“All-Cash” Rules Remain until August for 5 Calif. Counties!

The Treasury Dept. has announced that it was renewing its current geographic targeting order (GTO) through August 22, 2017.

The counties affected by the order are Los Angeles-San Diego County-San Francisco-San Mateo-Santa Clara.

“These GTOs are producing valuable data that is assisting law enforcement and is serving to inform our future efforts to address money laundering in the real estate sector,” said FinCEN Acting Director Jamal El-Hindi in a statement.

Each county has a different threshold for scrutiny. In California counties surveyed, the cutoff will be at homes selling for $2 million or higher.

The rule requires all cash buyers paying cash for homes (priced at $2 million or above) under the guise on an LLC Corporation, to reveal the identities of the corporation’s officers.

The rule put in place in Jan. 2016 affected on Miami-Dade counties (Florida) and New York counties making up the greater New York City metro area.

In August 2016 the rules were expanded to 5 counties in California as well as 3 counties in and around San Antonio.

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