Commercial Real Estate Law in Pennsylvania
Commercial real estate is any type of land or structure in Hollidaysburg, Pennsylvania which is used for business purposes, primarily the sale of goods and/or services to the public.
The laws in Hollidaysburg, Pennsylvania which govern commercial real estate differ significantly from the laws governing the rental and purchase of residential real estate.
Buyers and renters of residential property enjoy some pretty significant legal protections, because the law of most states presumes that shelter (being necessary to survive, for the most part) is more important than business. Therefore, many of these consumer protections don't apply to commercial real estate.
Some 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 basic protections, however, 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 Hollidaysburg, Pennsylvania
Financing: The majority of small businesses in Hollidaysburg, Pennsylvania can't afford to make large real estate purchases with the money they have in the bank. Nevertheless, buying real estate is sometimes essential 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: 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: While buyers of real estate have some significant 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 usually 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 difficult or impossible for a landowner to make full use of their land. In Hollidaysburg, Pennsylvania, 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 Hollidaysburg, Pennsylvania Attorney Help?
The issues surrounding commercial real estate in Hollidaysburg, Pennsylvania can get fairly complex. Therefore, it's never a bad idea to have the assistance of an experienced commercial real estate attorney.