Attention, real estate investors and sellers! A new law has just gone into effect in Florida that could have a big impact on your bottom line.
Senate Bill 264 (SB264) restricts the ownership of real estate by foreign nationals from certain countries.
What does this mean for buyers and sellers?
– For buyers, SB264 could make it more difficult to purchase real estate in Florida if they are from one of the countries listed in the law. For example, buyers from China, Russia, Iran, Cuba, Venezuela, or North Korea will need to register with the Florida Department of Agriculture and Consumer Services (DACS) and provide additional information about their financial resources and background. This could slow down the sales process and make it more difficult to close the deal.
– For sellers, SB264 could have a mixed impact. On the one hand, it could reduce demand for property from foreign buyers, which could lead to lower prices. On the other hand, it could also increase demand for property from domestic investors and American citizens, which could lead to higher prices.
So, what does all this mean for you?
If you are a buyer or seller of real estate in Florida, you should be aware of the impact of SB264. If you are a buyer, you may want to consult with an attorney to make sure that you understand the requirements of the law and how they will affect your purchase. If you are a seller, you should stay informed about the latest market trends to see how SB264 is impacting prices.
We’re here to help!
If you have any questions about SB264 or how it will impact your real estate transactions, contact us! We can help you understand the law and your rights as a buyer or seller. We’re here to help you!
Here are some additional things to keep in mind:
- SB264 does not apply to all foreign nationals. Citizens of most countries are still able to purchase real estate in Florida.
- The law does not prohibit foreign nationals from owning or acquiring real estate in Florida altogether. It simply restricts their ownership of certain types of property, such as agricultural land and property within 10 miles of a military installation or critical infrastructure facility.
- The law is still relatively new, so it is not yet clear how it will be interpreted and enforced. It is possible that there will be legal challenges to the law in the future.
We will continue to monitor the situation and provide updates as we learn more. In the meantime, if you have any questions about SB264, give us a call to schedule a consultation!
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