Differences between a Residential & Commercial Property
Construction law comes into the picture as soon as the construction of a structured work starts. This law is important because it helps to study and see to ensure the work of constructing the structure goes smoothly without any delay. Moreover, construction law also ensures that no rules and laws are broken by the involved parties. Let’s consider the important terms of construction law.
- Client –The work of construction work for who it is carried out for is called a client.
- Contractor – A person who takes responsibility for building the structure is called a contractor.
- Subcontractor – Group of people working for the contractor is called as a subcontractor.
Let’s now focus on some of the key differences between residential and commercial property.
- A property built for the purpose of living is called as residential property. While the commercial property is built for the purpose of generating profit.
- A residential property comprises of a single owner. On the other hand, the owner leasing out his or her property to tenants is called as commercial property. This property is then used by the tenants to generate profit.
- Commercial property or structure is built in the form of shopping malls, grocery stores while the residential property is built in the form of an apartment.
- The laws for both types of property differ from one another. This is because the laws are carried out by different boards.
Make sure you hire the best construction lawyers from Melbourne whenever you are dealing with a property.