Florida Realtors Memorandum: Foreign RE Purchases
Gov. DeSantis recently signed SB 264, which restricts, in part, the sale and ownership of certain Fla. properties to “foreign principals, persons and entities.”
TALLAHASSEE, Fla. – During the 2023 session of the Florida Legislature, lawmakers passed Senate Bill 264, called “Interests of Foreign Countries.” Gov. Ron DeSantis recently signed it into law.
The new law, in part, limits and regulates the sale, purchase and ownership of certain properties in Florida by specific foreign principals, persons and entities.
The highly technical bill goes into effect on July 1, 2023. To help Florida Realtors®’ members become familiar with the details, the association created a memorandum that outlines the three sections of the law that could impact agents, and it offers a summary of some of those details.
Three Florida agencies are charged with implementing specific portions of the bill. Since those agencies have not yet finalized some of their rules, a number of details are still pending. The agencies are:
- The Florida Real Estate Commission (FREC)
- Department of Agriculture and Consumer Services (DACS)
- Department of Economic Opportunity (DEO)
A short explanation of SB 264 and a link to the memorandum have been posted on Florida Realtors’ website.
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