New FinCEN Reporting Act: What Investors Need to Know (Online)
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Attorney Jennifer Fields will educate us on the changes required at closings, starting March 1, when investors buy residential real estate in entities using cash or nontraditional financing.
** REGISTRATION AT KREIA.COM REQUIRED **
In an attempt to fight money laundering, the Financial Crimes Enforcement Network (FinCEN) is enacting new transparency rules that will result in more paperwork at the closing table for real estate investors.
Attorney Jenny Fields, from the Borders & Borders law firm, is leading an online meeting, a Zoom call, on the fifth Thursday in January, to educate us on what we need to know.
Both the buyer and seller need to fill out new forms, Jenny said:
"The closing attorney or title company is required to file the forms. The fines for not doing so are so enormous that best practices must be to not disburse to anyone until both parties have filled out their forms. The buyer form is longer than the seller form. (The buyer form has about 111 questions!)"
Register now to get your free Zoom link for the 29th.
KREIA members will be able to download FAQ sheets, along with copies of buyer and seller forms, from the event page.