FinCEN Advisory: What Investors Need to Know About New Reporting Requirements

Screen Shot 2017-08-31 at 11.51.27 AMWhat buyers can expect:

The title insurance company may require personal identity documents from both the purchaser (signer) and beneficial owner(s) on the below transactions:

  • Purchase price $2,000,000 or more and
  • Buyer is vesting in a legal entity such as an LLC, Corporation, or Land Trust and when it is a
  • Cash transaction or transaction that does not involve a bank loan on
  • Residential Real Estate located in the following California counties:
    • Los Angeles
    • San Diego
    • San Francisco
    • San Mateo
    • Santa Clara

For more information and for a list of applicable areas, please visit the following links:

http://pangogroup.com/wp-content/uploads/2017/08/Risk-in-Real-Estate-Advisory_FINAL-508-Tuesday-002.pdf

http://pangogroup.com/wp-content/uploads/2017/08/Real-Estate-GTO-Order-8.22.17-Final-for-execution-Generic.pdf