Commercial Real Estate Law in Florida

In Belleview, Florida, "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 Belleview, Florida are quite different from those applying 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.

These absent protections include rent control, and warranties of habitability, among others. The most general protections, such as prohibiting sellers of real estate from lying regarding the property to the buyer, apply in any context, however.

Common Commercial Real Estate Law Issues in Belleview, Florida

Financing: Many businesses in Belleview, Florida 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 accountable 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. Thus, 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: 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 Belleview, Florida 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.

Can a Belleview, Florida Attorney Help?

Because of the complexity and importance of many of the issues regarding commercial real estate, it is almost always imperative to consult with a Belleview, Florida attorney before buying or selling commercial real estate.