Commercial Real Estate Law in New York
Commercial Real Estate Law in Saugerties, 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.
The Saugerties, New York laws regulating commercial real estate differ significantly from the laws that cover residential and other types of real estate.
Most of the protections that buyers and renters of residential real estate enjoy rarely apply to renters of commercial real estate.
These absent protections include rent control, and warranties of habitability, among others. The most general protections, such as prohibiting sellers of real estate from lying regarding the property to the buyer, apply in any context, however.
Common Commercial Real Estate Law Issues in Saugerties, New York
Financing: Most small business owners in Saugerties, New York don't have the money to buy real estate with the cash on hand. Nonetheless, there is a solution to this problem, permitting 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 bought is used as collateral for the loan.
Disclosure of Defects: Sellers of real estate have an requirement to inform prospective buyers of any defects present in the property, such as water damage and other structural problems. Essentially, if the defect is significant enough that it might affect a reasonable buyer's decision on whether or not to purchase the property, and the seller knows about it, it must be disclosed. Failure to disclose such defects would give a buyer the right to sue the seller, and recover considerable damages, including the cost of repairing the defect, compensation for any injuries or illness caused by it, and the reduction in the property's value caused by the defect.
Duty to Inspect: This is a companion to the duty to disclose defects. Typically, 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: These are defects to title, rather than physical defects. They are legal issues which might make it challenging or impossible for a landowner to make full use of their land. In Saugerties, New York, 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 set 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 Saugerties, New York Attorney Help?
Because of the importance and potential complexity of the issues surrounding commercial real estate, it's almost always recommended that, before engaging in any real estate deal, you obtain the counsel of a good Saugerties, New York real estate attorney.