On May 8, Gov. Ron DeSantis signed Senate Bill 264 codified at Chapter 2023-33, Laws of Florida (the act) into law. This new legislation introduced, among other measures, new restrictions to the sale of Florida real estate to certain foreign entities and individuals. Attorneys, title companies, brokers as well as other players in the real estate industry need to familiarize themselves with this new legislation to ensure compliance and avoid possible penalties.

S.B. 264 added a new Part III titled “Conveyances to Foreign Entities” to the existing Chapter 692 of the Florida Statutes which deals with “Conveyances by or to Particular Entities.” The new Part III includes five new sections (Fla. Stat. Sections 692.201-692.205), the first of which is a definitions section.