U.S. Department of Agriculture: Foreign buyers notification stressed to local farmers

Jun. 22, 2013 @ 08:08 PM

 

Vance County producers are hereby reminded that the Agricultural Foreign Investment Disclosure Act requires all foreign owners of U.S. agricultural land to report their holdings to the Secretary of Agriculture. The Farm Service Agency administers this program for U.S. Department of Agriculture.

The agency must receive a report of any transaction by any non-U.S. citizen purchasing or selling agricultural land in the county within 90 days of the closing. Civil penalties of up to 25 percent of the fair market value of the property can be enforced for failure to submit AFIDA form (FSA-153).

In addition, Vance County government offices, realtors, attorneys and others involved in real estate transactions are reminded to notify foreign investors of these requirements.

Information on this form, the disclosure act or any Farm Service Agency programs can be found at the Vance-Warren County office, 853 S. Beckford Dr. Suite B, Henderson or by calling (252) 438-3134, ext.2.