Commercial Real Estate Law in Washington
In Grandview, Washington, 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 Grandview, Washington which govern commercial real estate differ significantly from the laws governing the rental and purchase of residential real estate.
People who buy and rent residential unites have a greater deal of legal protections not available to buyers 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 Grandview, Washington
Financing: The majority of small business owners in Grandview, Washington probably can't afford to buy much real estate outright, with cash paid up front, so most small business buy 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.
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 liable 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 significant 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 usually won't be able to successfully sue, if defects are discovered after the purchase.
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 Grandview, Washington, 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 Grandview, Washington Attorney Help?
The issues surrounding commercial real estate in Grandview, Washington can get fairly complex. Therefore, it's never a bad idea to have the assistance of an experienced commercial real estate attorney.