Commercial Real Estate Law in Wisconsin
In Saukville, Wisconsin, 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 governing real estate in Saukville, Wisconsin apply differently when dealing with commercial, as opposed to residential, real estate.
Many of the protections that buyers and renters of residential real estate enjoy rarely apply to renters of commercial real estate.
Some 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 basic protections, however, 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 Saukville, Wisconsin
Financing: The majority of small businesses in Saukville, Wisconsin can't afford to make large real estate purchases with the money they have in the bank. Nonetheless, buying real estate is sometimes necessary 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 accountable 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. Thus, 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: 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 hard for the buyer to use the land as they intended when they bought it. A frequent type of encumbrance in Saukville, 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 Saukville, Wisconsin Attorney Help?
The issues surrounding commercial real estate in Saukville, Wisconsin can get fairly complex. Therefore, it's never a bad idea to have the assistance of an accomplished commercial real estate attorney.