Mobile Commercial Real Estate Lawyers
Commercial Real Estate Law in Alabama
In Mobile, Alabama, "commercial real estate" is any form of land or building which is utilized for a business, as opposed to residential, purpose.
The laws regulating real estate in Mobile, Alabama apply differently when dealing with commercial, as opposed to residential, real estate.
When renting or buying residential real estate, renters and buyers have substantial legal protections which often don't apply to commercial real estate.
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 Mobile, Alabama
Financing: The majority of small businesses in Mobile, Alabama can't afford to make large real estate purchases with the money they have in the bank. Still, buying real estate is sometimes imperative for a business' survival. This problem is sometimes remedied by taking out a mortgage; a loan used to buy property, with that same property being used to secure the loan.
Concealment of Defects: Sellers and lessors of commercial real estate are under a duty to disclose any defects in the property which might impact the buyer's decision to purchase it, such as water damage, mold, or other structural problems. These defects are quite typical, and the buyer has a right to know about them. If the seller doesn't disclose these defects, where they exist, the buyer can sue for any harm this causes.
Duty to Inspect: While buyers of real estate have some substantial protections with respect to defects, they also have some obligations. Before finalizing a purchase, buyers are expected to undertake a reasonable inspection of the property, usually by using a licensed building inspector. If the buyer fails to conduct an inspection, they typically won't be able to successfully sue, if defects are discovered after the purchase.
Encumbrances: Undisclosed encumbrances are defects of another sort: defects of title. An encumbrance is any interest that a third party has in the Mobile, Alabama commercial real estate. These typically take the form of easements, which are rights held by third parties to use the land for a specific purpose. Easements can have profound effects on how a new owner can use the land, so it is essential to know about them before buying.
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Can a Mobile, Alabama Attorney Help?
These issues can be very complicated, and most people consider such financially-weighty decisions to be very essential. If you are one of those people, it's a smart move to contact a Mobile, Alabama real estate attorney if you are facing any of the issues discussed above.
Commercial Real Estate Attorneys in the Largest AL Cities
Life in MobileMobile is unsurprisingly the seat of Mobile County. You may not know, however, that Mobile is the largest municipality on the Gulf Coast between New Orleans and St. Petersburg, Florida. In fact, over 400,000 residents live in Mobile, which was the first state capital of Louisiana. Mobile is also famous for being a Gulf Coast cultural hub. the city boasts the oldest organized celebrations like Carnival and Mardi Gras.
Tourism plays a major role in the Mobile economy. At Battleship Memorial park you can tour the USS Alabama battleship from WWII and Korean War submarine the USS Drum. The Mobile Carnival Museum offers Mardi Gras history and memorabilia like floats and costumes. A number of historic antebellum house museums like the Bragg-Mitchell Mansion from 1855 can be found in Mobile as well. A few of the other exciting attractions to which tourists flock consist of the Gulf Coast Exploratoreum, Dauphin Island Sea Lab, and Mobile Botanical Gardens that earn the city's nickname the "Azalea City."
Mobile is known nationally as a hub for business. Mobile industries include steel fabrication and building, aerospace, retail, medicine, manufacturing and transportation. The Alabama State Docks recently underwent a $300 million expansion project that provided new jobs. Additionally, Mobile's Austal USA shipbuilding company will be trusted with constructing U.S. Forces vessels after winning another multi-billion dollar defense contract with the United States Government in late 2010.