10/30/2025
This morning, John and Nick attended a seminar put on by several local title companies about a significant federal law change that will begin on March 1, 2026. This new law is designed to identify real estate transactions that are being used to launder money.
Once the new law takes effect, almost all real estate transactions concerning residential real estate (or vacant land that could be residential) in which the buyer is a trust, LLC, Corporation, or other entity and which do not have traditional bank financing (cash, gift, land contract, private loan, etc.) will be subject to a reporting requirement that will require the disclosure of names, addresses, dates of birth, and social security numbers for individuals involved as both buyer and seller. This will include individuals such as the CEO, CFO, treasurer, all board of director members, trustees, trust beneficiaries (yes, your 6 month old grandkid), etc.
This is going to be a huge change in the real estate world and is going to come with a significant amount of additional complexity and cost.
We are doing our part to stay ahead of this and will be ready to tackle this when the law goes into effect.