Commercial Real Estate Law in Ohio
Commercial Real Estate Law in Mount Vernon, 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 Mount Vernon, 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.
For example, commercial real estate usually isn't covered by rent control laws, nor does it carry with it an implied warranty of habitability (because people generally 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 Mount Vernon, Ohio
Financing: Most small business owners in Mount Vernon, 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 or lessor of commercial real estate actively conceals a material defect in the real estate, they can be liable to the buyer or renter for any damages caused by this concealment.
Duty to Inspect: This is a companion to the duty to disclose defects. Generally, buyers of real estate are expected to inspect the property. If they fail to conduct a good inspection, they might not be able to recover damages if they are harmed by any defects which an inspection would have revealed.
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 Mount Vernon, 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 particular 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 Mount Vernon, Ohio Attorney Help?
Because of the complexity and importance of many of the issues concerning commercial real estate, it is almost always essential to consult with a Mount Vernon, Ohio attorney before buying or selling commercial real estate.