Commercial Real Estate Law in Ohio

Commercial Real Estate Law in Pickerington, 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 Pickerington, Ohio laws governing commercial real estate differ significantly from the laws that cover residential and other types of real estate.

When renting or buying residential real estate, renters and buyers have considerable legal protections which often don't apply to commercial real estate.

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 Pickerington, Ohio

Financing: The majority of small businesses in Pickerington, Ohio can't afford to make large real estate purchases with the money they have in the bank. Nonetheless, buying real estate is sometimes necessary for a business' survival. This problem is sometimes remedied by taking out a mortgage; a loan used to buy property, with that same property being used to secure the loan.

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 Pickerington, 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 Pickerington, Ohio Attorney Help?

These issues can be very complicated, and most people consider such financially-weighty decisions to be very crucial. If you are one of those people, it's a smart move to contact a Pickerington, Ohio real estate attorney if you are facing any of the issues discussed above.