Commercial Real Estate Law in West Virginia
In Clarksburg, West 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 regulating real estate in Clarksburg, West Virginia apply differently when dealing with commercial, as opposed to residential, real estate.
Most of the protections that buyers and renters of residential real estate enjoy rarely apply to renters of commercial real estate.
For instance, commercial real estate typically isn't covered by rent control laws, nor does it carry with it an implied warranty of habitability (because people usually 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 Clarksburg, West Virginia
Financing: Most small business owners in Clarksburg, West 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 of commercial property acts to conceal a significant defect in the property, and then sells the property, he will be responsible 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 substantial 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 typically won't be able to successfully sue, if defects are discovered after the purchase.
Encumbrances: Undisclosed encumbrances are defects of another sort: defects of title. An encumbrance is any interest that a third party has in the Clarksburg, West Virginia commercial real estate. These typically take the form of easements, which are rights held by third parties to use the land for a specific purpose. Easements can have profound effects on how a new owner can use the land, so it is crucial to know about them before buying.
Can a Clarksburg, West Virginia Attorney Help?
These issues are sometimes complicated, and almost always very important. Therefore, it's imperative to seek the assistance of a Clarksburg, West Virginia real estate attorney if you have any dealings in this area.