Commercial Real Estate Law in Oregon
Commercial real estate is any form of land or structure in Lane County, Oregon which is utilized for business purposes, mainly the sale of goods and/or services to the public.
The laws in Lane County, Oregon 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.
For instance, residential real estate is controlled by laws concerning rent control, living conditions, and other things relevant to buildings where people will be living. Most of these protections don't apply to commercial real estate, because the law assumes that the average business person is a bit more sophisticated in such dealings than the general population, and because a place to do business is usually less important than a place to live. However, the most basic protections, such as protection from fraud and deliberate concealment of defects, still apply.
Common Commercial Real Estate Law Issues in Lane County, Oregon
Financing: Most small business owners in Lane County, Oregon don't have the money to buy real estate with the cash on hand. Nonetheless, there is a solution to this problem, permitting 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 bought is used as collateral for the loan.
Disclosure of Defects: Sellers of real estate have an requirement to inform prospective buyers of any defects present in the property, such as water damage and other structural problems. Essentially, 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 substantial 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: This is a companion to the duty to disclose defects. Usually, 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: An encumbrance is some small ownership interest in land held by a third party, or some right held by a third party to restrict the use of a parcel of land. A typical encumbrance is an easement. In Lane County, Oregon, an easement is some right of some third party to make limited use of land owned by someone else. For instance, cable companies often purchase easements from property owners (or they are imposed by the government) allowing them to string cable wiring from the telephone wires on the street to nearby houses. Like any other property right, the holder of an easement can prevent others from interfering with it. Obviously, if a buyer doesn't know about an encumbrance on a piece of land, he might find that he's unable to make the use of the land that he was expecting.
Can a Lane County, Oregon Attorney Help?
These issues are sometimes complicated, and almost always very important. Therefore, it's imperative to seek the assistance of a Lane County, Oregon real estate attorney if you have any dealings in this area.