Commercial Real Estate Law in Pennsylvania
Commercial real estate is any form of land or structure in Turtle Creek, Pennsylvania which is utilized for business purposes, mainly the sale of goods and/or services to the public.
The laws regulating real estate in Turtle Creek, Pennsylvania apply differently when dealing with commercial, as opposed to residential, real estate.
People who buy and rent residential unites have a larger deal of legal protections not available to buyers of commercial property.
These include implied warranties of habitability, rent control, and covenants of use and quiet enjoyment, among numerous others. Of course, the most general protections, such as prohibiting the seller from actively concealing defects, apply to both.
Common Commercial Real Estate Law Issues in Turtle Creek, Pennsylvania
Financing: Many businesses in Turtle Creek, Pennsylvania can't save up enough money to pay the full asking price of a decent-sized piece of real estate up front. Nonetheless, it's sometimes necessary for businesses to acquire real estate. To solve this issue, most rely on a mortgage. A mortgage is a typical type of loan, taken out to purchase real estate. The lending institution lends the full purchase price to the borrower, who then purchases the property. The property, in turn, becomes collateral for the loan, which must be paid back over a period of years, with interest.
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 typical, 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.
Duty to Inspect: This is a companion to the duty to disclose defects. Typically, 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 frequent encumbrance is an easement. In Turtle Creek, 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 Turtle Creek, Pennsylvania Attorney Help?
Because of the importance and potential complexity of the issues surrounding commercial real estate, it's almost always recommended that, before engaging in any real estate deal, you obtain the counsel of a good Turtle Creek, Pennsylvania real estate attorney.