News & Resources
Monthly Archives: May 2016
Under Florida law, a surviving spouse is entitled to certain rights upon the death of the first spouse regardless of what the estate planning documents say. One of these statutory rights is the surviving spouse’s right to a portion of the deceased spouse’s estate, also known as the elective share. Unless waived through a valid prenuptial or postnuptial Agreement, a surviving spouse’s elective share amount is equal to 30% of the deceased spouse’s net elective estate. Though this is a statutory right, the surviving spouse must file a timely election with the probate court in order to collect the elective […]
On Tuesday, May 17, 2016, Olive | Judd’s real estate team represented buyer Maurice Mann in the closing of an $87,600,000 commercial real estate transaction. Mr. Mann purchased a 352 unit apartment complex known as “Barcelona at Jupiter” and effectuated a 1031 tax deferred exchange by using sale proceeds from an apartment building that he recently sold in New York. The transaction was handled by Steve Hoffman, Kristy Armada, and Nicole Villaroel. Please see the article linked below for more information. “New apartment complex sold for $88 million,” South Florida Business Journal, http://www.bizjournals.com/southflorida/news/2016/05/18/new-apartment-complex-sold-for-88-million.html.
When a lawsuit between parties involves real property, such as a real estate transaction or asset sale, sometimes the purchaser will file a lis pendens in the litigation. The term “lis pendens” literally means a pending suit. In Florida it is defined as the jurisdiction, power, or control which courts acquire over property involved in a pending suit. By filing a lis pendens and recording it in the public record, the filing party creates a cloud on the title that effectively prevents the owner from selling his property to a third party until the litigation is resolved. For example, if […]
The requirements for an enforceable proposal for settlement under Section 768.79, Florida Statutes, continuously shift and evolve as Courts grapple with new factual scenarios and revisions to relevant laws and rules. Issues regarding proposals that involve multiple parties are particularly complex, and Florida’s courts have issued several rulings over the past year addressing matters that must be considered when preparing such proposals. Florida generally follows the “American Rule,” which requires each party in a lawsuit to pay its own attorneys’ fees unless a specific contract or law provides otherwise. Section 768.79 provides one potential basis for the recovery of attorneys’ […]