Commercial Real Estate Law in Pennsylvania

Commercial real estate is any form of land or structure in Media, Pennsylvania which is utilized for business purposes, mainly the sale of goods and/or services to the public.

The laws regulating real estate in Media, 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 Media, Pennsylvania

Financing: The majority of small businesses in Media, Pennsylvania 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: if the seller or lessor of commercial real estate actively conceals a material defect in the real estate, they can be accountable to the buyer or renter for any damages caused by this concealment.

Duty to Inspect: While buyers of real estate have some considerable 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 normally won't be able to successfully sue, if defects are discovered after the purchase.

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 frequent encumbrance is an easement. In Media, Pennsylvania, 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 Media, Pennsylvania Attorney Help?

These issues are sometimes intricate, and almost always very important. Therefore, it's necessary to seek the assistance of a Media, Pennsylvania real estate attorney if you have any dealings in this area.