This week, the Financial Crimes Enforcement Network (FinCEN) renewed its Geographic Targeting Orders (GTOs) requiring U.S. title companies to identify and report information regarding beneficial owners when companies are used to purchase residential real estate. The current GTO is effective beginning April 19, 2024, until October 15, 2024. FinCEN renewed the GTOs in the current states California, Colorado, Connecticut, Florida, Hawaii, Illinois, Maryland, Massachusetts, Nevada, New York, Texas, Washington, Virginia, and the District of Columbia. The purchase amount that triggers reporting under the GTO is $300,000 for most jurisdictions and $50,000 in the greater Baltimore region. FinCEN also issued updated FAQs regarding the GTOs as well.
NAR will continue to keep you updated regarding the GTOs and FinCEN updates.
Learn more about the current GTO.
