SB 264 & What You Need to Know
Everyone should be talking about SB 264, which enacted a law 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 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 law requires an affidavit be provided at closing by the buyer affirming that 1) they are not a “foreign principal” as defined under the law or they are a “foreign principal” permitted to purchase property; and 2) they are in compliance with the law.
Where to Access
Fund Notice and FREC Affidavit Forms - Download
To assist Fund Members, we have provided a suggested Notice that generally explains the law and the two Florida Real Estate Commission-approved 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
Send us your questions and we will get back to you as soon as we can. Help us learn about the issues you are encountering in your practices, which in turn guides how we can best support you.
Email: foreigninterests@thefund.com
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