Commercial Real Estate Law in Ohio

Commercial Real Estate Law in Clyde, 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 Clyde, Ohio laws governing commercial real estate differ significantly from the laws that cover residential and other types of 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.

These include implied warranties of habitability, rent control, and covenants of use and quiet enjoyment, among several others. Of course, the most basic protections, such as prohibiting the seller from actively concealing defects, apply to both.

Common Commercial Real Estate Law Issues in Clyde, Ohio

Financing: Most small business owners in Clyde, Ohio 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 of commercial property acts to conceal a significant defect in the property, and then sells the property, he will be responsible for any harm this defect cause, as well as the reduced value of the property, or the cost of repair.

Buyer's Duty to Inspect: usually, buyers of commercial real estate are expected to inspect the property before buying it. A failure to do so might prevent the buyer from prevailing in a lawsuit if he is injured by physical defects that an inspection would have revealed, and that the seller didn't know about.

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 challenging for the buyer to use the land as they intended when they bought it. A typical type of encumbrance in Clyde, Ohio 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 Clyde, Ohio Attorney Help?

These issues can be very complicated, and most people consider such financially-weighty decisions to be very essential. If you are one of those people, it's a smart move to contact a Clyde, Ohio real estate attorney if you are facing any of the issues discussed above.