Happy Friday! I hope to see you all Tuesday for the Open House certification. We will be giving out valuable info for listing agents to help make the most of them as well as for hosting agents. This is different than any open house course that we have ever seen!
UPDATE FOR YOU: Florida Realtors lawyers spoke to 6,000+ members during a July 29 webinar, saying a new law impacting some property sales to certain foreign buyers goes into effect July 1. I highlighted what you need to know for your closings this month. Here are some key points
for you.
Some details are not yet clear, but a new disclosure will appear in FR/Bar, CRSP and other contracts on Sat., July 1, and buyers must sign a new affidavit.
See link for a copy of a redlined version of the 2023 “AS IS” Residential Contract For Sale And Purchase (FloridaRealtors/FloridaBar Contract)
https://drive.google.com/drive/folders/1uhwIqgP8ly_URtyKuOLBg1f9unYzEnd8?usp=drive_link
New affidavit: The law outlines items to be included in an affidavit and charges the Florida Real Estate Commission (FREC) with creating one.
Until FREC creates an affidavit for statewide use, buyers should expect to sign an affidavit provided by their closing agent. The affidavit has been created but apparently is not final. I have a copy in the drive link.
https://drive.google.com/drive/folders/1uhwIqgP8ly_URtyKuOLBg1f9unYzEnd8?usp=drive_link
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 Fla.’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. https://www.floridarealtors.org/news-media/news-articles/2023/06/doj-targets-flas-chinese-land-ownership-law?utm_campaign=7-3-23+Florida+Realtors+News&utm_source=iPost&utm_medium=email NAR: State & 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. Check out the recording and attached slides for more information. · https://realtors.zoom.us/rec/share/a_xswo51_RwLmP6xYuNv5Lk9n04cNBbP1trsCY5FRMsFfb82sA1-8W1lBJaOfFsr.IoUeGCCMpN0SWoBI?startTime=1687370759000
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