Foster City Commercial Real Estate Lawyers
Commercial Real Estate Law in California
In Foster City, 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 Foster City, 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.
For example, commercial real estate normally isn't covered by rent control laws, nor does it carry with it an implied warranty of habitability (because people typically won't be living in it). Furthermore, it also doesn't come with a covenant of quiet enjoyment. However, some of the most basic legal protections (such as laws against fraud, and concealment of defects) apply in both the commercial and residential context.
Common Commercial Real Estate Law Issues in Foster City, California
Financing: The majority of small business owners in Foster City, California probably can't afford to buy much real estate outright, with cash paid up front, so most small business purchase commercial real estate with a mortgage. A mortgage is a loan taken out for the purpose of buying real estate, using that real estate as collateral for the loan.
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: 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 hard for the buyer to use the land as they intended when they bought it. A frequent type of encumbrance in Foster City, California 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.
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Can a Foster City, California 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 Foster City, California attorney before buying or selling commercial real estate.
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Life in Foster CityFoster City, California is a master-planned city situated in San Mateo County. It has a population of about 31,000 and is sometimes held to be part of Silicon Valley due to its local industry. Foster City is considered an affluent community and has been featured several times in Forbes Magazine as well as Money Magazine.
As a master-planned city, Foster City offers many advantages and amenities, such as an efficient distribution of stores, restaurants, and resources. Master planning helps developers avoid "haphazard" construction and city layout. This has contributed to much of Foster's City's clean and pristine appearance. Foster City is also home to a number of attractions, including a boardwalk, a 9-hole golf course, an extensive $4 million Teen Activities Center, and a public amphitheater. Windsurfing is extremely popular within city limits.
Foster City, California is also known for being an important center for many high-tech companies as well as financial organizations. The city is headquarters to many nationally recognized businesses such as Adchemy, Gilead Sciences, Life Technologies, Live365, Philips, Sony Computer Entertainment America, and many others. One can access several points in the Bay Area from Foster City due to its location near the San Mateo Bridge.
Lawyers in Foster City, California often represent their clients at the Superior Court of California, County of San Mateo. The court house has integrated much new technology including an electronic document camera. Foster City attorneys are available for assistance in many different fields of law.