Outrageous money laundering happens in cash-based Florida real estate transactions. This has sparked some new Miami anti-money laundering regulations that affect everyone.
As of March 1, 2016, real estate settlement agents for all “covered transactions” in Miami had to start filling out and filing a new form. The new form must meet all the requirements of the Geographic Targeting Order (GTO).
Covered transactions are those which are done by Old Republic National Title Insurance Company or any of its agents. The purchase must also concern residential real property in Miami-Dade County. It must also be for more than $1,000,000, payable in cash or similar.
The information that must be disclosed includes some key pieces of information. First, no more “secret agents.” The identity of the person who represents the buyer must be revealed. A copy of that person’s identification must be given.
No more “secret buyers.” The identity of the actual buyer must also be given. The date of the closing, the total amount of cash paid, the price of the property, and the address must also be provided.
Read all the regulations here to see if they apply to you.