When Cash Isn’t So Simple: The New FinCEN Rule Explained
About this episode
The episode discusses the new FinCEN rule affecting real estate transactions and its implications for REALTORS® and buyers.
Big changes are happening in the real estate world, and both REALTORS® and consumers need to understand what they mean. In this episode of Simply Authentic , we’re joined by Crystal Forbis and Lacy Pattyson with Great American Title to break down the new FinCEN rule that went into effect March 1 . While REALTORS® have been preparing for this change for some time, many buyers and investors may not yet realize how it could impact their transactions. This new federal rule focuses on certain real estate purchases that meet three key thresholds: • The transaction is cash or cash-like • The buyer is purchasing as an entity • The property is residential real estate Why the change? The rule was created in response to the growing use of residential real estate transactions as a vehicle for money laundering and even the financing of terrorism . After proving effective in several test markets, the policy has now expanded nationwide. Beyond compliance, there could also be an unexpected upside. By increasing transparency around certain types of purchases, the rule may help reduce speculative or illicit entity purchases , potentially freeing up inventory for legitimate homebuyers. Crystal and…
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