Commercial real estate is defined as “properties used specifically for business or income-generating purposes.” While commercial real estate purchases can be extremely attractive investments and the potential for returns is impressive, there is a lot of fine print to understand. 

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Every state and most building situations will have a different set of laws and regulations surrounding the sale, ownership, and management of a commercial property. South Carolina is no different. It’s also helpful to remember that laws are not just at the state level, but at the local level as well.

Business owners, developers, investors, landlords, and property managers need to also understand any specific zoning, licensing agreements, and leasing duties potentially connected to their commercial property:

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• For example, the South Carolina Code of Laws Title 36 is dedicated to Commercial Code and alone has eleven chapters of provisions, applications, purposes, and policies to unravel.

• If you are interested in purchasing a commercial building to be used as a multi-family residential property, another applicable example is the South Carolina Landlord-Tenant Act. This Act is in place to outline the rights and duties of the landlord when it comes to leasing residential property in the state. Some examples of the laws connected to this Act include, but are not limited to, the landlord making repairs and ensuring ongoing maintenance to keep the” unit in a fit and livable condition” and outlining “the landlord’s grounds for terminating a lease” (just to provide two examples).

• An example of a more recent development that is also applicable to commercial real estate is the impact that COVID-19 has had on real estate and construction transactions and agreements. Eviction and foreclosure addendums, for example, have been modified during this time across specific situations.

Note: While South Carolina commercial real estate laws are made publicly available, legal counsel and representation are highly suggested to business owners and landlords throughout the process. This is not only applicable to the initial sale or acquisition of a commercial piece of real estate property, but for new builds, construction, and ongoing tenant/landlord support.

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Let a Real Estate Lawyer Help

If you are a business owner or investor in South Carolina and want to ensure you understand all the laws and legal specifications surrounding commercial real estate purchases, lean on the expertise of a real estate lawyer, like Susan Shipman Miranda.

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Susan Shipman Miranda of Shipman Miranda Law LLC in Anderson, South Carolina has the knowledge and know-how to support business owners with their commercial purchases, acquisitions, and development.

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Please contact Susan directly to learn more about her background, client references, service offerings, and real estate purchase experience and support availability.