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What do I need to do as a real estate licensee to ensure compliance by my clients with the FL SB 264
SB 264 & What the Real Estate Professional Needs to Know
SB 264 & What the Real Estate Professional Needs to Know (PDF)
What do I need to do as a real estate licensee to ensure compliance by my clients with the FL SB 264 law?
- Consult with legal counsel. Advise the parties to consult an attorney regarding how the law may impact their legal rights and responsibilities.
- Get the affidavit. The law requires the buyer to deliver at the time of purchase an affidavit attesting to the fact that the buyer is not a foreign principal, or is not a foreign principal prohibited from
making the purchase, and is in compliance with the law. The Florida Real Estate Commission (FREC) is statutorily responsible for adopting the form of affidavit and has issued two such forms: one for individuals and the other for entity buyers. - Disclose, disclose, disclose. Be sure the seller and buyer are made aware of the law. The widely used Florida Realtors/Florida Bar (FR/BAR) form contracts are being updated to include a formal disclosure to the seller and buyer.
- Engage with a Fund Member attorney as closing agent. They are best situated to understand the law and to safely navigate you and the parties through its many complications.
Questions
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Email: foreigninterests@thefund.com