Renewal options in a lease provide a tenant with crucial flexibility by ensuring the tenant can remain in a desirable location. But what happens when the lease stipulates the rent during the renewal term will be at “fair market value” or “at the then-prevailing rate for comparable commercial office properties”…
Florida landlords are often alarmed to learn their interest in their properties can be encumbered by liens arising from a tenant’s construction activities, even if the landlord was not involved in, or aware of, the work. Upon a sale of the property, the risk of tenant-initiated construction liens can become…
As discussed in our Real Estate Blog, the state-level sales tax rate on commercial lease payments will be reduced from 4.5% to 2.0% three months after Florida’s Unemployment Compensation Trust Fund (UCTF) is replenished to pre-pandemic levels. According to the recent forecast from the Florida Office of Economic and Demographic…
As a reminder, sales tax due on commercial lease payments will soon be reduced. Effective December 1, 2023, Florida’s state sales tax rate on commercial lease payments (including base rent and additional rent) will decrease from 5.5% to 4.5%. The reductions are a result of House Bill 7063, which was…
On May 8, 2023, Governor Ron DeSantis signed into law Florida Senate Bill 264, which prohibits the acquisition of certain types of Florida real estate by persons from so-called “Foreign Countries of Concern” (China, Russia, Iran, North Korea, Cuba, Venezuela, and Syria). The types of restricted property include agricultural land,…