Parma Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Parma, OH

Commercial Real Estate Law in Ohio

Commercial Real Estate Law in Parma, 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 Parma, 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 massive number of legal protections. Many of these protections don't apply to buyers or renters of commercial property.

For example, commercial real estate normally isn't covered by rent control laws, nor does it carry with it an implied warranty of habitability (because people typically 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 Parma, Ohio

Financing: Some small businesses in Parma, Ohio find it necessary, at some point, to purchase a piece of real estate, for various reasons. However, most owners of small to medium-sized businesses can't afford to make a real estate purchase up front, with the cash they have on hand. Simply put, very few people have hundreds of thousands of dollars just sitting in the bank. One solution to this is a mortgage, which is similar to most other types of secured loans: a bank lends you money, and you put up some piece of property as collateral, so the bank has some security in the event of default. With a mortgage, however, the property being purchased with the loan also secures the loan, permitting the bank to foreclose on it in case the buyer defaults.

Concealment of Defects: Sellers and lessors of commercial real estate are under a duty to disclose any defects in the property which might impact the buyer's decision to purchase it, such as water damage, mold, or other structural problems. These defects are quite common, and the buyer has a right to know about them. If the seller doesn't disclose these defects, where they exist, the buyer can sue for any harm this causes.

Buyer's Duty to Inspect: typically, 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 hurt 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 hard for the buyer to use the land as they intended when they bought it. A frequent type of encumbrance in Parma, 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 Parma, 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 Parma, Ohio real estate attorney if you are facing any of the issues discussed above.

Talk to a Real Estate Law Attorney now!

Life in Parma

Parma, Ohio is a city in Cuyahoga County. It is a suburb of Cleveland. It currently has a population of about 84,000 people.

Parma is located southwest of Cleveland, and directly borders the city. Parma, Ohio was founded in 1826, by settlers from New York. Parma, Ohio was named after a city in New York of the same name, and likely came from the popular fascination with classical Italian culture that existed at the time. Through the rest of the 19th century, Parma remained rural, with its economy largely based on agriculture. Parma saw an explosion in population and economic growth after World War Two, when a major exodus from cities into newly-created residential suburbs was well underway. This was fueled mostly by increased consumer purchasing power created by the economic boom, as well as apprehension about living in major cities during the Cold War.

Modernly, Parma maintains its suburban character, and is largely a bedroom community for Cleveland.

If you live in Parma, Ohio and need an attorney, there's a good chance you'll be able to find one. Parma, Ohio attorneys are very competent and well-rounded. A Parma, Ohio lawyer can probably handle just about any legal issue you might have.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Nicholas M.
Nicholas M.

Real Estate, Housing & Property Law

Golden, CO

Carl M.
Carl M.

Real Estate, Housing & Property Law

Seattle, WA

David A.
David A.

Real Estate, Housing & Property Law

Walnut Creek, CA