East Orange Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in East Orange, NJ

Commercial Real Estate Law in New Jersey

Commercial Real Estate Law in East Orange, New Jersey 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 East Orange, New Jersey apply differently when dealing with commercial, as opposed to 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 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 East Orange, New Jersey

Financing: Most small business owners in East Orange, New Jersey don't have the money to buy real estate with the cash on hand. Nonetheless, there is a solution to this problem, permitting 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 bought is used 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.

Buyer's Duty to Inspect: usually, buyers of commercial real estate are expected to inspect the property before buying it. A failure to do so might prevent the buyer from prevailing in a lawsuit if he is injured by physical defects that an inspection would have revealed, and that the seller didn't know about.

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 East Orange, New Jersey 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 East Orange, New Jersey Attorney Help?

These issues are sometimes complicated, and almost always very important. Therefore, it's imperative to seek the assistance of an East Orange, New Jersey real estate attorney if you have any dealings in this area.

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Life in East Orange

East Orange, New Jersey is a city in Essex County, and it has a population of about 68,000 people. East Orange was originally incorporated by an act of the New Jersey Legislature in 1863.

East Orange is a fairly diverse city, and a significant number of immigrants from the South American country of Guyana have taken up residence there, accounting for 2.5% of the population. As with any city with a significant immigrant population, immigrant communities have added a touch of their own culture to East Orange, giving it that much more character.

New Jersey has designated the city of East Orange as an "urban enterprise zone." This is a package of benefits that the state extends to entrepreneurs if they decide to open a business in a community that needs economic revitalization. Businesses are encouraged to set up shop in these zones mostly with tax and regulatory breaks. As an attempt to stimulate consumer spending in these areas, the sales tax is lower than in other parts of New Jersey.

There are plenty of East Orange, New Jersey lawyers who can probably handle any legal issue that you might find yourself facing. If you find yourself with any legal problems, you should call an East Orange, New Jersey lawyer as soon as possible.

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