Commercial Real Estate Law in California

In Pico Rivera, California, "commercial real estate" is any type of land or building which is used for a business, as opposed to residential, purpose.

The laws covering commercial real estate in Pico Rivera, California are quite different from those applying to residential real estate.

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

For example, commercial real estate usually isn't covered by rent control laws, nor does it carry with it an implied warranty of habitability (because people generally 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 Pico Rivera, California

Financing: Most small business owners in Pico Rivera, California don't have the money to buy real estate with the cash on hand. However, there is a solution to this problem, allowing 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 purchased 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 liable for any harm this defect cause, as well as the reduced value of the property, or the cost of repair.

Buyer's Duty to Inspect: generally, buyers of commercial real estate are expected to inspect the property before buying it. A failure to do so might prevent the buyer from prevailing in a lawsuit if he is harmed by physical defects that an inspection would have revealed, and that the seller didn't know about.

Encumbrances: An encumbrance is some small ownership interest in land held by a third party, or some right held by a third party to restrict the use of a parcel of land. A common encumbrance is an easement. In Pico Rivera, California, an easement is some right of some third party to make limited use of land owned by someone else. For example, cable companies often purchase easements from property owners (or they are imposed by the government) allowing them to string cable wiring from the telephone wires on the street to nearby houses. Like any other property right, the holder of an easement can prevent others from interfering with it. Obviously, if a buyer doesn't know about an encumbrance on a piece of land, he might find that he's unable to make the use of the land that he was expecting.

Can a Pico Rivera, California Attorney Help?

These issues are sometimes complex, and almost always very important. Therefore, it's essential to seek the assistance of a Pico Rivera, California real estate attorney if you have any dealings in this area.