Burbank Commercial Real Estate Lawyers
Commercial Real Estate Law in California
In Burbank, California, "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 Burbank, California apply differently when dealing with commercial, as opposed to residential, real estate.
Buyers and renters of residential property enjoy some pretty considerable legal protections, because the law of most states presumes that shelter (being necessary to survive, for the most part) is more important than business. Therefore, many of these consumer protections don't apply to commercial real estate.
These include implied warranties of habitability, rent control, and covenants of use and quiet enjoyment, among various 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 Burbank, California
Financing: Many businesses in Burbank, 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.
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 accountable for any harm this defect cause, as well as the reduced value of the property, or the cost of repair.
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: Undisclosed encumbrances are defects of another sort: defects of title. An encumbrance is any interest that a third party has in the Burbank, California commercial real estate. These normally 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 necessary to know about them before buying.
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Can a Burbank, California Attorney Help?
These issues can be very complicated, and most people consider such financially-weighty decisions to be very necessary. If you are one of those people, it's a smart move to contact a Burbank, California real estate attorney if you are facing any of the issues discussed above.
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Life in BurbankBurbank, California is known as the "Media Capital of the World". It is only a few miles away from Hollywood and is home to the headquarters for many entertainment and media companies. Burbank has a population of about 104,000 and was named after David Burbank, an entrepreneur. Many famous movie and film celebrities have resided in Burbank.
Burbank's economic and social life is supported primarily by the entertainment industry. Companies that have headquarters or major productions studios in the city include: Warner Music Group, Warner Bros. Entertainment, The Walt Disney Company, Nickelodeon, ABC, NBC Universal, and Cartoon Network Studios. Burbank is considered to be a nucleus for the Southern California entertainment and media industry.
Burbank has one of the most famous downtown districts in the country. In fact, the city of Burbank has often been referred to as "Beautiful Downtown Burbank". Downtown Burbank features a diverse mix of fine dining, high-end shopping, and entertainment attractions. Burbank Mall is a popular shopping destination for visitors to the area. Several other similar shopping centers can be found throughout Burbank.
Lawyers in Burbank, California often assist their clients at the Burbank Courthouse. The Courthouse handles a very broad range of legal claims. Burbank lawyers are available to advise those who need legal advice or assistance.