Commercial Real Estate Law in Ohio
Commercial Real Estate Law in Columbus, Ohio 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 Columbus, Ohio laws regulating 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 massive 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 various others. Of course, the most general protections, such as prohibiting the seller from actively concealing defects, apply to both.
Common Commercial Real Estate Law Issues in Columbus, Ohio
Financing: Most small business owners in Columbus, Ohio 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.
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: Buyers of commercial real estate are expected to be diligent, and a court will not reward a lack of diligence. Thus, 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 Columbus, Ohio 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 important to know about them before buying.
Can a Columbus, Ohio Attorney Help?
Because of the importance and potential complexity of the issues surrounding commercial real estate, it's almost always judicious that, before engaging in any real estate deal, you obtain the counsel of a good Columbus, Ohio real estate attorney.