Philadelphia Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Philadelphia, PA

Commercial Real Estate Law in Pennsylvania

Commercial real estate is any type of land or structure in Philadelphia, Pennsylvania which is used for business purposes, primarily the sale of goods and/or services to the public.

The laws governing real estate in Philadelphia, Pennsylvania apply differently when dealing with commercial, as opposed to residential, real estate.

Many of the protections that buyers and renters of residential real estate enjoy rarely apply to renters of commercial real estate.

For example, 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 Philadelphia, Pennsylvania

Financing: Most small business owners in Philadelphia, Pennsylvania 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 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: 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: 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 challenging for the buyer to use the land as they intended when they bought it. A typical type of encumbrance in Philadelphia, Pennsylvania 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 Philadelphia, Pennsylvania Attorney Help?

These issues are sometimes confusing, and almost always very important. Therefore, it's imperative to seek the assistance of a Philadelphia, Pennsylvania real estate attorney if you have any dealings in this area.

Talk to a Real Estate Law Attorney now!

Life in Philadelphia

Philadelphia, Pennsylvania is a place filled with history. Liberty Bell is a popular attraction where people go to take picture around the bell and enjoy its beautiful sound. Philadelphia is also home to the birthplace of the Declaration of Independence and the United States Constitution, therefore many people visit Independence Hall on a daily basis.

Other favorite attractions include the Philadelphia Zoo, Cathedral Basilica of Saints Peter and Paul, Tomb of the Unknown Soldier, Rittenhouse Square, Penn's Landing, which gives a marvelous view of the Delaware River. In many ways, Washington D.C. and Philadelphia have a lot in common because both places are metropolitan, fun, and filled with history! This is why many enjoy Philadelphia so much.

Alongside the history is the thriving legal industry. Philadelphia is filled with large firms that practice in many areas of law, as well as small boutique law firms that focus on a particular practice. This being so, no legal need will be unattended in Philadelphia, Pennsylvania.

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