: This is a companion to the duty to disclose defects. Typically, 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: Undisclosed encumbrances are defects of another sort: defects of title. An encumbrance is any interest that a third party has in the Papillion, Nebraska commercial real estate. These normally 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 critical to know about them before buying.
Can a Papillion, Nebraska Attorney Help?
These issues are sometimes intricate, and almost always very important. Therefore, it's necessary to seek the assistance of a Papillion, Nebraska real estate attorney if you have any dealings in this area.