Rome Commercial Real Estate Lawyers

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Commercial Real Estate Law in New York

Commercial Real Estate Law in Rome, 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 Rome, 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 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.

Some of the protections that don't apply to commercial property include warranties of habitability, rent control, and warranties of quiet enjoyment. There are others, as well. The most basic protections, however, apply to buyers of both residential and commercial real estate, including remedies for fraud and concealment of physical or title defects.

Common Commercial Real Estate Law Issues in Rome, New York

Financing: Many businesses in Rome, 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 problem, most rely on a mortgage. A mortgage is a common 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.

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 accountable for any harm this defect cause, as well as the reduced value of the property, or the cost of repair.

Duty to Inspect: Lest you believe that the duty to disclose defects relieves any duty of diligence on the part of the buyer, the law will not reward such lapses with a major cause of action. Buyers have a duty to conduct a reasonable inspection of the property before they buy it, normallyy with a licensed building inspector. If the buyer fails to do this, they won't be able to recover any damages for defects which they could have discovered through a reasonable inspection.

Encumbrances: Undisclosed encumbrances are defects of another sort: defects of title. An encumbrance is any interest that a third party has in the Rome, New York commercial real estate. These normally take the form of easements, which are rights held by third parties to use the land for a specific purpose. Easements can have profound effects on how a new owner can use the land, so it is critical to know about them before buying.

Can a Rome, New York 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 Rome, New York real estate attorney if you are facing any of the issues discussed above.

Talk to a Real Estate Law Attorney now!

Life in Rome

Rome, New York is a city in Oneida County. As of the 2000 Census, Rome's population was about 35,000 people.

Starting with the Revolutionary War, and continuing for many years thereafter, the city of Rome was referred to as "Fort Stanwix" - because that military installation was the only building in the area at the time. The town changed its name to "Rome" sometime in the 1800s, though the exact time of this name change, and the reasons for it, are unknown. It is presumed to be named after the modern Italian city of Rome, or perhaps the ancient empire of the same name.

Construction of the Erie Canal, which eventually connected the Atlantic Ocean with the Great lakes,began in Rome, and led to its industrial ascension, thanks to the Canal's role in the industrialization of America. Today, Rome is home to one of the last examples of an unique natural habitat: sand plains. The Rome Sand Plains are a mosaic of sand dunes, peat bogs, and hardwood forest, creating a huge amount of biodiversity. The sand plains are a major draw for tourists, especially nature enthusiasts.

If you live in Rome, New York, and find yourself facing a legal problem, a Rome, New York attorney can help. Rome, New York lawyers are ready to handle just about any legal issue you might be facing.

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