Commercial Real Estate Law in Ohio
Commercial Real Estate Law in Avon Lake, Ohio 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 Avon Lake, Ohio laws governing commercial real estate differ significantly from the laws that cover residential and other types of real estate.
Many of the protections that buyers and renters of residential real estate enjoy rarely apply to renters of 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 Avon Lake, Ohio
Financing: The majority of small businesses in Avon Lake, Ohio can't afford to make large real estate purchases with the money they have in the bank. Still, buying real estate is sometimes imperative for a business' survival. This problem is sometimes remedied by taking out a mortgage; a loan used to buy property, with that same property being used to secure the loan.
Concealment of Defects: Sellers and lessors of commercial real estate are under a duty to disclose any defects in the property which might impact the buyer's decision to purchase it, such as water damage, mold, or other structural problems. These defects are quite common, and the buyer has a right to know about them. If the seller doesn't disclose these defects, where they exist, the buyer can sue for any harm this causes.
Duty to Inspect: Buyers of commercial real estate are expected to be diligent, and a court will not reward a lack of diligence. Consequently, if the buyer fails to conduct a thorough inspection of the property before buying it, and thereby fails to discover defects which such an inspection could have easily revealed, he will not be able to sue the seller over these defects later on.
Encumbrances: Undisclosed encumbrances are defects of another sort: defects of title. An encumbrance is any interest that a third party has in the Avon Lake, Ohio commercial real estate. These typically 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 Avon Lake, Ohio Attorney Help?
Because of the importance and potential complexity of the issues surrounding commercial real estate, it's almost always advisable that, before engaging in any real estate deal, you pursue the counsel of a good Avon Lake, Ohio real estate attorney.