News of the National Treasury Department’s mandate last Wednesday has spread throughout the luxury real estate sphere, but will the call for title companies to identify high-end real estate transactions have a large enough impact on agents in Manhattan to cause an uproar?
- Agents of high-profile, luxury and off-shore clientele– although not the ones reporting names directly– are responsible for being better informed of their buyers.
- The primary purpose for the law is to identify real estate investors who are avoiding city income taxes by claiming residency outside of the city or the United States.
- The law is only set for six months, which leaves many in the real estate industry wondering what the future holds for luxury transactions and buyer privacy.
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