El Dorado Commercial Real Estate Lawyers

El Dorado Commercial Real Estate Lawyers, AR

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Commercial Real Estate Law in Arkansas

In El Dorado, Arkansas, "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 El Dorado, Arkansas apply differently when dealing with commercial, as opposed to residential, real estate.

When renting or buying residential real estate, renters and buyers have considerable legal protections which often don't apply to commercial real estate.

Several of the protections that don't apply to commercial property include warranties of habitability, rent control, and warranties of quiet enjoyment. There are others, as well. The most general protections, nonetheless, apply to buyers of both residential and commercial real estate, including remedies for fraud and concealment of physical or title defects.

Common Commercial Real Estate Law Issues in El Dorado, Arkansas

Financing: The majority of small businesses in El Dorado, Arkansas can't afford to make large real estate purchases with the money they have in the bank. Nonetheless, buying real estate is sometimes necessary 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: if the seller or lessor of commercial real estate actively conceals a material defect in the real estate, they can be accountable to the buyer or renter for any damages caused by this concealment.

Duty to Inspect: Buyers of commercial real estate are expected to be diligent, and a court will not reward a lack of diligence. Thus, if the buyer fails to conduct a thorough inspection of the property before buying it, and thereby fails to discover defects which such an inspection could have easily revealed, he will not be able to sue the seller over these defects later on.

Encumbrances: Encumbrances are defects of a different type: rather than physical defects, they are defects of title. In El Dorado, Arkansas, an encumbrance is an interest in a piece of real estate held by a third party, such as covenants or easements. An easement is a right held by someone to use the property of someone else for a particular purpose. For instance, a person might have an easement on the land of another person, allowing them to cross the land to access a public road.

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Can a El Dorado, Arkansas 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 El Dorado, Arkansas attorney before buying or selling commercial real estate.

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