El Monte Commercial Real Estate Lawyers
Commercial Real Estate Law in California
In El Monte, California, "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 El Monte, California apply differently when dealing with commercial, as opposed to residential, real estate.
Buyers and renters of residential property enjoy some pretty substantial 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.
Some 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 basic protections, however, 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 Monte, California
Financing: Many businesses in El Monte, 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 problem, most rely on a mortgage. A mortgage is a common 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 or lessor of commercial real estate actively conceals a material defect in the real estate, they can be responsible 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. Consequently, 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: These are defects to title, rather than physical defects. They are legal issues which might make it difficult or impossible for a landowner to make full use of their land. In El Monte, California, these might include easements. An easement is a right to use property held by a party other than the owner. This use is often very particular in scope, such as allowing the holder of the easement to cross the property to access a public road, or something similar. Such rights usually have to be recognized and honored by new owners, so if they buy property not knowing about them, they might be seriously inconvenienced.
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Can a El Monte, California Attorney Help?
The issues surrounding commercial real estate in El Monte, California can get fairly complex. Therefore, it's never a bad idea to have the assistance of an efficient commercial real estate attorney.
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Life in El MonteEl Monte is near Los Angeles, California and home to approximately 113,475 residents. It is known as a friendly area that lies in the San Gabriel Valley region of east Los Angeles.
Popular attractions in El Monte are the American Heritage Park and Museum, Rose Hills Memorial Park, El Monte Historical Museum, Whittier Narrows Nature Center and Wildlife Sanctuary, American Society of Military History, and The Rawhide Ponies.
Top employers in El Monte include Wells Fargo, Vons, Toyota, Lexus, Cathay Bank, and elementary and high school districts.
El Monte is home to many small law offices, with competent attorneys practicing in most areas of law. If need be, residents may look to larger firms located in Los Angeles as well. Overall, the legal force within and near El Monte, California is very strong and capable of handling all legal inquiries.