Commercial Real Estate Law in Ohio
Commercial Real Estate Law in Cuyahoga Falls, 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 Cuyahoga Falls, 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 many 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 Cuyahoga Falls, Ohio
Financing: Most small business owners in Cuyahoga Falls, 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.
Disclosure of Defects: Sellers of real estate have an obligation to inform prospective buyers of any defects present in the property, such as water damage and other structural problems. Basically, 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 substantial 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: 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 Cuyahoga Falls, 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 Cuyahoga Falls, 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 Cuyahoga Falls, Ohio real estate attorney.
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Accountant
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