by Greg Diodati
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by Greg Diodati
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It’s about to get harder for some luxury all-cash home buyers to hide their identity from the U.S. government
In January, the Treasury Department announced a temporary initiative that requires title insurance companies to identify all-cash buyers of certain high-end real estate in Manhattan and Miami.
Now, it’s expanding the order into other markets in New York City, Florida, California and Texas.
The rule will soon apply in all New York City boroughs, San Diego County, Los Angeles County, three counties in the San Francisco area and two counties directly north of Miami (Broward and Palm Beach).
It’s also expanding into Bexas County, in Texas, which includes San Antonio.
The rule only applies to non-financed purchases above a certain amount, and that threshold varies by market, but typically includes homes priced at the top 10% of each market.
For instance, cash purchases made with shell companies above the $2 million mark in the California counties and above $1 million in Florida markets would be tracked.
Read more on CNN.com. …read more
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