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Category: Real Estate

Transaction Brokers vs. Single Agents, Does Fiduciary Duty Apply?

Posted on May 16, 2022 in Real Estate

Many homes are sold across the country via Real Estate Brokers or individual homeowners.  With nearly 6 million homes sold this year, the Real Estate Market is operating at a high level. However, increased activity in the housing market may bring an influx of litigation. As a real estate broker, it is vital to ensure you are shielded from liability and know your rights. With certain business relationships comes certain duties. A fiduciary is a person who holds a legal or ethical relationship of trust with one or more parties. Certain positions, however, do not have this legal relationship of […]

Vacation Rental Renewals

Posted on May 16, 2022 in Real Estate

Vacation Rentals are a hot commodity in South Florida. With beaches, sunshine, and many activities, South Florida is a popular destination for many tourists. However, maintenance of these vacation rentals can be burdensome. In order to have a valid Vacation Rental Property in the city of Fort Lauderdale, an owner must acquire and maintain multiple licenses. A Business Tax License is needed, along with a Vacation Rental License. In addition, applications for these licenses require many other forms of documentation to pass the application review process for both the County and City. Furthermore, upkeep of these licenses is imperative as […]

The Florida Homestead Exemption, how you may be able to reduce your tax burden and protect your primary residence from judgment creditors.

Posted on Feb 9, 2022 in Real Estate

Florida is home to sunshine, beaches, and much more. While many individuals vacation in the sunshine state, others choose to make it their home for a plethora of reasons. One of these many reasons may be the Homestead Exemption and creditor protection delineated in the Florida Constitution. In short, the tax exemption applies to every person who has legal or equitable title to real property in the State of Florida, who resides thereon, and in good faith makes it his or her permanent residence. To make a property one’s permanent residence, they must establish their domicile in that State. The […]

Now is the time! Olive Judd assists Borrowers refinance their home loans

Posted on May 1, 2020 in News

It is all over the news, interest rates are at historic lows. You may be able to refinance your mortgage and get a great deal! A mortgage refinance is when you replace your current home loan with a new one. Why should you refinance now? You would save on the interest you pay to the lender; you would lower your monthly payment; and, potentially pay off that mortgage at a faster rate! Also, refinancing an existing mortgage may be easier and more cost-effective then selling and moving into a new home. Olive Judd, P.A. is an attorney-owned and operated title […]

Florida Statute Allows Removal of Certain Occupants of Real Property Without a Lawsuit

Posted on Jul 31, 2017 in Real Estate

Florida’s landlord-tenant laws have long grappled with the competing goals of providing property owners with efficient means of removing non-paying tenants or trespassers while minimizing potential abuse of bona fide tenants. The Florida Legislature took a step toward modernizing the process of removing unwanted persons from real property in 2015 by enacting Section 82.045, Florida Statutes, which allows for the potential removal of persons who qualify as “transient occupants” of property without the need to file a legal proceeding. While this statute has not garnered widespread attention since its enactment, property owners should be aware of its potential impact on […]

Internal Revenue Code Section 1031 Tax Deferred Exchange (Part II)

Posted on Jul 31, 2017 in Real Estate

An opportunity to defer taxes and build wealth arises when and individual or entity sells an investment property for more than he or it purchased it for. Generally, tax on the seller’s capital gain is due upon the sale of property. However, Internal Revenue Code Section 1031 provides an exception to this rule and allows a seller of investment property (referred to here as the “Relinquished Property”) to re-invest his proceeds into another investment property (referred to here as the “Replacement Property”) as part of a qualifying “like-kind” Exchange. Often misunderstood by taxpayers, capital gain deferred in an Exchange is […]

Jury Enters Verdict for BurgerFi in Overtime Wage Claim Brought by Exempt Employee

Posted on Jan 24, 2017 in Real Estate

Disclaimer:  This article does not constitute an advertisement or legal advice and does not create an attorney/client relationship. The comments herein should not be relied upon by anyone who reads them. A light emerges as employers prepare for an increase in payroll expenses that will result from the Department of Labor’s Overtime Final Rule, the implementation of which has been delayed, but which will raise the salary threshold from $23,660 to $47,476.   On December 19, 2016, a jury entered a verdict in favor of the restaurant employer finding that a middle manager is an ‘exempt employee’, despite performing manual labor […]

King Tide – What’s a Property Owner to Do?

Posted on Oct 25, 2016 in Real Estate

Those of us living in South Florida have all experienced flooded streets and intersections during periods of heavy rainfall.  This intermittent flooding generally dissipates quickly, and most of us consider it to be one of the prices we pay to live in paradise.  Recently, a different type of flooding, termed “sunny day” flooding, has been occurring and is gaining national attention.  This type of flooding, which occurs independently of rainy weather, has become more frequent and severe as a result of sea level rise and is further exacerbated by the occurrence of king tides.  King tides occur when the sun, […]

Real Estate Buyer Alert: Miami-Dade County Commercial Surtax Applies to Certain Bulk Condominium Purchases

Posted on Sep 9, 2016 in Real Estate

Under Section 201.02 and 201.031 of the Florida Statutes, certain counties are authorized to levy a surtax on documents that transfer interest in Florida real property. However, transfers of interest in single-family residences are exempt from this documentary surtax. The tax applies to deeds and other instruments related to real property in an amount not to exceed $0.45 per $100.00. In 1984, Miami-Dade County exercised this authority, established a Housing Assistance Loan Trust Fund, and implemented the Documentary Surtax Program. This program benefits very low to moderate-income families. Very low-income families have incomes of 50% or less of the median […]