Florida Legislative Bills

HB 495, effective July 1, 2024, regulates real property contract assignments in Florida. It mandates written disclosure that the assignor may profit from the assignment, requires sellers to receive a copy of the assignment agreement, and imposes civil penalties up to $10,000 for non-compliance. This law adds transparency to real estate investing in Florida, particularly for wholesalers and investors engaged in contract assignments.

Yes. SB 1066, enacted on July 1, 2023, places restrictions on certain foreign nationals purchasing real estate in Florida. This law targets investors from specific countries of concern and imposes stricter rules on properties within 10 miles of military installations. Violations can lead to property forfeiture, impacting how international buyers approach real estate investing in Florida.

The proposed HB 807, which aimed to fund a study on the impacts of real estate wholesaling and consumer protection, failed to pass committee review in 2022. As a result, there is currently no state-funded study or additional regulations specifically addressing Florida real estate wholesaling laws.

With HB 495 now enacted, wholesalers engaging in contract assignments must ensure full disclosure to sellers and provide the assignment agreement copy. Failure to do so can lead to civil penalties. This emphasizes the importance of compliance for wholesalers and investors involved in real estate investing in Florida.

Non-compliance with HB 495 can result in civil penalties up to $10,000 per violation. This crackdown highlights Florida’s commitment to transparency and protecting parties involved in real estate contract assignments.

SB 1066 enforces stricter rules on properties within a 10-mile radius of military installations. Investors from restricted countries face heightened scrutiny and potential forfeiture risks, necessitating careful due diligence before purchasing these properties.

Yes. Since HB 807 failed to pass, Florida lacks specific wholesaling legislation beyond HB 495’s contract assignment requirements. Investors and wholesalers should follow best practices—such as written disclosures and transparent transactions—to mitigate legal risks.

Investors must provide clear, written disclosure that the assignor may profit from the deal and ensure sellers receive assignment agreement copies. Adhering to these rules helps avoid penalties and fosters trustworthy real estate investing in Florida.

While there is no active legislation currently, the failure of HB 807 suggests potential future interest in regulating wholesaling through studies or consumer protection measures. Stakeholders should stay informed about updates related to Florida real estate wholesaling laws.

They should implement standardized written disclosures, educate clients about assignment profits, and provide all required documents to sellers promptly. Utilizing legal counsel or compliance experts is also recommended to navigate Florida’s evolving real estate investing regulations.