Mission Viejo Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Mission Viejo, CA

Commercial Real Estate Law in California

In Mission Viejo, California, "commercial real estate" is any form of land or building which is utilized for a business, as opposed to residential, purpose.

The laws governing commercial real estate in Mission Viejo, California are quite different from those applying to residential real estate.

Buyers and renters of residential property enjoy a massive number of legal protections. Many of these protections don't apply to buyers or renters of commercial property.

These include implied warranties of habitability, rent control, and covenants of use and quiet enjoyment, among numerous others. Of course, the most general protections, such as prohibiting the seller from actively concealing defects, apply to both.

Common Commercial Real Estate Law Issues in Mission Viejo, California

Financing: Many businesses in Mission Viejo, California can't save up enough money to pay the full asking price of a decent-sized piece of real estate up front. Nonetheless, it's sometimes necessary for businesses to acquire real estate. To solve this issue, most rely on a mortgage. A mortgage is a typical type of loan, taken out to purchase real estate. The lending institution lends the full purchase price to the borrower, who then purchases the property. The property, in turn, becomes collateral for the loan, which must be paid back over a period of years, with interest.

Duty to Disclose Defects: It is of the utmost importance that sellers and lessors of commercial real estate be up front about any defects that might be present in the property. Failing to disclose them can be bad, and actively concealing them can be much worse. In general, if a defect is significant enough that it would influence a reasonable person's decision to buy a piece of property, and the seller knows about it, the seller should disclose it. Failure to disclose can have significant outcomes. If the buyer later discovers the defect, they can sue for the cost of repairing it, or for any reduction in the property's value caused by it. And, of course, if it causes any injuries, the buyer can sue the seller for those, as well.

Duty to Inspect: Lest you believe that the duty to disclose defects relieves any duty of diligence on the part of the buyer, the law will not reward such lapses with a major cause of action. Buyers have a duty to conduct a reasonable inspection of the property before they buy it, normallyy with a licensed building inspector. If the buyer fails to do this, they won't be able to recover any damages for defects which they could have discovered through a reasonable inspection.

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 Mission Viejo, California 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 Mission Viejo, California Attorney Help?

Because of the complexity and importance of many of the issues regarding commercial real estate, it is almost always crucial to consult with a Mission Viejo, California attorney before buying or selling commercial real estate.

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Life in Mission Viejo

Mission Viejo, California is a city in Orange County, California. Its current population is estimated to be about 93,000 people, making it one of the largest master-planned communities built under a single plan in the United States.

Mission Viejo, California's economy is dominated by Saddleback College, a community college located in the city. With over 2,000 employees, it is the largest employer in Mission, Viejo, California. The community college is attended by a large number of students who plan to go on to four-year universities. Some of these students go on to graduate school, and become Mission Viejo, California attorneys.

Another major employer in Mission Viejo, California is the local healthcare system, which employs over 1,000 people, such as doctors, as well as administrative personnel, including lawyers.

If you live in Mission Viejo, California and are in need of legal advice, you would do well to contact a Mission Viejo, California attorney as quickly as possible.

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