Commercial Real Estate Law in Texas
Commercial real estate is any form of land or structure in Manvel, Texas which is utilized for business purposes, mainly the sale of goods and/or services to the public.
The Manvel, Texas laws regulating commercial real estate differ significantly from the laws that cover residential and other types of real estate.
Most of the protections that buyers and renters of residential real estate enjoy rarely apply to renters of 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 Manvel, Texas
Financing: Most small business owners in Manvel, Texas don't have the money to buy real estate with the cash on hand. Nonetheless, there is a solution to this problem, permitting 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 bought 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: This is a companion to the duty to disclose defects. Usually, 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 Manvel, 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 specific 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 Manvel, Texas Attorney Help?
Because of the importance and potential complexity of the issues surrounding commercial real estate, it's almost always judicious that, before engaging in any real estate deal, you pursue the counsel of a good Manvel, Texas real estate attorney.