Breaking News: Title co's in Boston to disclose buyers on CASH sales above $300K
Feds significantly expand investigation into all-cash real estate deals
Title insurance companies’ reporting threshold lowered to $300,000
November 19, 2018
What are implications for overheated housing markets, particularly Boston and Cambridge? Ask Michael Kane of Mass. Alliance of HUD Tenants if this means that legislation will not be necessary to identify beneficial ownership? Eager to hear from real estate working with foreign buyers as well as local investors:
Going forward, title companies in Boston; Chicago; Dallas-Fort Worth; Honolulu; Las Vegas; Los Angeles; Miami; New York City; San Antonio; San Diego; San Francisco; and Seattle will all be required to report on the person behind shell companies on all-cash deals of $300,000 or more.
FinCEN is also now requiring title companies to report on purchases above that threshold that are made using cryptocurrency, as well.
“Previous (geographic targeting orders) provided valuable data on the purchase of residential real estate by persons implicated, or allegedly involved, in various illicit enterprises including foreign corruption, organized crime, fraud, narcotics trafficking, and other violations,” FinCEN said in a statement. “Reissuing the GTOs will further assist in tracking illicit funds and other criminal or illicit activity, as well as inform FinCEN’s future regulatory efforts in this sector.”
Invite PUBLIC responses below or on Twitter:
https://twitter.com/RealEstateCafe/status/1064945198269116416
Doug Brown Sat 15 Dec 2018 7:40AM
You may want to look into this building as a case study for foreign money in real estate. They just sold 7 condo units, and it appears that 6 of the 7 were sold to Chinese nationals. See this week’s Cambridge Chronicle for the details.
Bill Wendel Sat 15 Dec 2018 4:25PM
@dougbrown1, Can you post the link?
Doug Brown Sat 15 Dec 2018 10:26PM
Data was from Banker & Tradesmen for the week of October 8th.
Doug Brown · Tue 20 Nov 2018 6:44PM
FANTASTIC!!!! What will Gerald Chan do now???