Commercial Real Estate Law in New Jersey

Commercial Real Estate Law in Vernon, 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 Vernon, 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.

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

Financing: Most small business owners in Vernon, 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 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.

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: 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 Vernon, 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 Vernon, New Jersey Attorney Help?

These issues can be very complicated, and most people consider such financially-weighty decisions to be very critical. If you are one of those people, it's a smart move to contact a Vernon, New Jersey real estate attorney if you are facing any of the issues discussed above.