Identities of high end real estate buyers could be exposed
Last January 13, 2016, federal authorities announced that they will require title insurance companies to disclose the identities of high end homebuyers. The order, issued by the Financial Crimes Enforcement will be implemented on the first of March and will expire on the 27th of August 2016.
The order requires title insurance companies to reveal the true identities of shell companies that drop $1 million and more in cash for properties located in Miami. Miami Property Management stated that the disclosure of identities will have a positive impact on the real estate market in Florida. Money laundering in high end real estate will be stopped.
South Florida has always been known for attracting wealthy buyers who are willing to pay millions in order to acquire real estate in classy neighborhoods like South Beach and Indian Creek. FinCen announced that they have already installed protection on real estate deals including mortgages and will now focus on cash transactions. Miami has more cash sales than almost any other place in the country.
Potential buyers who are not breaking any rules will not be discouraged by this order. However, those buyers who are involved in fraud, money laundering or any illegal trade will think twice before they attempt to enter Miami real estate market.
Source: the realdeal.com« « Previous Article| Next Article » »
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