Compliance
New Financial Disclosure Training with Joel Threlkeld, Esq.
Firm Update and FINCEN Introduction The law firm announced its new name, Thrrell, Kelt, Thaw, and Johnson, following the promotion of two long-time attorneys to partners. The meeting's primary focus was to educate attendees on the new FINCEN requirements aimed at preventing anti-money laundering in real estate tran…
Firm Update and FINCEN Introduction The law firm announced its new name, Thrrell, Kelt, Thaw, and Johnson, following the promotion of two long-time attorneys to partners. The meeting's primary focus was to educate attendees on the new FINCEN requirements aimed at preventing anti-money laundering in real estate transactions. FINCEN Reporting Requirements Details FINCEN rules apply to non-financed residential purchases made by entities, such as LLCs or trusts, but exempt purchases made by individuals. The closing agent is responsible for gathering beneficial ownership information and filing the report, which is expected to cost buyers between $150 and $400. FIRPTA Foreign Seller Obligations Discussions shifted to the Foreign Investment in Real Property Tax Act (FIRPTA), noting that buyers are technically responsible for withholding and remitting funds when dealing with foreign sellers. An exemption exists if the purchase price is $300,000 or less and the buyer signs a residential use affidavit.
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