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ARTICLE · 05 SEPTEMBER 2024

FinCEN Finalizes Residential Real Estate Reporting Requirements

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On August 28, 2024, the US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) finalized a rule to require reporting of certain US residential real estate transactions ("Final Rule").

United StatesReal Estate and Construction
Brad Resnikoff
Brad Resnikoff
Gina M. Parlovecchio
Gina M. Parlovecchio
Matthew Bisanz
Matthew Bisanz
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Grace Kim
Kelly F. Truesdale
Kelly F. Truesdale
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On August 28, 2024, the US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) finalized a rule to require reporting of certain US residential real estate transactions ("Final Rule"). The Final Rule requires certain professionals involved in real estate closings and settlements to report information to FinCEN about non-financed transfers of residential real estate to legal entities or trusts. The Final Rule describes the circumstances in which a report would be filed; who would file a report; what information would need to be provided—including information about the beneficial owners of the legal entities and trusts—and when a report about the transaction would be due.1

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