Commercial Real Estate Law in Virginia

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

The Chincoteague, Virginia laws governing 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 higher deal of legal protections not available to buyers of commercial property.

These absent protections include rent control, and warranties of habitability, among others. The most basic protections, such as prohibiting sellers of real estate from lying about the property to the buyer, apply in any context, however.

Common Commercial Real Estate Law Issues in Chincoteague, Virginia

Financing: The majority of small business owners in Chincoteague, Virginia probably can't afford to buy much real estate outright, with cash paid up front, so most small business purchase commercial real estate with a mortgage. A mortgage is a loan taken out for the purpose of buying real estate, using that real estate as collateral for the loan.

Disclosure of Defects: Sellers of real estate have an obligation to inform prospective buyers of any defects present in the property, such as water damage and other structural problems. Basically, if the defect is significant enough that it might affect a reasonable buyer's decision on whether or not to purchase the property, and the seller knows about it, it must be disclosed. Failure to disclose such defects would give a buyer the right to sue the seller, and recover substantial damages, including the cost of repairing the defect, compensation for any injuries or illness caused by it, and the reduction in the property's value caused by the defect.

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, typicallyy 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: Undisclosed encumbrances are defects of another sort: defects of title. An encumbrance is any interest that a third party has in the Chincoteague, Virginia commercial real estate. These typically 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 essential to know about them before buying.

Can a Chincoteague, Virginia Attorney Help?

These issues can be very complicated, and most people consider such financially-weighty decisions to be very essential. If you are one of those people, it's a smart move to contact a Chincoteague, Virginia real estate attorney if you are facing any of the issues discussed above.