News & Resources
Real Estate Buyer Alert: Miami-Dade County Commercial Surtax Applies to Certain Bulk Condominium Purchases
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 […]
Changes to the Federal Fair Labor Standards Act’s overtime regulations will go into effect on December 1, 2016. The changes focus primarily on updating salary and compensation levels for Executive, Administrative, and Professional workers exempt from the Act. Establishing that an employee is exempt from the Fair Labor Standards Act’s minimum wage and overtime requirements involves assessing how the employee is paid, how much the employee earns, and whether the employee primarily performs the type of job duties that Congress meant to exclude from the law’s overtime protections. In order for an exemption to apply, an employee’s specific job duties […]
On October 3, 2015, the Consumer Financial Protection Bureau (“CFPB”) implemented a new rule combining the mortgage disclosures borrowers receive when applying for a mortgage and those they receive at the closing table. For more than thirty years, the Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”) were separately administered. In 2010, Congress directed the CFPB to create rules and model disclosures that combine the required disclosures under TILA and RESPA into an integrated disclosure for mortgage loan transactions. Consumers currently receive different but overlapping federal disclosure forms with the terms and costs of mortgage […]
Olive Judd’s real estate team has been recognized by the Daily Business Review, for its work on an $87M real estate transaction, handled in April of this year. A copy of the article may be accessed by clicking this link (Opens as a PDF Document).
On August 18, 2015, the City of Fort Lauderdale’s Commission adopted Ordinance Article X, Chapter 15 (the “Ordinance”) in order to mitigate the effects of short-term vacation rentals in an attempt to make them safer and more compatible with existing neighborhoods. The new ordinance became effective on November 1, 2015. It allows vacation rental home owners to apply for a “Certificate of Compliance” from the City Manager’s Office for the purposes of offering rental services within the City of Fort Lauderdale’s residentially zoned areas. The Ordinance defines “Vacation Rentals” as: Any unit or group of units in a condominium or […]
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. When a judgment creditor obtains a judgment against an individual who is the sole member of a non-party limited liability company (“LLC”), the judgment creditor may seek a charging order, which is a court-supervised alternative for the process of execution on a judgment by the sheriff. A charging order is a lien that attaches to the judgment debtor’s or his assignee’s right to receive any distribution that the judgment […]
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’ […]