Spam prevention
Rainmaker
580,748
Shayne Stone
HomeSmart - Fulshear, TX
"Your Rock Solid Choice Realtor" RETIRED

Out State is trying to do the same and I disagree with that. Instead I would prefer that just require all that want to purchase property in the USA should be a Citizen. That way your NOT discriminating against Nationalities!

Jul 01, 2023 07:53 AM
Rainmaker
898,068
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

First, it seems very unclear and there are many "holes" that could be poked in this law for a number of different reasons. There will be challenges. 

Jul 01, 2023 01:30 PM
Rainmaker
2,375,095
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

China attempted to buy a swath of land next to the Grand Forks AFB and it was quickly shot down Peter Mohylsky 850-517-7098 . We all cheered!

Jul 01, 2023 10:06 AM
Rainmaker
814,864
Eileen Burns 954.483.3912
Trans State Commercial Realty Inc. - Fort Lauderdale, FL
FLorida Real Estate Connector

The disclosure appears above the signatures on our FAR purchase/sale contracts...a new page #13 for us.  We, as agents, do not ask buyers about their origin.  The closing agent/attorney gets the affidavit executed.

In China if you wish to do business you must have a Chinese partner in the ownership.  In Florida, if you are Chinese and purchase land in certain areas you will no longer be permitted to do so.  If you have then you must sell it within 3 years.

It is also coming to FAR commercial contracts.

Jul 01, 2023 08:57 AM
Ambassador
3,339,834
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

 

In the Land of Oz, where I live, anything and everything goes. 

Jul 01, 2023 08:55 AM
Rainer
195,422
Karen Climer
Demetree School of Real Estate - Orlando, FL
Teaching people to pass the real estate exam

This law has already been challenged as a violation of Fair Housing Act.

Jul 01, 2023 08:05 AM
Ambassador
3,160,339
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I don't think non citizens should be able to own property in the USA

Jul 01, 2023 02:06 PM
Rainmaker
1,088,537
Diana Zaccaro Broker Associate
Tropical Beachside - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

I was one of the 6,000+ members who attended the webinar the other day and it cleared up a lot of misconceptions that some agents have. 

 

It's a work in progress since FREC had not provided the new disclosure at that time and there are concerns about possible Fair Housing violations. I like the fact that we were advised not to inquire about nationality or eligibility to purchase under the new law and to be the source of the source.

 

The one thing I do not like is that the disclosure appears on the contract so  eligibility won't be known until then. That means that an agent could spend a lot of time and effort working with a client only to find out they don't qualify under the new law and it would present a problem for sellers who thought they had a qualified buyer. 

 

Thankfully I rarely work with buyers so the impact for me will be minimal. The webinar was well done and very comprehensive with good attendance. It ran over the allotted time so there was no Q&A at the end but hopefully there will be another with updates when FREC provides the disclosure.

 

Jul 01, 2023 12:44 PM
Rainmaker
1,046,954
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

OH WOW . . . although I can see and completely agree that we need to not be selling our sovereign land esp near a military installation to enemy countries . . . uhhhhh Fair Housing?

This becomes a cluster . . . and you can't ask a consumer their country of origin, hmmm . . . I'd love to see what that affidavit says!

 

Jul 01, 2023 10:54 AM
Rainmaker
5,194,948
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

There is a difference between single family, townhomes and condominiums fro commercial and large tract real estate. Perhaps a solution to one is not a solution for all. Sounds like they moved too fast to plug a loophole. 

Jul 02, 2023 04:47 AM
Rainmaker
7,795,016
Roy Kelley
Retired - Gaithersburg, MD

Thanks for the link. 

We would rely upon the advice of the title company handing the settlement.

Jul 01, 2023 12:59 PM
Ambassador
5,204,895
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Not at this point but, I do worry about the Fair Housing Act being violated. What do you think, Peter?

Jul 01, 2023 08:15 PM
Rainmaker
909,018
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

China has already bought fuel stations and oil companies in TX, they bought every concrete company and stone quarry that they could get their hands on, etc, etc.  I'd bet they've already bought several properties in close proximity to the White House. I've also heard that they've been wanting to buy up small airports. We can't discriminate as agents. If National security is a concern, and Homeland Security or Federal Law makers want to create restrictions, I guess there's nothing we can do about it.

Jul 07, 2023 06:17 AM
Rainmaker
898,142
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
NC Real Estate Transition & Relocation 919-602-848

Interesting. Keep us posted on how this plays out. It would be interesting to know who initiated this change and why. My thoughts are, if they can't buy property in FL then they will go to another state. I would think the US government as a whole would need to be behind this to make this stick and it could very well happen.

Jul 05, 2023 07:13 AM
Rainmaker
1,498,738
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

This was struck down in Texas already.  While I understand why they don't what Chinese companies and the CCP to buy property after the CCP has been buying up farmland outside of military bases that control our drone fleet, and just in general that foreign governments should not own our farmland, bills like these are usually far too broad and end up getting struck down due to discrimination.

Jul 02, 2023 10:02 AM
Ambassador
6,358,780
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I think they should let them buy the land, then watch the potential watchers.

If spy's show up then this may be a good trap.

Jul 02, 2023 02:55 AM