4th of July in Franklin
Join the Franklin on the Fourth celebration on Thursday, July 4th, sponsored by the Franklin Lions Club. Festivities kick off at 10:00 a.m. on the Franklin Square with music, food vendors, crafts, and antique cars.
For the best view of the fireworks, head over to The Park at Harlinsdale Farm in the Tractor Supply Co. Arena, where the Nashville Yacht Club Band will start performing at 6:00 p.m.
Keys to Success: Yvette’s Monthly Title Tip
We May Soon Be Required to Report All-Cash Residential Deals to FinCEN
The Financial Crimes Enforcement Network (FinCEN) is proposing a new rule that would mandate real estate professionals to report details of all-cash residential transactions involving legal entities and trusts nationwide. This expands upon existing Geographic Targeting Orders (GTOs) that were previously limited to specific regions.
Key Points for Realtors:
- The rule covers all-cash residential deals with LLCs, corporations, or trusts.
- Settlement must report comprehensive information within 30 days of closing.
Under the proposed rule, reporting must include:
- Personal information of the reporting person (name, category, address).
- Details of transferee and transferor (name, address, taxpayer identification number).
- Beneficial owner information for transferee and signatories (names, dates of birth, addresses, TINs).
- Details of all transferors or beneficial owners if the seller is an entity (names, DOBs, addresses, TINs).
- Property address and legal description.
- Payment information including amounts, payor, payment method, and financial institution details.
- Information on any involved hard money or non-AML compliant lenders.
FinCEN will introduce a dedicated electronic filing form for these reports.
Industry Concerns:
The American Land Title Association (ALTA) has expressed concerns regarding compliance costs and burdens, and has suggested changes such as:
- Exemption for low-risk transfers.
- Reduction of redundant reporting requirements.
- Implementation of explicit protections for good faith attempts.
ALTA recommends a one-year implementation period post-final rule issuance.
Why You Should Be Informed:
FinCEN aims to curb money laundering in real estate through this rule. ALTA emphasizes the need for FinCEN to consider adjustments due to potential complexities and expenses associated with compliance.
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