Florida UCC-1 for Real Estate is a legal document that establishes a security interest in personal property used as collateral for a real estate transaction in the state of Florida. The Uniform Commercial Code, or UCC, governs commercial transactions, including the sale of goods and the creation of security interests. In the context of real estate, a UCC-1 filing may be necessary to secure a loan or ensure that a lender has priority over other potential creditors in case of default. The Florida UCC-1 for Real Estate specifically relates to personal property collateral that is associated with a real estate transaction. Personal property refers to assets other than real estate, such as machinery, equipment, inventory, or fixtures. By filing a UCC-1, the lender creates a public record of their claim on the personal property, providing notice to other potential creditors or buyers. There are various types of UCC-1 filings available in Florida for different situations. Some common ones include: 1. General UCC-1: This filing is used when a lender wants to establish a security interest in all personal property assets owned or acquired by the debtor. It provides broad coverage and is often used in commercial real estate transactions. 2. Specific UCC-1: This type of filing is employed when the lender wants to establish a security interest in a specific item or category of personal property collateral. For example, if a borrower uses specific machinery or equipment as collateral, a specific UCC-1 filing would be made for those assets only. 3. Fixture UCC-1: This filing is used when personal property, such as fixtures, becomes part of real property. Fixtures are items that are physically affixed to the land or structure and are considered part of the real estate. Filing a Fixture UCC-1 ensures that the lender's interest is recognized if the real estate is sold or transferred. 4. Continuation UCC-1: This filing is necessary to extend the duration of an existing UCC-1 filing. Under Florida law, UCC-1 filings typically last for five years from the date of filing. To maintain the priority of the lender's security interest, they must file a continuation before the initial filing expires. 5. Termination UCC-1: This filing is used when the lender's interest in the personal property collateral is released. It removes the lender's claim from the public record and releases any security interest established by the UCC-1 filing. Understanding the different types of UCC-1 filings for real estate transactions in Florida are crucial for lenders, borrowers, and potential creditors. It ensures that the rights and interests of all parties involved are protected and properly documented.