Commercial Real Estate Law in Pennsylvania
Commercial real estate is any type of land or structure in Olyphant, Pennsylvania which is used for business purposes, primarily the sale of goods and/or services to the public.
The laws governing real estate in Olyphant, Pennsylvania apply differently when dealing with commercial, as opposed to residential, real estate.
Many of the protections that buyers and renters of residential real estate enjoy rarely apply to renters of commercial real estate.
For example, commercial real estate normally isn't covered by rent control laws, nor does it carry with it an implied warranty of habitability (because people typically won't be living in it). Furthermore, it also doesn't come with a covenant of quiet enjoyment. However, some of the most basic legal protections (such as laws against fraud, and concealment of defects) apply in both the commercial and residential context.
Common Commercial Real Estate Law Issues in Olyphant, Pennsylvania
Financing: The majority of small businesses in Olyphant, 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: Sellers and lessors of commercial real estate are under a duty to disclose any defects in the property which might impact the buyer's decision to purchase it, such as water damage, mold, or other structural problems. These defects are quite common, and the buyer has a right to know about them. If the seller doesn't disclose these defects, where they exist, the buyer can sue for any harm this causes.
Buyer's Duty to Inspect: typically, buyers of commercial real estate are expected to inspect the property before buying it. A failure to do so might prevent the buyer from prevailing in a lawsuit if he is hurt by physical defects that an inspection would have revealed, and that the seller didn't know about.
Encumbrances: Encumbrances are defects of a different type: rather than physical defects, they are defects of title. In Olyphant, Pennsylvania, an encumbrance is an interest in a piece of real estate held by a third party, such as covenants or easements. An easement is a right held by someone to use the property of someone else for a particular purpose. For example, a person might have an easement on the land of another person, allowing them to cross the land to access a public road.
Can a Olyphant, Pennsylvania Attorney Help?
These issues can be very complicated, and most people consider such financially-weighty decisions to be very necessary. If you are one of those people, it's a smart move to contact an Olyphant, Pennsylvania real estate attorney if you are facing any of the issues discussed above.