Commercial Real Estate Law in Texas

Commercial real estate is any form of land or structure in Taylor, Texas which is utilized for business purposes, mainly the sale of goods and/or services to the public.

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

Buyers and renters of residential property enjoy a massive number of legal protections. Many of these protections don't apply to buyers or renters of commercial property.

These include implied warranties of habitability, rent control, and covenants of use and quiet enjoyment, among numerous 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 Taylor, Texas

Financing: Some small businesses in Taylor, Texas find it necessary, at some point, to purchase a piece of real estate, for various reasons. Nonetheless, most owners of small to medium-sized businesses can't afford to make a real estate purchase up front, with the cash they have on hand. Simply put, very few individuals have hundreds of thousands of dollars just sitting in the bank. One solution to this is a mortgage, which is similar to most other forms of secured loans: a bank lends you money, and you put up some piece of property as collateral, so the bank has some security in the event of default. With a mortgage, however, the property being purchased with the loan also secures the loan, permitting the bank to foreclose on it in case the buyer defaults.

Concealment of Defects: if the seller of commercial property acts to conceal a significant defect in the property, and then sells the property, he will be accountable for any harm this defect cause, as well as the reduced value of the property, or the cost of repair.

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 challenging or impossible for a landowner to make full use of their land. In Taylor, 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 set 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 Taylor, 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 Taylor, Texas real estate attorney if you are facing any of the issues discussed above.