Real Estate Law 103: Federal Investment Risk Review Modernization Act

Real Estate Federal Laws Effect NY

A federal appeals court in Tallahassee ruled that a Florida law preventing individuals from China from owning property in the state is likely overridden by federal law. The court blocked enforcement against two plaintiffs engaged in real estate transactions, stating that the plaintiffs demonstrated a strong chance of success in their claim that the Florida law is preempted by the Federal Investment Risk Review Modernization Act of 2018. The latter law, which incorporates the Committee on Foreign Investment in the United States (CFIUS), grants authority to review real estate transactions involving specific individuals from foreign countries, establishing federal precedence over conflicting state laws. While the court did not issue a comprehensive injunction, it cited upcoming oral arguments in April as a factor in its decision.


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