Private rights may arise in many different places. They can be established in deeds, easements, covenants, conditions and restrictions, leases, and other recorded instruments. They can appear in development agreements or in declarations. In the commercial context, the most common private right we encounter is the right of prior approval of a future purchase or occupant. It is frequently used by an occupant to keep direct competitors or other detrimental businesses or occupants away.
For example, in a shopping center setting, a fast food restaurant occupying one parcel may not want to welcome a competing fast food restaurant right next door. Therefore, it will seek protect its immediate area (being the shopping center) from encroaching competition by obtaining a right of prior approval of a future purchaser or occupant in order to establish the right to decline to approve a competitor leasing, purchasing, or otherwise occupying a nearby parcel subject to that right.
Commercial Title Services
If you are searching for commercial title services – you’ve come to the right place! Commercial Partners Title Company provides title services for commercial transactions of all shapes and sizes. With decades of experience at our backs, we can help facilitate your transaction – no matter how complex. Our team consists of skilled escrow agents, title closers, and more who can walk you through the commercial title transaction. Contact us today to set up a meeting with one of our experts and learn how we can help with your next commercial transaction.