Commercial Real Estate Law in South Carolina
Commercial real estate is any type of land or structure in Aiken, South Carolina which is used for business purposes, primarily the sale of goods and/or services to the public.
The laws governing real estate in Aiken, South Carolina apply differently when dealing with commercial, as opposed to residential, real estate.
People who buy and rent residential unites have a greater deal of legal protections not available to buyers of commercial property.
For instance, residential real estate is covered by laws concerning rent control, living conditions, and other things relevant to buildings where people will be living. Most of these protections don't apply to commercial real estate, because the law assumes that the average business person is a bit more sophisticated in such dealings than the general population, and because a place to do business is generally less important than a place to live. However, the most basic protections, such as protection from fraud and deliberate concealment of defects, still apply.
Common Commercial Real Estate Law Issues in Aiken, South Carolina
Financing: The majority of small businesses in Aiken, South Carolina 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 Aiken, South Carolina 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 Aiken, South Carolina 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 Aiken, South Carolina real estate attorney if you are facing any of the issues discussed above.