The Florida Realtors / Florida Bar (“FARBAR”) Residential Contract for Sale and Purchase and the “AS IS” Residential Contract for Sale and Purchase have been updated as of July 1, 2023. The new revised versions are identifiable by “6x” and “Rev. 7/23” notations towards the lower left-hand corner of each contract.
The changes to both contracts result from a recent law passed in Florida that prohibits foreign individuals and companies from certain specific countries from owning certain real property in Florida. We wrote a previous blog post about the law, which can be found by clicking here.
Due to the recent law, the contracts now contain a legend which reads as follows:
ATTENTION: SELLER AND BUYER
CONVEYANCES TO FOREIGN BUYERS: Part III of Chapter 692, Sections 692.201 – 692.205, Florida Statutes, 2023 (the “Act”), in part, limits and regulates the sale, purchase and ownership of certain Florida properties by certain buyers who are associated with a “foreign country of concern”, namely: the People’s Republic of China, the Russian Federation, the Islamic Republic of Iran, the Democratic People’s Republic of Korea, the Republic of Cuba, the Venezuelan regime of Nicolás Maduro, or the Syrian Arab Republic. It is a crime to buy or knowingly sell property in violation of the Act.
At time of purchase, Buyer must provide a signed Affidavit which complies with the requirements of the Act. Seller and Buyer are advised to seek legal counsel regarding their respective obligations and liabilities under the Act.
If you are in need of legal assistance to draft or negotiate a real estate contract, you should contact a real estate lawyer such as Joseph Battaglia, who is board certified by the Florida Bar in real estate law.