"The Treasury Department’s Financial Crimes Enforcement Network proposed a regulation on Wednesday that would require real estate professionals to report information to the agency about non-financed sales of residential real estate to legal entities, trusts and shell companies."Cash transactions in real estate have been a suspected source of money laundering, both in the United States and Canada, where values have increased over 3-7%. Not everyone is happy about being registered, but a new database has been set up where over 100,000 business have registered, in order to gain transparency for who is buying with all cash in real estate purchases. Anonymous shell companies and trusts will have to disclose names of actual persons involved. See more at the Wall Street Journal.
Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996
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