Foreign control of US Real Estate is an erosion of US sovereignty.
Purchase of US Real Estate should be limited to US citizens. Non-citizenship and Dual citizenship shall be viewed as one and the same.
No purchase shall be grandfathered. All real estate currently held by non-qualified entities to be immediately purchased by the US government for fair market value (FMV) for resale to the US public. Seller is to receive proceeds of the FMV sale, less debt and closing costs. Fair market value to be determined by conventional market analysis for the property.
Rest Estate property purchased under this government program will be immediately placed for sale on the open American market, and remain on the open market until sold.
Once placed for sale on the open US market, government officials, and their immediate families, are prohibited from purchasing any of these properties (in part of in whole) until two years after their office/term has ended.
Holding companies, proprietorships, partnerships and corporations be classified the same as individuals. They must be owned/controlled by US citizens, and based in the US, to purchase/own US real estate.
An exemption should be allowed; but ONLY when all of the following conditions apply:
- Property is a single family residential property
- The residential property is the primary residence of the owner
- The owner is legally married to a qualifying US citizen to whom the property ownership may be transferred.
- Proof is provided that the legal marriage occurred prior to the effective date of the law
- The transfer of ownership is completed and validated within one year of effective date of the law.