News & Resources
Category: 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 […]
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 […]
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 […]
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
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 […]
Hackleman, 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 […]
On Tuesday, May 17, 2016, Hackleman, 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.