Commercial Real Estate Law in Florida
In West Park, Florida, "commercial real estate" is any form of land or building which is utilized for a business, as opposed to residential, purpose.
Commercial real estate in West Park, Florida is controlled by laws which differ significantly from state and local laws that apply to residential real estate.
People who buy and rent residential unites have a greater deal of legal protections not available to buyers of commercial property.
These include implied warranties of habitability, rent control, and covenants of use and quiet enjoyment, among various others. Of course, the most general protections, such as prohibiting the seller from actively concealing defects, apply to both.
Common Commercial Real Estate Law Issues in West Park, Florida
Financing: The majority of small businesses in West Park, Florida can't afford to make large real estate purchases with the money they have in the bank. Nevertheless, buying real estate is sometimes essential for a business' survival. This problem is sometimes remedied by taking out a mortgage; a loan used to buy property, with that same property being used to secure the loan.
Concealment of Defects: Sellers and lessors of commercial real estate are under a duty to disclose any defects in the property which might impact the buyer's decision to purchase it, such as water damage, mold, or other structural problems. These defects are quite typical, and the buyer has a right to know about them. If the seller doesn't disclose these defects, where they exist, the buyer can sue for any harm this causes.
Duty to Inspect: Buyers of commercial real estate are expected to be diligent, and a court will not reward a lack of diligence. Therefore, 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: Encumbrances are defects of a different type: rather than physical defects, they are defects of title. In West Park, Florida, an encumbrance is an interest in a piece of real estate held by a third party, such as covenants or easements. An easement is a right held by someone to use the property of someone else for a certain purpose. For instance, a person might have an easement on the land of another person, allowing them to cross the land to access a public road.
Can a West Park, 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 West Park, Florida attorney before buying or selling commercial real estate.