Commercial real estate in South Florida is developing at a rapid pace. From Coral Springs to Coral Gables, new developments seem to be popping up all the time. But before any commercial development can get off the ground, developers and contractors alike need to be aware of industry trends and recent changes to real estate law and construction law. As Coral Springs is among the fastest growing cities in Broward County for commercial real estate development, it is vital to have an experienced and knowledgeable construction lawyer in Coral Springs on your side to ensure your project goes smoothly with limited conflicts. A few of the recent changes and trends in Florida construction law and real estate law include:
- Revisions to Construction Defect Laws: Since the Florida Legislature enacted Chapter 558 in 2003, the amount of construction defect lawsuits arising out of projects built in Coral Springs and throughout Florida, generally, has dropped significantly. But it’s important to understand new changes have been made to Chapter 558, which should benefit developers. Since its inception, Chapter 558 requires property owners to participate in a presuit notice, inspection and negotiating process before filing a suit for construction defects. However, until this year, the notice was only required for projects that were completed. New amendments to Chapter 558 now require presuit notice and an opportunity to inspect for commercial and residential construction projects that received temporary certificates of occupancy as well.
- Revisions to Condo Termination Law: In the past, condo termination statutes allowed developers to force unit owners to sell their units for fair market value, even if the value of the property was less than when purchased by the owner. New changes to the condominium termination statues allow unit owners who are current with their mortgage and association fees to receive fair market value, along with satisfaction of their first mortgage, if more is owed than the unit is worth. If the unit owner is an original purchaser and claims the unit as homestead, the unit owner would be entitled to receive the original purchase price. Owners also can rent their units from the developer for up to a year before moving out along with a with a 1 percent relocation fee.
- Shortage of Subcontractors may lead to more Construction Litigation: With the recent construction boom in South Florida, and the shortage of qualified labor to handle the work, the potential exists for an increase in construction defect litigation if developers aren’t familiar with the trades being hired to build their projects.
Even during a commercial real estate and construction boom, there are always potential problems that are waiting to happen. It’s important for developers to protect their business interests by hiring an experienced and reputable construction lawyer. To learn more on how a construction lawyer or commercial real estate lawyer in Coral Springs can help you, contact the law offices of Benson, Mucci & Weiss, P.L. today.