Dayton Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Dayton, OH

Commercial Real Estate Law in Ohio

Commercial Real Estate Law in Dayton, 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 Dayton, 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 large 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 Dayton, Ohio

Financing: Most small business owners in Dayton, 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 significant 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. Therefore, 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: These are defects to title, rather than physical defects. They are legal issues which might make it difficult or impossible for a landowner to make full use of their land. In Dayton, Ohio, 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 limited 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 Dayton, 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 seek the counsel of a good Dayton, Ohio real estate attorney.

Talk to a Real Estate Law Attorney now!

Life in Dayton

Dayton is located in Montgomery County, Ohio. The approximate population is 141,527 and is seen as the fourth largest metropolitan area in Ohio.

What Dayton is known for is its involvement in the industrial, aerospace, and engineering research industry. The Wright-Patterson Air Force Base has had a significant impact on Dayton's involvement in innovation via these industries. Overall, Dayton's economy is seen as a service-oriented economy. These services include legal services. Dayton is home to many small and mid-size law firms practicing in all areas of law. Thus, Dayton residents and businesses should rest assured because the legal services industry is capable of handling all legal inquiries and issues.

Dayton is also home to many attractions for tourists. Such attractions include The National Museum of the United States Air Force, the National Aviation Hall of Fame, the Dayton Art Institute, the Boonshoft Museum of Discovery, the Dayton Aviation Heritage National Historical Park and America's Packard Museum.

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