When COVID-19 hit the States and stay-at-home orders swept across the nation, it is no wonder that the hotel industry took a steep dive. While 2020 started out as just another year, April soon became Continue reading “The Real MVPs – Markets That Outperformed in 2020”
What crosses your mind when you hear the term “Commercial Real Estate”? Oftentimes we think of a high-rise office building, shopping mall, or even an old grocery store building. While these Continue reading “6 Commercial Investments That Tend to Get Overlooked”
Property Cost Allocation (aka “Cost Segregation”) is back with a vengeance, according to GMG Savings in a recent article.
A cost segregation study is an essential fiduciary component when building, purchasing, or renovating a hotel or motel. Hotel Continue reading “What a Cost Segregation Study Means for Your Hotel or Motel”
Close to 88% of shopping centers are being used to fulfill online orders, and 99% of retail respondents reported their stores fulfilled online orders to some degree.
Nearly 60% of commercial real estate Continue reading “Study: Retailers, Commercial Real Estate Companies Optimistic About Strong Recovery in 2021”
1031 Exchange transactions can help business owners leverage valuable cash to finance critical growth strategies.
At least once a week I get asked: What are the benefits of doing a Section 1031 Exchange? I normally give the usual answer: Deferral of Taxes resulting in more funds to spend on possible Continue reading “Seven Ways 1031 Exchanges Can Help Strengthen Businesses”
Florida hotels are changing hands much less frequently lately, thanks to COVID-19’s negative impact on the local economy. Orlando’s 500+ lodging properties are dealing with severely reduced revenue due to sparse tourism, and this is only contributing to the ongoing mass layoffs within the hospitality industry. Continue reading “Florida Hotel Sales are Down, is a Spike in the Horizon?”
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
If you have property that you are planning on developing, or obtaining development approvals, before March of 2019, in Lake, Polk, Marion, Highlands, Putnam, and portions of Orange and Osceola counties that meet the 3 criteria established by the U.S. Fish and Wildlife Service (USFWS), i.e. location, soils, and above 80′ msl elevation, then you are required to conduct a survey for the Florida sand skink.
The survey is a two-tier approach. First, a pedestrian survey is conducted. This can be conducted any time of the year. If the results are negative, than a coverboard survey is initiated. You can only conduct the coverboard survey for sand skinks from March 1st through May 15th and the survey must occur over 4 straight weeks.
The USFWS requires the placement of 40 coverboards, 2’x2’x.50″, per acre. The boards are to be made of plywood or another similar rigid material. The coverboards should be allowed to acclimate for 7 days before the first sampling event. Each board is to be checked for signs of sand skinks a minimum of once a week for 4 straight weeks.
Following the completion of the survey, a report is prepared and submitted to the USFWS. The USFWS will issue a “Clearance Letter” if the survey was negative for the presence of sand skinks. The boards can be deployed at anytime.
Guest writer- Stillwater Enviromental
In the past, it has been difficult for buyers to to get a mortgage without having a large down payment requirement. Some available options this year and going into next are the Federal Housing Administration’s low down-payment program. Now, banks like Wells Fargo, Bank of America, and TD Bank are offering as low as 5 percent in some mortgages to create an opportunity in the market and compete with FHA’s down payment loans.
TD Bank offers the “Right Step” loan with 5 percent down on mortgages and allows for 2 percent to be paid as a gift from a relative or third party. Most of the banks now offering 5 percent mortgages are requiring borrowers to pay for Private Mortgage Insurance (PMI), and maintain mortgage and home insurance until there is 20 percent equity built up in the home. FHA requires PMI for the lifespan of the loan. To know what works best for you, research your options.
There are many aspects to consider when planning your estate such as living wills, last will and testaments, trusts, beneficiaries, and so on. While all of these moving parts work together to create a successful estate plan, the power of attorney (“POA”) is one of the most significant of them all. This is because without this document, many of your assets may go unprotected in the event that you cannot manage things on your own.
If a POA is not named, and you are in an unstable condition, you will not have access to your assets unless they go through a guardianship proceeding with the courts. These proceedings can be very costly and time consuming, and you do not have the freedom to choose who that guardian may be. Appointing a power of attorney gives you this protection, and also allows you to take advantage of tax reduction.
A Power of attorney is always necessary, even in the case of joint ownership. These laws have changed dramatically within the last ten years, and documentation must be updated and checked on regularly to make sure they are in alignment with the new legislation. Call us at Gulati Law for a free legal checkup to find out the status of your estate plan and what we can do to ensure a smooth process.