The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has designed a reporting requirement to increase transparency of cash transactions in real estate, which will aid in deterring money laundering through real estate transactions.
The reporting requirement only applies to non-financed purchases, and only one person in each transaction will be responsible to make the report, typically the closing, or settlement agent; the person who ultimately is responsible with deed preparation and the transfer of ownership. The report will provide basic information about the property being transferred, and the parties to the transaction, including the beneficial owners if the new owner is a trust or other entity. The information reported will include the parties’ dates of birth, citizenship, taxpayer identification numbers and residential addresses. To learn more, click here.
