New Law: SB 264 &
What You Need to Know
We are all talking about the new law, SB 264, that restricts ownership of certain types of property by "foreign principals" from any of several "foreign countries of concern." One of the provisions of the new law is that buyers of property sign an affidavit at closing, stating whether they are a foreign principal and that they are in compliance with the law.
The new law requires an affidavit be provided at closing by the buyer affirming that 1) they are not a “foreign principal” as defined under the new law or they are a “foreign principal” permitted to purchase property; and 2) they are in compliance with the law.
Where to Access
Notice and Affidavit Forms - Download
To assist Fund Members until the “official” affidavit is available from the Florida Real Estate Commission, we have provided a suggested Notice that generally explains the new law and two suggested Affidavit forms (one for an individual buyer and the other for an entity buyer). Fund Members should consider these forms in the context of a specific transaction and their role (they may be acting as the title/closing agent, buyer’s attorney or seller’s attorney.)
Guidance For Use of Notice and Affidavit - Download
Suggestions and other information about how the Notice and Affidavit can be used.
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Questions
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Email: foreigninterests@thefund.com
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