Lindsay Commercial Real Estate Lawyers
Commercial Real Estate Law in California
In Lindsay, California, "commercial real estate" is any type of land or building which is used for a business, as opposed to residential, purpose.
The laws covering commercial real estate in Lindsay, California are quite different from those applying to residential real estate.
Buyers and renters of residential property enjoy a considerable number of legal protections. Many of these protections don't apply to buyers or renters of commercial property.
These include implied warranties of habitability, rent control, and covenants of use and quiet enjoyment, among several others. Of course, the most basic protections, such as prohibiting the seller from actively concealing defects, apply to both.
Common Commercial Real Estate Law Issues in Lindsay, California
Financing: Most small business owners in Lindsay, California 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 of commercial property acts to conceal a significant defect in the property, and then sells the property, he will be responsible for any harm this defect cause, as well as the reduced value of the property, or the cost of repair.
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: Undisclosed encumbrances are defects of another sort: defects of title. An encumbrance is any interest that a third party has in the Lindsay, California commercial real estate. These typically 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 crucial to know about them before buying.
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Can a Lindsay, California Attorney Help?
Because of the importance and potential complexity of the issues surrounding commercial real estate, it's almost always prudent that, before engaging in any real estate deal, you pursue the counsel of a good Lindsay, California real estate attorney.