Commercial Real Estate Law in Utah

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

The Plain, Utah laws regulating commercial real estate differ significantly from the laws that cover residential and other types of 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 Plain, Utah

Financing: The majority of small businesses in Plain, Utah 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 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: 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: Undisclosed encumbrances are defects of another sort: defects of title. An encumbrance is any interest that a third party has in the Plain, Utah commercial real estate. These normally take the form of easements, which are rights held by third parties to use the land for a specific purpose. Easements can have profound effects on how a new owner can use the land, so it is critical to know about them before buying.

Can a Plain, Utah Attorney Help?

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