Commercial Real Estate Law in New Hampshire
Commercial Real Estate Law in Goffstown, New Hampshire 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 Goffstown, New Hampshire apply differently when dealing with commercial, as opposed to residential, real estate.
When renting or buying residential real estate, renters and buyers have substantial legal protections which often don't apply to commercial real estate.
For instance, residential real estate is controlled by laws concerning rent control, living conditions, and other things relevant to buildings where people will be living. Most of these protections don't apply to commercial real estate, because the law assumes that the average business person is a bit more sophisticated in such dealings than the general population, and because a place to do business is usually less important than a place to live. However, the most basic protections, such as protection from fraud and deliberate concealment of defects, still apply.
Common Commercial Real Estate Law Issues in Goffstown, New Hampshire
Financing: The majority of small business owners in Goffstown, New Hampshire 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.
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 responsible for any harm this defect cause, as well as the reduced value of the property, or the cost of repair.
Duty to Inspect: Buyers of commercial real estate are expected to be diligent, and a court will not reward a lack of diligence. Consequently, if the buyer fails to conduct a thorough inspection of the property before buying it, and thereby fails to discover defects which such an inspection could have easily revealed, he will not be able to sue the seller over these defects later on.
Encumbrances: Undisclosed encumbrances are defects of another sort: defects of title. An encumbrance is any interest that a third party has in the Goffstown, New Hampshire 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 necessary to know about them before buying.
Can a Goffstown, New Hampshire Attorney Help?
The issues surrounding commercial real estate in Goffstown, New Hampshire can get fairly complex. Therefore, it's never a bad idea to have the assistance of an efficient commercial real estate attorney.