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Florida Legislature passes bill that could boost foreign investment in real estate

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 accepts remote electronic notarizations, joining Virginia, Indiana, Minnesota, Nevada, Texas, Vermont and others.
The bill would allow for buyers, sellers, lessees, lessors and other parties on real estate transactions to physically be outside of Florida to get notarized documents signed – speeding up what can be a painfully old-fashioned process. Remote online notarizations were first accepted in Virginia in 2011.
If it passes, the 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.
“It provides the opportunity for a lot more investment, to expedite transactions,” said Gunster attorney and government affairs consultant Greg Black. “We have a ton of cash buyers coming into the country from South America and Europe. In South Florida and Central Florida, we also have a big military population” that could use remote online notarizations.

Source/TRD online Date/May 14/ 2019

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