Although many people are aware of the potential hazards of lead-based paint, there is a lot of confusion on the topic. This article addresses several myths surrounding lead-based paint. Myth #1: All homes built prior to 1978 contain lead-based paint. False. According to a study performed by the EPA, lead based…
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…