Before diving into the world of commercial real estate, it's crucial to understand the intricacies of the process and the importance of due diligence. Unlike residential transactions where "buyer beware" may not always apply, commercial property acquisitions are governed by the principle of caveat emptor, as established by the Florida Supreme Court in 1985. This means that commercial buyers are expected to be sophisticated investors, capable of conducting extensive research and analysis before making a purchase. Here's what you need to know to make an informed decision and protect your investment.
Commercial property buyers are presumed by the courts to gather all necessary information pertinent to their transactions. They are also assumed to have had ample opportunity to conduct thorough due diligence. This process goes beyond mere physical inspections and should encompass a comprehensive review of all transaction documentation. Maintaining clear records of communications with the seller and third parties is crucial to prevent confusion and can be vital in the event of legal disputes. Often, litigation surrounding commercial real estate revolves around pre-closing statements or misinformation from the seller. Without proper documentation, proving these claims can be challenging.
While residential real estate disputes often center on undisclosed defects, commercial real estate litigation can encompass a wider array of issues. These may include misrepresentations the buyer relied upon, as well as failures to fulfill contractual obligations, title discrepancies, and issues with waiver provisions in the contract. Other concerns unique to commercial transactions include environmental impacts, property taxes, community impact fees, and development planning. Addressing these issues typically requires the expertise of qualified professionals.
When purchasing commercial real estate, it's advisable to seek the guidance of a Board Certified lawyer with expertise in real estate, construction, or business litigation. These professionals have proven their knowledge and experience in the field. You can find a Board Certified attorney through the Florida Bar's website.
In conclusion, buying commercial property requires a level of sophistication and due diligence that goes beyond what is typically expected in residential transactions. By understanding the legal landscape, conducting thorough research, and enlisting the help of qualified professionals, you can make a well-informed commercial real estate investment.
Proceedings supplementary in Florida how to use them and how to avoid them
Proceedings supplementary in Florida allows a judgment holder to enforce the judgment against the judgment debtor’s property that is held by a third party. Normally the judgment creditor can only enforce the judgment against property of the judgment debtor in that party’s possession that is not exempt from execution. But if the judgment debtor transfers real or personal property to another party to avoid the judgment then the judgment creditor can use proceedings supplementary to pursue that property.
Real property title related claims like quiet title and slander of title in Florida
Quiet title is a claim under Florida law to remove a cloud on title to real property. It is established in and regulated by Chapter 65 of the Florida Statutes. It is often used where a party records an improper lien or claim against the ownership of real property. Slander of title is used to obtain damages flowing from a lien or claim that was wrongfully recorded against the title.
Understanding Eviction vs. Ejectment in Florida Real Estate Law
In the realm of Florida real estate, eviction and ejectment are two distinct legal processes used to remove individuals from a property. While they may seem similar, they cater to different scenarios based on the occupant's legal status. Evictions apply to tenants with a lease agreement, whereas ejectments deal with individuals who have no legal claim to the property. This article delves into the nuances of each process, providing clarity for landlords, tenants, and property owners navigating the complexities of Florida's real estate laws.
