Welcome

U.S. Eyes Tighter Rules for All-Cash Real Estate Purchases (2)

Dec. 6, 2021, 4:52 PM

The U.S. Treasury Department will begin developing regulations that could expand reporting requirements for all-cash real estate purchases as part of the Biden administration’s efforts to cut down on global corruption, according to two senior administration officials.

The new rule could force title insurance companies to turn over information about cash purchases funneled through shell companies in additional metropolitan areas, or implement new disclosures for commercial purchases in addition to residential sales, according to the officials, who requested anonymity to detail the effort before it’s formally announced.

The rule-making process is an outgrowth of a new strategy to counter corruption ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.