Back in January, 2016 we reported about the federal government requiring real estate companies in New York and Miami to disclose the names behind all-cash real estate transactions. The measure was supposedly “temporary” and targeted properties purchased with cash in New York City and Miami-Dade County that met certain thresholds. Now, flash-forward to the present; a recent article in the Miami Herald discusses some recent all-cash real estate deals (where the buyers are anonymous) that are being snagged by that very same Treasury Department rule. However, in May of this year the thresholds for triggering those reporting requirements were quietly lowered to $300k (down from $1 million) and now includes trusts, which had previously been excluded. Indeed…
“Where people get their money is none of my business,” Tony Elias, a Realtor who specializes in selling condos in Brickell and Miami’s urban core, told the Miami Herald in a recent interview. “I don’t see how Realtors can enforce where the cash is coming from. I’m not going on an expedition for that.”
Click here to read the full story at the Miami Herald.
Click here to read “U.S. Will Track Secret Buyers of Luxury Real Estate,” 1/14/16
