Tempe Commercial Real Estate Lawyers
Commercial Real Estate Law in Arizona
In Tempe, Arizona, "commercial real estate" is any type of land or building which is used for a business, as opposed to residential, purpose.
The laws governing real estate in Tempe, Arizona apply differently when dealing with commercial, as opposed to residential, real estate.
When renting or buying residential real estate, renters and buyers have significant legal protections which often don't apply to commercial real estate.
For instance, residential real estate is covered by laws concerning rent control, living conditions, and other things relevant to buildings where people will be living. Most of these protections don't apply to commercial real estate, because the law assumes that the average business person is a bit more sophisticated in such dealings than the general population, and because a place to do business is generally less important than a place to live. However, the most basic protections, such as protection from fraud and deliberate concealment of defects, still apply.
Common Commercial Real Estate Law Issues in Tempe, Arizona
Financing: Most small business owners in Tempe, Arizona 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 or lessor of commercial real estate actively conceals a material defect in the real estate, they can be liable 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. Therefore, 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: 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 difficult for the buyer to use the land as they intended when they bought it. A common type of encumbrance in Tempe, Arizona 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.
Find a Tempe Lawyer that Specializes in Your Area of Need:
Can a Tempe, Arizona Attorney Help?
Because of the complexity and importance of many of the issues concerning commercial real estate, it is almost always essential to consult with a Tempe, Arizona attorney before buying or selling commercial real estate.
290 Real Estate, Housing & Property Law cases posted to LegalMatch lawyers in Tempe
Commercial Real Estate Attorneys in the Largest AZ Cities
Life in TempeTempe is located in Maricopa County in Arizona. It has a population of about 175,000 and was incorporated in the year 1894. Its name comes from the "Vale of Tempe" located in Greece. Tempe is known for being the headquarters for several prominent corporations.
The economy of Tempe is comprised mainly of large corporations which have their headquarters in the city. For example, companies such as U.S. Airways and Insight Enterprises have their executive headquarters in Tempe. Cold Stone Creamery, a popular ice cream franchise, was originally located in the city. In addition, Tempe is home to Arizona State University at Tempe, where the Insight Bowl is held every year.
Residents of Tempe enjoy great performance in the arts at the Gammage Auditorium and the Tempe Center for the Arts. Also, visitors frequently enjoy shopping in Tempe's retail district, located at Mills Avenue and at Arizona Mills, one of the largest shopping malls in the state. The Tempe Marketplace is where you can go for excellent outdoor festivals and concerts.
Lawyers in Tempe, Arizona typically file legal claims at the Tempe Municipal Court. The municipal court handles a wide range of legal issues and ordinance violations. Tempe lawyers also participate in a variety of exciting civic and community service events.