Stockton Commercial Real Estate Lawyers
Commercial Real Estate Law in California
In Stockton, 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 Stockton, California are quite different from those applying to residential real estate.
Buyers and renters of residential property enjoy a large number of legal protections. Many of these protections don't apply to buyers or renters of commercial property.
For instance, residential real estate is covered by laws concerning rent control, living conditions, and other things relevant to buildings where people will be living. Most of these protections don't apply to commercial real estate, because the law assumes that the average business person is a bit more sophisticated in such dealings than the general population, and because a place to do business is generally less important than a place to live. However, the most basic protections, such as protection from fraud and deliberate concealment of defects, still apply.
Common Commercial Real Estate Law Issues in Stockton, California
Financing: Many businesses in Stockton, 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 or lessor of commercial real estate actively conceals a material defect in the real estate, they can be liable 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. Generally, 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 Stockton, 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.
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Can a Stockton, California Attorney Help?
Because of the importance and potential complexity of the issues surrounding commercial real estate, it's almost always recommended that, before engaging in any real estate deal, you seek the counsel of a good Stockton, California real estate attorney.
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Life in Stockton
Stockton is a major inland port city and the seat of San Joaquin County, California. It's position amid Central Valley farmland, Interstate 5 and California State Route 99 make it an ideal hub for transit. Stockton is much more than agriculture and shipping though. A number of telecommunication and manufacturing companies are located in Stockton. The city is also an ideal place for renewable energy companies whom the city has encouraged though economic incentive programs. Much of their focus focuses on developing alternative fuels for agricultural development.
The waterways, plains, and diverse landscape of Stockton makes it an ideal location for movie makers throughout the ages. "Cool Hand Luke," "Dead Man on Campus," "Flubber," "Fat City," as well as "Indiana Jones and the Last Crusade" and "Raiders of the Lost Ark" are just a few classics filmed in Stockton. Stockton is a standout city nationally as well. It's received an "All-America City" and National Civic League award twice. The City of Stockton has emphasized safety through community programs and police presence in the past years. The city has also put emphasis on community partnerships like the Downtown Alliance that works to both decrease unemployment rates as well as keep the district busy and vibrant. Sunset Magazine even bestowed "Best Tree City" and "Best of the West Food Fest" awards upon Stockton. The University of the Pacific is located in Stockton with the second largest private university in the state, National University.