Luxury cash buyer rules start today in Miami and NYC

The laws designed to unveil LLCs and detect money laundering are in effect
  • From today, March 1 until August 27, title insurance companies in Manhattan and Miami and will have to identify the individuals behind LLCs buying real estate for cash.
  • The ruling is just for Manhattan and Miami-Dade county but is part of a global move to put a stop to money laundering.
  • The American Land Title Association has called for constant communication between all parties in the real estate transaction.

Starting today, luxury buyers wanting to pay in cash will no longer be able to hide behind an LLC in Manhattan or Miami-Dade County. Real estate agents in those areas will be watching closely as rules from the U.S. Department of Treasury are implemented, requiring title companies to report certain buyer’s identities in high-end cash real estate transactions.