Texas Commercial Real Estate Law
Texas commercial real estate law can be complicated, particularly if you have never bought or sold property for business purposes before. A qualified Dallas commercial real estate attorney can help you draft a contract and protect your rights throughout and after the legal proceedings.
Important terms for a Dallas Commercial Real Estate Lawyer
Before you start the process of drafting Texas real estate contracts, either by yourself or with a Texas commercial real estate attorney assisting you, it is important to become familiar with some of the terminology. Whether you are buying or selling property, the following are some words that are commonly used in Dallas commercial real estate law:
- Fixtures: These are parts of the building which cannot be removed without damage to the structure, such as the plumbing system. Some items, such as air conditioners, may or may not be considered personal property. It is important to clarify what is and is not personal property with your Texas commercial real estate lawyer and in the contract.
- Deed of trust: In Texas, a deed of trust is used instead of a mortgage. In this agreement, you give the lender a deed to the property, but the lender can sell the property only if you fail in some way to meet the terms of the loan.
- Title insurance: This ensures that you are receiving full ownership of the commercial property you are purchasing. A title insurance policy makes buying a building less risky in that if you find out that another person has the rights to use the property, you can sue the title insurance company for compensation.
Your commercial real estate attorney in Dallas can clarify any confusion you have regarding the language used between lawyers and in the courtroom.
Legal title
A Texas commercial real estate law firm suggests that owners of commercial property form a limited liability company (LLC) and put the legal title in the name of the business rather than under a personal name. This limits the chances for personal liability. Consult a commercial real estate law firm in Texas to find out if putting your property under a separate name is the right choice for you.
Commercial Real Estate Lawyer in Dallas you can depend on
Whether you are drafting a contract or disputing a legal issue with a lien, a commercial real estate attorney in Texas can help. Sprouse Shrader Smith P.C. is a commercial real estate law firm based in Amarillo serving clients throughout Texas, including Dallas. Our Texas real estate law firm Sprouse Shrader Smith P.C. has years of experience and can provide the support you need to negotiate a beneficial transaction.
