Commercial Real Estate Law in New York
Commercial Real Estate Law in Greece, New York 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.
Commercial real estate in Greece, New York is regulated by laws which differ significantly from state and local laws that apply to residential real estate.
Buyers and renters of residential property enjoy a considerable number of legal protections. Many of these protections don't apply to buyers or renters of commercial property.
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 Greece, New York
Financing: Most small business owners in Greece, New York 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 responsible to the buyer or renter for any damages caused by this concealment.
Duty to Inspect: While buyers of real estate have some substantial 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 typically won't be able to successfully sue, if defects are discovered after the purchase.
Encumbrances: Encumbrances are defects of a different type: rather than physical defects, they are defects of title. In Greece, New York, an encumbrance is an interest in a piece of real estate held by a third party, such as covenants or easements. An easement is a right held by someone to use the property of someone else for a specific purpose. For example, a person might have an easement on the land of another person, allowing them to cross the land to access a public road.
Can a Greece, New York Attorney Help?
Because of the complexity and importance of many of the issues concerning commercial real estate, it is almost always necessary to consult with a Greece, New York attorney before buying or selling commercial real estate.