South Tampa Real Estate Report
South Tampa Real Estate Market Report | 3/1/26 - 3/7/26
On March 1, 2026, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network ("FinCEN") began requiring a Real Estate Report for certain non-financed residential property transfers to entities or trusts. The rule is intended to detect money laundering in real estate transactions. "Non-financed residential property transfers" means purchasing a property with cash or through a non-institutional lender (think hard money loan). "Entities or trusts" means the purchaser is an LLC, S-Corp, C-Corp, partnership, trust, etc.
Why am I telling you about this new FinCEN rule? Well, if you are involved in a transaction requiring a Real Estate Report filing, you must be prepared to disclose an extensive amount of information about the entity and its owners. Furthermore, be prepared to pay a fee (charged to the buyer) for the Real Estate Report preparation. It's not the end of the world, particularly if you're not trying to launder money, but it is another step in the process that all parties should be aware of to avoid closing delays. Have a great Week!
Michael Palermo
