How are residential and commercial Real Estate Lawyers different?
Residential and commercial real estate lawyers each deal with a set of widely varying laws. Below are some topics on which residential and commercial real estate differ.
Land that has been classified as commercial or residential must be handled accordingly. Property owners who violate zoning regulations risk serious legal repercussions, including criminal penalties.
When it comes to renting or leasing a property, the tenants and property owners are entitled to varying rights with commercial and residential properties. For instance, it is more difficult to end a lease for a business property. Residential property rent prices can be raised much more easily.
In contrast to residential homes, commercial properties are much harder to foreclose. Foreclosure timelines for commercial properties are often prolonged and more complex. Commercial property owners often have to give up their earned revenue from the foreclosed property. Residential foreclosures do not usually require the owner to forfeit anything other than the property.
Residential and commercial properties have very different legal requirements about what information a property owner must provide to a potential renter. It is mandatory for both commercial and residential property owners to disclose the presence of asbestos, lead paint, and other hazardous materials. Even minor damage to residential property must be disclosed, although commercial property owners do not share this requirement.
There are significant distinctions between the regulations governing residential and commercial construction. Newly constructed commercial structures are subject to highly severe safety rules, but newly constructed residential properties are subject to much looser safety regulations.
