Commercial Real Estate Law in Virginia
In Virginia Beach, 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 Virginia Beach, Virginia which govern commercial real estate differ significantly from the laws governing the rental and purchase of residential real estate.
Buyers and renters of residential property enjoy a large number of legal protections. Many of these protections don't apply to buyers or renters of commercial property.
For instance, commercial real estate usually isn't covered by rent control laws, nor does it carry with it an implied warranty of habitability (because people generally 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 Virginia Beach, Virginia
Financing: Most small business owners in Virginia Beach, Virginia don't have the money to buy real estate with the cash on hand. Nonetheless, there is a solution to this problem, permitting 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 bought is used as collateral for 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: Buyers of commercial real estate are expected to be diligent, and a court will not reward a lack of diligence. Therefore, if the buyer fails to conduct a thorough inspection of the property before buying it, and thereby fails to discover defects which such an inspection could have easily revealed, he will not be able to sue the seller over these defects later on.
Encumbrances: These are defects to title, rather than physical defects. They are legal issues which might make it challenging or impossible for a landowner to make full use of their land. In Virginia Beach, Virginia, 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 specific 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 Virginia Beach, Virginia Attorney Help?
The issues surrounding commercial real estate in Virginia Beach, Virginia can get fairly complex. Therefore, it's never a bad idea to have the assistance of an experienced commercial real estate attorney.