Federal Issues
FinCEN proposes Additional Reporting and Record Keeping Regulations on Certain Real Estate Transfers
March 22, 2024
Recently, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking titled, Anti-Money Laundering Regulations for Residential Real Estate Transfers. The rule imposes reporting and record-keeping requirements on certain persons involved in real estate closings and settlements for non-financed residential real estate transactions. Comments about the proposed rule will be received by the Network until April 16, 2024.
The purpose of the rule is to address money laundering, and illicit financial crimes involving real estate. The rule imposes a cascading reporting requirement, where certain persons involved in real estate transactions are required to file a “Real Estate Report” no later than 30 days after the date of closing. NAR will submit their comments before the April 16th deadline.
About the PBOR Market Brief
The Paulding Board of REALTORS® (PBOR) Market Brief is compiled by First Multiple Listing Service (FMLS). For more information on details of this month's report, please contact the Board at 770.866.1397.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.
About the Paulding Board of REALTORS®
The Paulding Board of REALTORS® (PBOR) has been an instrumental factor in the growth of real estate in Paulding County, Georgia for more than a decade. PBOR serves as a central source of information for its members, with mainly focusing on real estate education, the promotion of professionalism in the industry and representing REALTORS® members with legislative initiatives to create positive change for the real estate community.
About First Multiple Listing Service
First Multiple Listing Service (FMLS) is the premier data services provider for real estate professionals in Georgia. FMLS was founded in 1957 by a group of Brokers who wanted to share their listings and connect buyers and sellers. Today FMLS is the largest MLS in Georgia & the 4th largest MLS in the United States, serving nearly 54,000 real estate Agents & Brokers. For additional information or to start a discussion about how to partner with FMLS please contact join@fmls.com.