Central Islip Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Central Islip, NY

Commercial Real Estate Law in New York

Commercial Real Estate Law in Central Islip, New York 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.

Commercial real estate in Central Islip, New York is controlled by laws which differ significantly from state and local laws that apply to residential real estate.

Buyers and renters of residential property enjoy a large number of legal protections. Many of these protections don't apply to buyers or renters of commercial property.

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 Central Islip, New York

Financing: Many businesses in Central Islip, New York can't save up enough money to pay the full asking price of a decent-sized piece of real estate up front. Nonetheless, it's sometimes necessary for businesses to acquire real estate. To solve this issue, most rely on a mortgage. A mortgage is a typical type of loan, taken out to purchase real estate. The lending institution lends the full purchase price to the borrower, who then purchases the property. The property, in turn, becomes collateral for the loan, which must be paid back over a period of years, with interest.

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 consequences. 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.

Duty to Inspect: This is a companion to the duty to disclose defects. Generally, 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: 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 difficult for the buyer to use the land as they intended when they bought it. A common type of encumbrance in Central Islip, New York 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 Central Islip, New York Attorney Help?

These issues are sometimes perplexing, and almost always very important. Therefore, it's essential to seek the assistance of a Central Islip, New York real estate attorney if you have any dealings in this area.

Talk to a Real Estate Law Attorney now!

Life in Central Islip

Central Islip, New York is a community of about 32,000 people, as of the 2000 census. It is located in Suffolk County, on Long Island.

The name came from Islip, Northamptonshire, England, which was the hometown of William Nicoll, the first European to settle the area, in 1683.

In 1842, the Long Island Railroad's rapid eastern expansion reached Suffolk, and Suffolk Central Station was opened, which caused a rapid expansion of Central Islip.

In 1889, a large mental hospital, which would eventually become the Central Islip Psychiatric Center, was opened. By 1955, it housed over 10,000 patients, and closed in 1996, after the last of the patients were moved to other facilities.

Modernly, Central Islip largely serves as a residential suburb of New York City, especially its outer boroughs. Many residents of Central Islip commute to various parts of New York City for their jobs, but live in Central Islip to enjoy its quiet nature.

Central Islip, New York lawyers are plentiful, and are competent to hand virtually any case that an individual, family, or small business is likely to face. If you have a legal problem, you should get in touch with a Central Islip, New York lawyer today.

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