Uniform Commercial Real Estate Receivership Act Is NOW THE LAW IN FLORIDA

The Uniform Commercial Real Estate Receivership Act (hereinafter “UCRERA”) became law July 1, 2020, marking a new era for Florida courts.

“Of course, this couldn’t have been anticipated, but with the economic fallout from COVID, and all the closures, the first thing that will be effected when people stop paying their rent is commercial real estate.”

Florida is one of only nine states that have adopted UCRERA since 2017.

UCRERA creates a process for state courts to appoint a receiver in disputes that arise over commercial real estate, typically a default. Once appointed by the court, a neutral receiver can manage an asset and prevent it from falling into disrepair.

Florida judges have the power to appoint receivers, but before UCRERA, there was no statute that addresses the process for commercial real estate disputes.

HB 783 and a companion, SB 660 by Sen. Lori Berman, D-Boynton Beach, passed both chambers unanimously.

For more questions regarding your Commercial Real Estate investment, call Gulati Law today!

Source: Florida Bar Article

Florida Real Estate Closings!

A Real Estate Closing is one of the most important steps in purchasing or selling your property.

Buyers do not want to buy a property with a defect in title and Sellers do not want to have any liabilities after closing. For this reason it is important to consult with a real estate attorney who has conducted real estate closings before, and knows exactly what potential title defects to look for.

Gulati Law is affiliated with its own title agency in order to conduct residential, commercial and construction/developers closings.

Contact us today, if you are purchasing or selling your property, business, or land.

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