Commercial Real Estate Law in Washington
In Lacey, Washington, commercial real estate is any parcel of land, or any building, which is used for business purposes, as opposed to residential, agricultural, or industrial use.
The laws in Lacey, 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 example, 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 Lacey, Washington
Financing: The majority of small businesses in Lacey, Washington can't afford to make large real estate purchases with the money they have in the bank. Nevertheless, buying real estate is sometimes essential 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: 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: 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, usuallyy 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: Encumbrances are defects of a different type: rather than physical defects, they are defects of title. In Lacey, Washington, an encumbrance is an interest in a piece of real estate held by a third party, such as covenants or easements. An easement is a right held by someone to use the property of someone else for a certain purpose. For example, a person might have an easement on the land of another person, allowing them to cross the land to access a public road.
Can a Lacey, Washington Attorney Help?
Because of the importance and potential complexity of the issues surrounding commercial real estate, it's almost always advisable that, before engaging in any real estate deal, you seek the counsel of a good Lacey, Washington real estate attorney.