What is considered commercial property? Typically if the space is occupied by a business for profit, it is commercial. Office buildings, industrial parks, and retail centers are considered commercial real estate because the businesses occupants pay rent to the buildings' owners in There are several rules and regulations that apply to residential property in the United States, including:
- Property rights : Property owners have the right to use, maintain, and develop their property, as well as the right to exclude others from the property. This is known as the "bundle of rights" and includes the right of possession, control, exclusion, enjoyment, and disposition.
- Building codes : Properties insured by an FHA mortgage must meet a nationally recognized building code, or a state or local building code based on a nationally recognized code.
- Outbuildings : Outbuildings like storage sheds and non-commercial workshops are permitted, as long as they aren't used primarily for income-producing purposes.
- Foreign ownership : Some states have enacted legislation regulating foreign ownership of real property. It's recommended that foreigners check state and local laws before purchasing real estate in the U.S..
- Residential real estate : The term "residential real estate" includes homes and dwelling units in multi-family properties, such as cooperatives or condominiums.
- Legal support : A residential real estate lawyer can help with preparing contracts, reviewing contracts, and uncovering statutory to occupy the space.