Commercial Real Estate Law in Pennsylvania
Commercial real estate is any form of land or structure in Mckees Rocks, Pennsylvania which is utilized for business purposes, mainly the sale of goods and/or services to the public.
The laws regulating real estate in Mckees Rocks, Pennsylvania apply differently when dealing with commercial, as opposed to residential, real estate.
Most of the protections that buyers and renters of residential real estate enjoy rarely apply to renters of commercial real estate.
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 Mckees Rocks, Pennsylvania
Financing: The majority of small businesses in Mckees Rocks, 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: Lest you believe that the duty to disclose defects relieves any duty of diligence on the part of the buyer, the law will not reward such lapses with a major cause of action. Buyers have a duty to conduct a reasonable inspection of the property before they buy it, usuallyy with a licensed building inspector. If the buyer fails to do this, they won't be able to recover any damages for defects which they could have discovered through a reasonable inspection.
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 difficult for the buyer to use the land as they intended when they bought it. A common type of encumbrance in Mckees Rocks, Pennsylvania 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 Mckees Rocks, Pennsylvania Attorney Help?
These issues can be very complicated, and most people consider such financially-weighty decisions to be very important. If you are one of those people, it's a smart move to contact a Mckees Rocks, Pennsylvania real estate attorney if you are facing any of the issues discussed above.