When you’re buying commercial property in St. Louis, Missouri, it’s important to keep an eye out for anything that seems too good to be true. Unfortunately, deception can sometimes be used in commercial property sales, so it’s crucial to know how to protect yourself. Thankfully, Missouri has laws in place, like the Missouri Merchandising Practices Act (MMPA), to help guard against misleading sales tactics and false advertising.
How the MMPA Protects Buyers
The Missouri Merchandising Practices Act is there to protect you as a buyer by cracking down on deceptive practices. This law applies to all real estate deals, including commercial properties. If a seller is less than honest about the condition of a property or overstates its income potential, the MMPA gives you the right to take legal action. It’s designed to make sure sellers play fair, so you don’t end up regretting your purchase later on.
What You Can Do If You’ve Been Deceived
If you find yourself facing financial loss or even emotional stress because of a deceptive seller, you have options. Missouri law allows you to seek compensation for your losses and, in some cases, even punitive damages. These are fines and fees placed on a seller that are meant to punish them for their dishonesty. You might also be able to recover attorney fees, which can be a big help when fighting a tough case.
The Seller’s Duty to Disclose
In Missouri, sellers are required to disclose any known issues with the property that could affect its value or appeal. This means if there’s something wrong, like structural problems or environmental concerns, the seller has to let you know. If they don’t, that’s considered deceptive, and you could have grounds to back out of the sale or seek compensation after the fact.
Caveat Emptor: The Buyer’s Responsibility
Even with these protections, Missouri follows the principle of “caveat emptor,” or “buyer beware.” This means it’s up to you, the buyer, to do your homework before signing on the dotted line. If you don’t take the time to thoroughly inspect the property or rely too heavily on what the seller says without verifying it, you might have a harder time seeking recourse later on.
Why You Need a Real Estate Attorney
Navigating these issues can be tricky, which is why having a real estate attorney on your side is so important. We can help make sure everything is above board and assist with any disputes that arise later on.
At Wallach & Associates, P.C., we understand the ins and outs of commercial property transactions in St. Louis. We’re here to help you avoid pitfalls and protect your investment. With offices in St. Louis, Chesterfield, and Maryland Heights, Missouri, our team is ready to assist you with all your real estate needs.
If you’re dealing with a tricky commercial property situation or just want to ensure your next deal goes smoothly, give us a call at (314) 308-2900. We’re here to help you navigate the process with confidence and peace of mind.
