Commercial Real Estate Law in New Jersey

Commercial Real Estate Law in Tinton Falls, New Jersey 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 governing real estate in Tinton Falls, New Jersey apply differently when dealing with commercial, as opposed to residential, real estate.

Buyers and renters of residential property enjoy some pretty considerable 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.

For example, commercial real estate normally isn't covered by rent control laws, nor does it carry with it an implied warranty of habitability (because people typically 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 Tinton Falls, New Jersey

Financing: Most small business owners in Tinton Falls, New Jersey 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 or lessor of commercial real estate actively conceals a material defect in the real estate, they can be accountable to the buyer or renter for any damages caused by this concealment.

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

Encumbrances: These are defects to title, rather than physical defects. They are legal issues which might make it difficult or impossible for a landowner to make full use of their land. In Tinton Falls, New Jersey, these might include easements. An easement is a right to use property held by a party other than the owner. This use is often very particular in scope, such as allowing the holder of the easement to cross the property to access a public road, or something similar. Such rights usually have to be recognized and honored by new owners, so if they buy property not knowing about them, they might be seriously inconvenienced.

Can a Tinton Falls, New Jersey 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 Tinton Falls, New Jersey attorney before buying or selling commercial real estate.