Commercial Real Estate Law in California

In Paramount, California, "commercial real estate" is any form of land or building which is utilized for a business, as opposed to residential, purpose.

The laws governing commercial real estate in Paramount, 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.

For instance, commercial real estate typically isn't covered by rent control laws, nor does it carry with it an implied warranty of habitability (because people usually 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 Paramount, California

Financing: Most small business owners in Paramount, California don't have the money to buy real estate with the cash on hand. Nonetheless, there is a solution to this problem, permitting 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 bought 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 responsible to the buyer or renter for any damages caused by this concealment.

Duty to Inspect: This is a companion to the duty to disclose defects. Usually, buyers of real estate are expected to inspect the property. If they fail to conduct a good inspection, they might not be able to recover damages if they are harmed by any defects which an inspection would have revealed.

Encumbrances: These are defects to title, rather than physical defects. They are legal issues which might make it challenging or impossible for a landowner to make full use of their land. In Paramount, 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 set 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.

Can a Paramount, 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 Paramount, California real estate attorney if you are facing any of the issues discussed above.