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Potential buyers, real estate brokers, real estate lawyers, and title companies all need to be aware of the specific GTO requirements that apply when working on high-end (over $300,00) residential real estate transactions.
Media commentators have often labeled the GTOs issued by FinCEN as a purported crackdown on potentially “dirty” money purchases of residential real estate by shell companies in these geographic areas. Despite the connotations in the media, there are many legitimate reasons buyers acquire andown residential real estate with a corporate entity and without bank financing, such as estate planning, co-ownership, or tax planning.
Even though the current Federal Government administration has taken “anti-regulation” positions on many topics, there has yet to be strong and organized lobbying interests against the GTOs imposed by FinCEN. The GTO regulation has been labeled “temporary” in nature, but FinCEN and the U.S. Government have already renewed it multiple times, and most people in the real estate industry expect it to be renewed, once again, before it is set to expire on Friday, November 16, 2018.
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