Florida lawmakers recently passed a law that could increase investment in the real estate market. The law, available here, allows for online, remote notarization. Those who are interested in purchasing property will no longer need to be in the state to get the documents notarized. The transaction could potentially be finalized completely online.
Is this a novel idea? Not really. Other states have passed similar laws. Virginia has had a similar law in place since 2011. Other examples are present in Nevada, Vermont and Texas.
Will it really impact the Florida real estate market? Likely. Florida has a large concentration of international investors. Although it was possible to complete the transaction without a physical presence in the past, the process was arduous. This law has eased the ability to complete the transaction and will very likely result in an increase in international buyers and investors in the state’s real estate market.
In addition to international investors, the law could make it easier for people from other states to purchase property in Florida. Interested buyers will be able to complete the transaction from their current home instead of needing to come into the state to sign paperwork.
Is it dangerous? There is potential for risk. Sellers can mitigate this risk by carefully reviewing the real estate contracts. It is possible to include additional provisions to provide some safeguards. An attorney experienced in real estate law in Florida can discuss the process and options to better ensure your interests are protected throughout the process.
