More often than not, a commercial landlord will ask for a personal guaranty from a prospective tenant when negotiating a lease. A personal guaranty gives the landlord the ability to seek from the guarantor any unpaid rent in addition to the business entity that is renting the space. Many times, the guarantor is the owner of the commercial entity seeking to lease the commercial space and is providing a personal guaranty in his/her individual capacity.
Caleb is an Associate in the firm’s Real Estate division. He handles real estate matters, including homeowners’ and condominium association governing documents, commercial and residential sales and leases, development, and survey matters. Caleb is admitted to practice in all Florida state courts.
Prior to joining Henderson Franklin, Caleb served as a law clerk at a probate and estate planning firm located in Tallahassee, Florida. While in law school, he was inducted into Phi Delta Phi International Legal Honor Society and served as Treasurer of the Real Property, Probate, and Trust Law Society. Caleb also received a Business Law Certificate and a certificate for distinguished pro bono service for exceeding the pro bono requirements for graduating at FSU Law.
Caleb is a Valdosta, Georgia, native and recently relocated to Fort Myers with his two dogs. When not working, he enjoys Florida State football, Atlanta Braves baseball, and traveling.
In 2018, we shared an article explaining the Florida Legislature’s decision to reduce the business rent tax (“BRT”) from 5.8% to 5.7% for leases commencing in 2019 and beyond. On Election Day 2018, the voters in Lee and Collier counties voted in favor of a discretionary sales tax (the “Sales Tax”), 0.5 percent and 1…
Is it possible for their spouse to waive his/her homestead rights? If so, how?”
Why Would a Spouse Waive Homestead Rights?
More often than not, one spouse has already provided for the other spouse through their estate planning documents, insurance policies, or payable on death accounts and would like to devise their homestead per their testamentary wishes.
The issue here arises from the fact that the Florida Constitution restricts either spouses’ ability to devise their homestead in their will. For example, if Spouse A wants to leave his homestead to his brother (instead of his spouse), he cannot leave his homestead to his brother in his will if he is survived by his spouse or minor child.
So what then happens when Spouse A has no minor children, and Spouse B wants to waive his/her rights in the homestead?
Florida Senate Bill 512
On December 20, 2017, I co-authored an article, Business Rent Tax Reduced Beginning January 1, 2018, that discussed the Florida Legislature’s decision to lower the Business Rent Tax (“BRT”) from 6.0 percent to 5.8 percent.
On March 23, 2018, Governor Scott and the Florida Legislature delivered another win for Florida’s business community with House …
For most people, buying a home is the most significant purchase of their lives. If you are purchasing property together with another person, then one issue to consider is how you and the other parties (as the buyers) want to take title to the property. How do you want to own the property? The manner in which a purchaser takes title to property can have significant consequences depending on the situation whether that be the death of one of the owners or the souring of a personal or business relationship.
Three Ways to Own Property
Generally, title agents will ask you how you want to take title or will provide a form for you to fill out indicating how you want to take title. If you are buying property by yourself, then the options are straight-forward because as the buyer, you are going to take title as either “a single man” or “a single woman” or “a married man” or “a married woman.” However, what happens when a buyer is purchasing property with someone else and what are the ways buyers can take title jointly? More often than not, buyers purchasing property jointly take title one of three ways: tenants-in-common (“TIC”), joint tenants with full rights of survivorship (“JTWROS”), or tenant by the entireties (“TBE”). Other options to consider may be forming a corporation, limited liability company, or trust to take title, but those options are not being covered by this post.
Tenants in Common
In most cases, agreements between landlord and tenant are memorialized in writing that provides a specific procedure for both landlord and tenant default. However, not everyone hires an attorney to draft a lease. So what happens when the tenant stops paying the landlord and there is no written lease? The following is a summary of the process for evicting a commercial tenant and recovering money damages for past due rent.
No Written Lease = Tenancy at Will
In Florida, an unwritten lease is considered a tenancy at will. If rent is paid monthly, then the tenancy at will is regarded as a monthly lease. Either party can terminate a monthly tenancy at will by giving 15 days’ notice before the end of any monthly period.
Victorville West Limited Partnership (“Victorville”) purchased the Inverrary Golf Course and Clubhouse within the Inverrary community in Lauderhill, Florida, in 2006. Victorville acquired the property subject to a restrictive covenant that became the subject of a lawsuit that the Fourth DCA recently ruled could not be canceled because it remained a substantial benefit to the surrounding homeowners.
When a person or entity purchases property, the property may be subject to a restrictive covenant that limits the purchaser’s use. The most common example is the restrictions provided by the declaration of covenants, restrictions, and easements that a homeowner’s association enforces within a residential neighborhood.
On December 20th, 2017, President Trump stood outside the White House and announced that Congress had passed the Tax Cuts and Jobs Act (“Tax Act”), the most thorough overhaul of the federal tax code since the Reagan administration. Like American taxpayers everywhere, most Floridians are wondering:
How will this tax legislation affect me?”
The Florida Legislature recently delivered a small win for the business community with Florida House Bill 7109. Effective January 1, 2018, Florida Statute 212.031(1)(c) is amended by lowering the sales tax levied against commercial tenants from 6% to 5.8%. A more significant decrease would have been better, but commercial tenants will take what they can…