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Commercial property generates profit either from rents or capital gains. This type of property refers to building and land which includes industrial property, office buildings, medical centers, malls, hotels, farm land, multifamily housing buildings, garages, and warehouses. In many states, this property can also be termed as residential property that is mainly used for borrowing or tax purposes depending on the number of units it contains. Below are answers to few of the more common legal questions about commercial property laws: I have been contacted by three potential renters who want to set up different medical marijuana businesses on my property in Oregon. One wants to put the property on lease and make it a meeting place, while the other seems to be a legal supplier and thus intend to grow plants indoor. The third one wants to set up a clinic. Are all these considered a legal use of the property?
To begin with, dealing with a business on medical marijuana is tricky. Technically, Oregon law gives permission for this kind of a business. Thus, it should be legally permissible to run a business in the Oregon state, provided the business owners should fulfill and abide by the state and local laws. However, under the Constitution’s Supremacy Clause, the state laws are superseded by the federal drug laws. Therefore, any intention to use a property for growing, selling or distributing the drug would be regarded as a violation of the Federal Controlled Substances Act. Hence any step towards that would be considered illegal. We have a commercial property on our name which we cannot make payments to. Therefore, the bank is going to take it from us. Are there any other assets that the bank might confiscate from us?
In this case, if you are responsible for making the payments, then the bank can hold you accountable if they find out about any deficiency between the amounts you owe them and the final selling amount of the property at the foreclosure auction. Usually, in such cases, the bank would require to sue you and approach the court for a judgment. But they also have the right to take over your bank accounts, retain the possession of any real estate owned by you, and garnish up to 25% of any of your wages that are non-exempted. I want to stop the foreclosure proceedings of my commercial property in Missouri that will be auctioned?
What you could do in a case like this is to file a Chapter 11 bankruptcy to stop the proceedings. In most cases, you could have the foreclosure proceeding get stopped immediately. This would then give you some time to plan out your actions properly on how you can restore your mortgage arrearages. But, the best thing to do in this kind of a situation is to hire a lawyer. In case you prefer not to hire a lawyer, you would need to go online and download the forms from there, file them by yourself before the sale takes place and finally, inform the plaintiff after you have filed the petition. Since every state has a different law that applies to commercial property, anyone who owns a property needs to be thoroughly informed about all the laws and regulations. If you need any clarification about your particular situation with respect to the laws, you may wish to ask a real estate lawyer for legal insight based on an expert evaluation of your circumstances.
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