Laura Lewis wanted to get this out to everyone asap. This was sent by the Space Coast association yesterday.
1. The new contract is in your templates in Transaction Desk
2. Use this for all contracts moving forward
3. Until the affidavit is released by the FREC, it will be included and signed at closing
4. If you were not on the Florida Realtors webinar, the links to the recording are below... It is imperative that everyone watch it and stay tuned for updates. This is very important for everyone to understand the ramifications of this new Florida Law.
5. See you all next Tuesday at Thrive!!!
Contract Changes regarding Conveyances to Foreign Entities Law
More than 6000+ Members joined Florida REALTORS lawyers for a legal webinar on June 29th where they presented the contract changes regarding conveyances to foreign entities law.
This new law which is impacting some property sales to certain foreign buyers went into effect July 1, 2023.
Some details are not yet clear, but a new disclosure will appear in the FR/BAR, CRSP, and other contracts on Saturday, July 1, 2023 and buyers must sign a new affidavit.
New Affidavit: The law outlines items to be included in an affidavit and charges the Florida Real Estate Commission (FREC) with creating one. However, FREC's affidavit won't be ready by July 1.
Until FREC creates an affidavit for statewide use, buyers should expect to sign an affidavit provided by their closing agent.
Other Resources:
Senate Bill 264 - Interests of Foreign Countries
Learn more about a new law that regulates the sale, purchase, and ownership of certain properties in Florida by specific foreign principals, persons, and entities.
During Florida's 2023 legislative session, lawmakers passed Senate Bill 264 – Interests of Foreign Countries. This bill was recently signed into law by Gov. Ron DeSantis and will take effect on July 1, 2023.
The law, in part, limits and regulates the sale, purchase and ownership of certain properties in Florida by specific foreign principals, persons and entities.
Click link for more information including a memo and flow chart: https://www.floridarealtors.org/advocacy/legislative-priorities/business-issues/SB264
DOJ Targets Florida's Chinese Land Ownership Law
Federal DOJ officials submitted a 22-page “statement of interest,” saying SB 264 “will cause serious harm to people simply because of their national origin.”
TALLAHASSEE, Fla. – The U.S. Department of Justice (DOJ) is urging a federal judge to block a new Florida law that restricts people from China and six other countries from owning property in the state. View the Article Here
NAR: State and Local Issues Committee Webinar Recording: Foreign-Buyer Bans
Last Wednesday, NAR's State and Local Issues Policy Committee hosted a webinar focused on the potential impacts of various state legislation banning foreign buyers from purchasing real estate.
The webinar included insights from NAR's research team on foreign buyer real estate transactions and trends in recent years, legal considerations from attorneys, and practical experiences shared by two state REALTOR® association GADs. About 300 people joined the call.
While the language used in various state bills is wide-ranging with differences in who is covered and what types of properties are included, the concern among REALTORS® is consistent.
Many of these laws are silent as to liability for those facilitating a transaction, like REALTORS®, and because these laws are new and untested we cannot predict how, and against whom, they will be enforced.
Further, it's unclear at this time to what extent, if any, these laws expressly violate the FHAct or the Equal Protections Clause of the 14th Amendment, but some interpretations of these laws could lead to unequal treatment of individuals based on race or national origin.
As one GAD stated, while these laws may not have discriminatory intent, they could lead to discriminatory outcomes.
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