6 new counties must report all-cash deals to FinCEN

  • FinCen, the United States Department of Treasury's Financial Crimes Enforcement Network, announced that its (temporary?) cash-buyer rule launched in March will be expanded to six new counties.
  • The counties are in Los Angeles, San Diego and San Francisco in California and also in San Antonio, Texas.

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In January of this year, the federal government announced that title insurance companies in two metropolitan statistical areas (MSAs) — Miami and New York — would have to identify the individuals behind any limited liability corporations (LLCs) that were buying properties with cash. Some experts predicted that this was a temporary move and that the period of investigation (which began March 1 and is supposed to wrap up August 27) would end when it was supposed to without further action taken by the federal government.