Basic Laws and Rights You Should Know If You Own a Commercial Property in Florida

Basic Laws and Rights You Should Know If You Own a Commercial Property in Florida

Owning a commercial property in Florida can be quite interesting because Florida ranks as one of the best states in the U.S. to own such assets. However, it is important to note that some specific laws and rights guide owning commercial properties in Florida. Here is a list of the rights you have as a commercial property owner in Florida.

1.   Right To Possession

This is the right that gives you the ultimate power over a property. Possessing a property entails making full payment for buying the property, compliance with the sales conditions, and documentation of the transaction details. Once you meet these conditions, you have the ultimate right to possess such property in Florida under the law.

2.   Right To Derive Income

Once an individual acquires a commercial property, he/she has the right to derive income from it. Deriving an income from a commercial property often happens when the owner rents it out. However, certain limitations can affect this right, such as Zoning. A major example is renting out a place to be a club in a relatively quiet residential area. Such an act can result in noise pollution, which can end up distressing someone.

3.   Right To Exclusion

A person has the right to exclude every other person from their commercial property. This is the right that helps to ensure that specific individuals do not come close to such a property. However, there are limitations to this right, and an example is a warrant search by law enforcement agencies.

4.   Right To Control a Commercial Property in Florida

The ownership of this type of asset in Florida includes having the utmost control over such a property. An individual can choose to design and manage it just as he or she wants it as long as he/she remains the legal owner of the commercial property in Florida.

5.   Right To Disposition of Property

This right allows the owners of commercial properties to sell or give off their properties, whether as a gift or a will. When a person still owes a mortgage, his property can also be used to pay the debt.

Conclusively, it is important to have full knowledge of these rights and their limitations before choosing to own a commercial property in Florida. This idea will guide you on how well to manage and get the best out of being an owner of a commercial property in Florida.