If you were to purchase a luxury home and didn’t want anyone to know that your name was directly tied to it, you could purchase it anonymously through a limited liability company. Though many people may be confused by this idea, it is actually practiced by many especially within Miami-Dade County. However, recently the United States Treasury Department made the announcement that they are wanting to install a new rule that obliges title insurance companies to recognize cash buyers in Miami making a purchase of at least 1 million with a shell company. As many real estate transactions increase through shell companies, the U.S. Treasury Department wants to ensure the safety of economic finances as well as prevention of money laundering.
But how safe are we keeping our market in high profile areas if we are allowing identities to be revealed? Many celebrities, business owners, and various individuals aspire to keep their transactions under wraps not because they are doing anything illegal, but because their personal safety is at stake.
Regardless, the new rule will officially begin March 1st of 2016.
Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public. Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or http://www.title-junction.com.
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