Regulatory Alerts2024-08-28 | PDF OnlyAdded
FinCEN Final Rule on Transparency in Residential Real Estate Transfers
The rule requires reporting persons involved in specified residential real estate closings to file reports with FinCEN for non-financed transfers to legal entities or trusts, regardless of purchase price. Reporting obligations apply to settlement agents, title insurance agents, escrow agents, and attorneys, determined by a cascade system or written agreement. Reports must identify the transferee entity, its beneficial owners, the transferor, the property, and total consideration. The rule takes effect on December 1, 2025, with filings due by the later of the final day of the month following the transfer or 30 calendar days after closing.