FREC’s Affidavit Rule Effective Jan. 17
FREC adopted a rule to implement a portion of Senate Bill 264 entitled Interests of Foreign Countries.
ORLANDO, Fla. – A rule containing buyer affidavits went into effect on Jan. 17, 2024. It was created by the Florida Real Estate Commission (FREC) with the help of industry partners. It relates to SB 264, which, in part, regulates the sale, purchase and ownership of certain Florida properties to foreign principals, persons and entities, and went into effect on July 1, 2023.
Buyers are to sign the applicable affidavit (one form is for buyers who are natural persons, and one form is for buyers that are entities) “at the time of purchase,” which the rule specifies is at closing. There is no responsibility for a real estate licensee to provide the affidavit to the buyer. Instead, real estate licensees should advise the parties in the transaction to seek the advice of counsel when they are seeking answers to their legal questions as they relate to this law.
SB 264, the rule and requirements, along with the affidavit, can be found on the Florida Administrative Code and Register website.
Related resources and earlier stories:
Overview of SB 264 with flowcharts showing the impact on certain buyers and sellers
Source: Reprinted with permission Florida Realtors®. All rights reserved.
This information is provided for educational purposes only and should not be construed as legal advice or representation and should not be relied upon as such. Broward, Palm Beaches & St. Lucie Realtors® and its affiliated companies cannot provide legal advice or opine about the specifics of your situation.
