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Feds Expand Reporting Requirements In All Cash Purchases to Some Areas of California

  • August 4, 2016
  • devinlucas
The U.S. Treasury in late July announced its intention to expand its Geographic Targeting Orders (GTO), temporarily requiring U.S. title insurance companies to identify the natural persons behind shell companies used to pay “all cash” for high-end residential real estate in six major metropolitan areas, including five in California. Expanding the GTOs is a continued effort to monitor financial real estate transactions to combat money laundering and the financing of terrorism.
[Thinking of using an LLC to hold real property in California – read this article detailing the process: https://lucas-real-estate.com/2016/01/forming-llc-to-hold-real-estate-in.html] 
FinCEN remains concerned that all-cash purchases (i.e., those without bank financing) may be conducted by individuals attempting to hide their assets and identity by purchasing residential properties through limited liability companies or other opaque structures. FinCEN issued a similar requirement earlier this year covering transactions in Manhattan and Miami-Dade County, Fla. 

The additional areas in California now include Los Angeles County, three counties comprising part of the San Francisco area (San Francisco, San Mateo, and Santa Clara counties) and San Diego County. This order does not yet include Orange County.

See the official news release here:
https://www.fincen.gov/news_room/nr/html/20160727.html

-Devin Lucas


Author Devin R. Lucas is a Real Estate Attorney, Broker and REALTOR®, specializing in Newport Beach, Costa Mesa and Orange County, serving individual, investor and small business interests in real estate.  Active with the Newport Beach Association of REALTORS® and Costa Mesa Chamber of Commerce, Devin R. Lucas Real Estate is an independent real estate brokerage and law practice located in Newport Beach, California.

Lucas Real Estate
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