New FinCEN rule effective March 1, 2026
FinCEN(Financial Crimes Enforcement Network) will require that title companies, settlement agents and closing attorneys report beneficial ownership and financial information related to non-financial residential purchases and transfers of real estate when acquired by an entity(i.e., trust and LLCs).
This rule applies to some deals involving legal entities, trusts, or non-traditional financing and will require additional buyer and seller information.