Commercial Real Estate Law in Wisconsin
In Greenfield, Wisconsin, 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 Greenfield, Wisconsin which regulate commercial real estate differ considerably from the laws governing the rental and purchase of residential real estate.
When renting or buying residential real estate, renters and buyers have substantial legal protections which often don't apply to commercial real estate.
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 Greenfield, Wisconsin
Financing: The majority of small businesses in Greenfield, Wisconsin can't afford to make large real estate purchases with the money they have in the bank. Still, buying real estate is sometimes imperative 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 responsible 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, 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: An encumbrance is any interest held in a piece of property by a party other than the seller and the buyer. These property interests might make it very challenging for the buyer to use the land as they intended when they bought it. A typical type of encumbrance in Greenfield, Wisconsin is the easement. An easement is some right that a third party has in a piece of property. For example, suppose that, many years ago, a neighbor adjacent to the land you want to buy, paid a previous owner for the right to cross his land to reach a public road. Unless the agreement states otherwise, this right will usually apply to subsequent owners, and has to be honored. Therefore, it might interfere with the intended use of the new owner.
Can a Greenfield, Wisconsin Attorney Help?
The issues surrounding commercial real estate in Greenfield, Wisconsin can get fairly complex. Therefore, it's never a bad idea to have the assistance of an efficient commercial real estate attorney.
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Accountant
Actually, I did hire him but I basically handled my situation and got the necessary results before a contract was signed with Attorney Muller beyond the first 30 minute consultation. That said, he seemed very nice and if I would need an attorney in the area of his expertise I would contact him again. Thank you.
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thanks!
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