Commercial Real Estate Law in Texas

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

The laws covering commercial real estate in Burkburnett, Texas 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 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 Burkburnett, Texas

Financing: Most small business owners in Burkburnett, Texas 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: While buyers of real estate have some substantial protections with respect to defects, they also have some obligations. Before finalizing a purchase, buyers are expected to undertake a reasonable inspection of the property, usually by using a licensed building inspector. If the buyer fails to conduct an inspection, they typically won't be able to successfully sue, if defects are discovered after the purchase.

Encumbrances: These are defects to title, rather than physical defects. They are legal issues which might make it difficult or impossible for a landowner to make full use of their land. In Burkburnett, Texas, 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 particular 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 Burkburnett, Texas Attorney Help?

These issues can be very complicated, and most people consider such financially-weighty decisions to be very critical. If you are one of those people, it's a smart move to contact a Burkburnett, Texas real estate attorney if you are facing any of the issues discussed above.