As the real estate industry digested the news from The Financial Crimes Enforcement Network (FinCEN) earlier this week — that from March 1, title insurance companies will have to report the identities of cash buyers spending more than $3 million in Manhattan and more than $1 million in Miami — experts said real estate agents and attorneys will have to be better informed about their buyers.
- Title insurance companies will be looking to agents and attorneys to discover the identities of overseas buyers investing with shell companies.
- Real estate agents are being advised against receiving wired money from cash buyers.
- New York and Miami luxury property agents should expect a flurry of real estate transactions closing in the run-up to March 1, when the reporting is to begin.
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