Title: Bill Passes That Could Boost Foreign Investments in Real Estate

Dated: 06/19/2019

Views: 39

The Florida legislature recently passed a bill that would make remote online notarizations legal, a move that could speed up foreign and out-of-state real estate investment in the Sunshine State.

Florida’s House of Representatives and Senate approved House Bill 409, which now heads to Gov. Ron DeSantis’ desk. If DeSantis signs it into law, Florida would become one of only a few states that accept remote electronic notarizations, joining Virginia, Indiana, Minnesota, Nevada, Texas, Vermont and others.

This bill could encourage more international investment in Florida, experts say. Florida ranks as the top state for foreign buyers, with the highest concentration in South Florida. In 2018, 65 percent of foreign investment throughout the state was in Miami-Dade, according to the Miami Association of Realtors.

Notarizations are typically done in person, and in the case of real estate deals often require out-of-state and foreign parties to physically be present for a closing. If they’re not done in person, buyers and sellers can participate in mail away closings, which take longer and leave more room for error, Black said.

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Courtney Silverman

• I KNOW RESIDENTIAL REAL ESTATE • Full-time top producing Real Estate Professional 18 yrs+ • Marketing, Negotiating skills, Competence & Ethical standards • Get your home sold - ASAP for top ....

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