Johnson City Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Johnson City, TN

Commercial Real Estate Law in Tennessee

Commercial real estate is any type of land or structure in Johnson City, Tennessee which is used for business purposes, primarily the sale of goods and/or services to the public.

The laws covering commercial real estate in Johnson City, Tennessee are quite different from those applying 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 Johnson City, Tennessee

Financing: Most small business owners in Johnson City, Tennessee don't have the money to buy real estate with the cash on hand. However, there is a solution to this problem, allowing people without massive sums of money (but with a steady income) to buy real estate: the mortgage. A mortgage is a loan used to buy real estate, and the real estate being purchased is used as collateral for the loan.

Duty to Disclose Defects: It is of the utmost importance that sellers and lessors of commercial real estate be up front about any defects that might be present in the property. Failing to disclose them can be bad, and actively concealing them can be much worse. In general, if a defect is serious enough that it would influence a reasonable person's decision to buy a piece of property, and the seller knows about it, the seller should disclose it. Failure to disclose can have serious outcomes. If the buyer later discovers the defect, they can sue for the cost of repairing it, or for any reduction in the property's value caused by it. And, of course, if it causes any injuries, the buyer can sue the seller for those, as well.

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: These are defects to title, rather than physical defects. They are legal issues which might make it difficult or impossible for a landowner to make full use of their land. In Johnson City, Tennessee, these might include easements. An easement is a right to use property held by a party other than the owner. This use is often very particular in scope, such as allowing the holder of the easement to cross the property to access a public road, or something similar. Such rights usually have to be recognized and honored by new owners, so if they buy property not knowing about them, they might be seriously inconvenienced.

Can a Johnson City, Tennessee Attorney Help?

Because of the importance and potential complexity of the issues surrounding commercial real estate, it's almost always prudent that, before engaging in any real estate deal, you obtain the counsel of a good Johnson City, Tennessee real estate attorney.

Talk to a Real Estate Law Attorney now!

Life in Johnson City

Johnson City is located in Carter, Sullivan and Washington Counties! It is in the state of Tennessee, with a population of around 63,152 people.

Forbes Magazine ranked it thirty-five in its list of the "Best Small Place for Business and Careers." Black Enterprise Magazine ranked the city eighth in the list for the "Best Place for African Americans to Retire."

Since the city provides such a great quality of life and is business-friendly, there are many attorneys available to support these residents and businesses. Attorneys in Johnson City are well-experienced and capable to handle the legal needs of both businesses and residents.

Some popular attractions include the Hands On! Regional Museum, Montrose Court, Watauga River, Boone Lake, and Gray Fossil Site.

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