Fund News and Alerts

The Polk Area Real Estate Council welcomed Manuel Farach on May 4^th to present his Annual Real Estate & Business Case Law Update at Yard on Mass, a beer garden located in downtown Lakeland.

All IRS Form 1099-S filers beware!  Obstacles lie ahead for both electronic and paper form submitters.

Effective July 1, 2021, the Florida Legislature passed the Community Property Trust Act as Ch. 736, Part XV, F.S., (the Act). Prior to the Act, Florida was a pure “common law property” state, meaning that the way title was held determined who owned the property. In community property states, “community property” means that the assets acquired during the marriage are owned by each spouse equally, regardless of how title is held. The Community Property Trust Act gives people the option of holding assets in Florida as “community property” by transferring them to a community property trust.

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Fund General Counsel Melissa Murphy addressed members of the Broward Attorneys’ Real Estate Council on March 15^th to discuss notable bills moving through the Florida Legislature and the impacts of those likely to pass.  She also provided a brief update on happenings at The Fund.

We know you are essential to the closing process, and to help real estate professionals and consumers gain the same understanding, we have launched a statewide “Value of a Real Estate Attorney” awareness campaign. The campaign will be promoted on the below channels. 

• Florida Realtor Legal News
• Title Report Ads
• Paid Search ads - internet online searches
• Social Media
• Outdoor Billboards - Orlando, Miami, Tampa
• Realtor Association Magazines - Orlando, Miami, Tampa

The legislature was busy this year, and while there are several laws impacting real estate that we are analyzing for our Members, here is one to note in particular:

• SB 264, Chapter No. 2023-33, effective July 1, 2023. See, https://laws.flrules.org/2023/33

Among other things, this law sets some distinct requirements on the timing and type of interests foreign principals may maintain, if at all, in certain Florida real estate.

La legislatura estuvo ocupado este año, y aunque hay varias leyes que afectan bienes raíces que estamos analizando para ustedes, aquí explicamos una nueva ley en particular:

• SB 264, Capítulo No. 2023-33, efectivo a partir del 1 de Julio de 2023. Ver, https://laws.flrules.org/2023/33

Entre otras cosas, esta ley establece algunos requisitos distintos sobre cuando y la calidad o tipo de interés que un principal extranjero puede mantener, si es que puede tener, en ciertas propiedades en la Florida.