What is “Commercial Real Estate”?
The term commercial property (also referred to as commercial real estate, investment, or income property), largely refers to any non-residential property used solely for business purposes. Commercial real estate includes stores, office buildings, industrial property, medical centers, hotels, malls, farm land, multifamily housing, rental houses being held for income-producing purposes, and warehouses, to name a few. In many states, residential property comprising more than a certain number of units will be characterized as commercial property for borrowing and tax purposes. Unless the property is a homeowner’s personal residence, the property is likely commercial real estate. In many cases, commercial real estate transactions are not afforded the same consumer protections as might be available on residential transactions. The lawyers of Berlin Patten Ebling can help you through this difficult time, and make the decision that is right for your particular circumstances. We’ll start by conducting a thorough interview with you, reviewing the state of your loan, determining your goals, and determining what a realistic outcome is. Once we’ve put together an action plan for you, we’ll be with you every step of the way.