Salem Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Salem, VA

Commercial Real Estate Law in Virginia

In Salem, Virginia, commercial real estate is any parcel of land, or any building, which is utilized for business purposes, as opposed to residential, agricultural, or industrial use.

The laws in Salem, Virginia which regulate commercial real estate differ considerably from the laws governing the rental and purchase of residential real estate.

Buyers and renters of residential property enjoy a considerable number of legal protections. Many of these protections don't apply to buyers or renters of commercial property.

Several of the protections that don't apply to commercial property include warranties of habitability, rent control, and warranties of quiet enjoyment. There are others, as well. The most general protections, nonetheless, apply to buyers of both residential and commercial real estate, including remedies for fraud and concealment of physical or title defects.

Common Commercial Real Estate Law Issues in Salem, Virginia

Financing: Some small businesses in Salem, Virginia find it necessary, at some point, to purchase a piece of real estate, for various reasons. Nonetheless, most owners of small to medium-sized businesses can't afford to make a real estate purchase up front, with the cash they have on hand. Simply put, very few individuals have hundreds of thousands of dollars just sitting in the bank. One solution to this is a mortgage, which is similar to most other forms of secured loans: a bank lends you money, and you put up some piece of property as collateral, so the bank has some security in the event of default. With a mortgage, however, the property being purchased with the loan also secures the loan, authorizing the bank to foreclose on it in case the buyer defaults.

Concealment of Defects: if the seller of commercial property acts to conceal a significant defect in the property, and then sells the property, he will be responsible for any harm this defect cause, as well as the reduced value of the property, or the cost of repair.

Duty to Inspect: While buyers of real estate have some substantial 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 typically won't be able to successfully sue, if defects are discovered after the purchase.

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 typical encumbrance is an easement. In Salem, Virginia, 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 Salem, Virginia Attorney Help?

The issues surrounding commercial real estate in Salem, Virginia can get fairly complex. Therefore, it's never a bad idea to have the assistance of an efficient commercial real estate attorney.

Talk to a Real Estate Law Attorney now!

Life in Salem

Salem, Virginia is an independent city in central Virginia. It is physically located within the borders of Roanoke County, but as an independent city, it is not actually part of the county, nor under that county's jurisdiction. Nonetheless, the county courthouse is located in the city. Salem has a population of about 25,000 people.

Archeological digs show clear evidence of human habitation of the Salem area dating as far back as 8000 BCE (about 10,000 years ago). The first European settlements of Salem came in 1671, and it went on to serve important historical roles in the American Revolutionary War, and the Civil War. The city was officially founded in 1802, and to this day continues to preserve its small-town character in its beautiful natural setting.

Salem is faring pretty well economically - its median household income is about ,000 per year, and less than 7% of residents live below the poverty line, comparedto the nationwide rate of around 15%.

Salem, Virginia has a legal community that is dedicated to meeting the legal needs of the town's residents. If you need any legal services whatsoever, you should not hesitate to call a Salem, Virginia lawyer.

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