Plano Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Plano, TX

Commercial Real Estate Law in Texas

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

The Plano, Texas laws governing commercial real estate differ significantly from the laws that cover residential and other types of real estate.

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

Some of the protections that don't apply to commercial property include warranties of habitability, rent control, and warranties of quiet enjoyment. There are others, as well. The most basic protections, however, apply to buyers of both residential and commercial real estate, including remedies for fraud and concealment of physical or title defects.

Common Commercial Real Estate Law Issues in Plano, Texas

Financing: Many businesses in Plano, Texas 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 problem, most rely on a mortgage. A mortgage is a common 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.

Duty to Disclose Defects: It is of the utmost importance that sellers and lessors of commercial real estate be up front about any defects that might be present in the property. Failing to disclose them can be bad, and actively concealing them can be much worse. In general, if a defect is serious enough that it would influence a reasonable person's decision to buy a piece of property, and the seller knows about it, the seller should disclose it. Failure to disclose can have serious outcomes. If the buyer later discovers the defect, they can sue for the cost of repairing it, or for any reduction in the property's value caused by it. And, of course, if it causes any injuries, the buyer can sue the seller for those, as well.

Buyer's Duty to Inspect: typically, buyers of commercial real estate are expected to inspect the property before buying it. A failure to do so might prevent the buyer from prevailing in a lawsuit if he is hurt by physical defects that an inspection would have revealed, and that the seller didn't know about.

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 Plano, 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 Plano, Texas Attorney Help?

The issues surrounding commercial real estate in Plano, Texas can get fairly complex. Therefore, it's never a bad idea to have the assistance of an accomplished commercial real estate attorney.

Talk to a Real Estate Law Attorney now!

Life in Plano

Plano is a Collin County city that ranks 9th most populous in the State of Texas. Most folks who aren't from Plano still know about the annual Plano Balloon Festival or that it's consistently ranked in the top communities in the United States by Forbes Magazine and CNN Money Magazine. Much of those outstanding rankings have to do with the famous corporations headquartered in Plano. Cinemark Theatres, Dr. Pepper-Snapple Group, J.C. Penny, Pizza Hut, Dell's Computer Services, Frito Lay, Rent-A-Center, and Alliance Data are all located in Plano. The popular social phenomenon Facebook operates a number of servers in their Plano facility, too. The government facilities, as you would assume with such a massive and important community, are quite extensive.

Plano was ranked as "The Safest City in America" by Forbes Magazine in 2010 making it even more attractive to tourists and locals. A number of celebrities live in Plano including cyclist Lance Armstrong, professional golfers Fred Couples and Hunter Mahan, actors like Chance Crawford and Kevin McHale who plays "Artie" on primetime hit-series Glee.

A branch of Southern Methodist University (SMU) is located in Plano and enrolls 3,000 graduate students who major in business, education, and technical work like engineering. Plano is home to outstanding schools and companies making it a very desirable community in the United States. Unsurprisingly, there's also an outstanding cast of new and seasoned lawyers who are familiar with local Collin County and Texas State Courts.

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