Commercial Real Estate Law in Oklahoma
Commercial real estate is any form of land or structure in Hugo, Oklahoma which is utilized for business purposes, mainly the sale of goods and/or services to the public.
The laws in Hugo, Oklahoma which regulate commercial real estate differ considerably from the laws governing the rental and purchase of residential 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.
Several of the protections that don't apply to commercial property include warranties of habitability, rent control, and warranties of quiet enjoyment. There are others, as well. The most general protections, nonetheless, apply to buyers of both residential and commercial real estate, including remedies for fraud and concealment of physical or title defects.
Common Commercial Real Estate Law Issues in Hugo, Oklahoma
Financing: The majority of small business owners in Hugo, Oklahoma probably can't afford to buy much real estate outright, with cash paid up front, so most small business buy commercial real estate with a mortgage. A mortgage is a loan taken out for the purpose of buying real estate, using that real estate as collateral for the loan.
Concealment of Defects: if the seller of commercial property acts to conceal a significant defect in the property, and then sells the property, he will be responsible for any harm this defect cause, as well as the reduced value of the property, or the cost of repair.
Duty to Inspect: While buyers of real estate have some substantial protections with respect to defects, they also have some obligations. Before finalizing a purchase, buyers are expected to undertake a reasonable inspection of the property, usually by using a licensed building inspector. If the buyer fails to conduct an inspection, they typically won't be able to successfully sue, if defects are discovered after the purchase.
Encumbrances: These are defects to title, rather than physical defects. They are legal issues which might make it challenging or impossible for a landowner to make full use of their land. In Hugo, Oklahoma, 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 set 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 Hugo, Oklahoma 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 Hugo, Oklahoma real estate attorney if you are facing any of the issues discussed above.