FinCEN's New Real Estate Reporting Rule: What Solos Need to Know
For those of us who haven't been tracking it, the Financial Crimes Enforcement Network ("FinCEN") "Residential Real Estate Rule" is now live and reporting obligations begin for any closings that take place on or after March 1, 2026. If you're handling a reportable transaction and there's no exemption, "someone" has to file a Real Estate Report with FinCEN - and that someone could be you. What triggers the reporting requirement, you ask? Any conveyance of residential real estate that's "all-cash" to an Entity. "Residential real estate" includes 1-4 family dwellings, condos, co-ops, and even vacant land that the buyer intends to improve with any of the above. "Entities" include LLCs, Corporations, Partnerships, and Trusts. "All-cash" includes financing by a non-bank lenders without anti money laundering obligations. Exemptions Transfers at death (Will, Trust, Transfer on Death Deed ("TODD"...