The Real Deal's Not So Real Deal - Bill Introduction Means Very Little (Foreign Buyer Legislation)

The Real Deal reported yesterday on proposed legislation to reform the Foreign Investment in Real Property Tax Act (FIRPTA) in a manner that would have you believe that the Bill was destined to be law. This is a common theme with news media when they exaggerate the impact of a story to gain readership. However, The Real Deal is typically better than this and they should know better as their readership counts on them to lead the brokerage profession in New York City and beyond.

While the article does contain a great topic that should be discussed, whether there should be alien landholder disabilities in the US, The Real Deal should make clear what many know, that Bills rarely pass. In fact, accordingly to govtrack.us, the Bill has only a "2% chance of being enacted". So, discuss the topic, but know its not the law.

Remember, in real estate the rule is No Case, No Statute, No Talk - know the law as it governs your every move.

With respect to alien landholdings, its great that the Bill seeks to reduce restrictions on foreign investment, but remember those restrictions were created for some really good reasons in the first place. To illustrate, would you like a foreign national to own our fresh water supply; how about our trees or nuclear arsenal? What about taxes, should a foreigner be required to pay taxes and how can the Government make one accountable. To discuss these thoughts and more, stay tuned for Lieb School's real estate continuing education course, Foreign Buyers, which is coming soon.

Check out 88.3 at 5:30pm Today and Tomorrow for Real Life

Tune in today and tomorrow 8/2 and 8/3 at 5:30pm WPPB Peconic Public Broadcasting 88.3- Check out Real Life hosted by John Christopher from Brown Harris Stevens. John will be interviewing Andrew Lieb concerning a multitude of issues facing Hamptonites in the real estate market from commercial valuation to simply the new regulations requiring a bank to verify ability to repay a loan.

Smart Housing - Its the Key

In our recent push for real estate professionals to know what is out there in smart technology for the house, we direct your attention to a door lock that uses bluetooth "to let you unlock your door by touching it".

Check out a great article on NFC-powered door locks and open a door into the future.