FinCEN Real Estate Rule: Transparency Reporting in Residential Real Estate Closings

Summary

On August 29, 2024, FinCEN issued its final rule on transparency reporting in real estate closings and settlements (the "Real Estate Rule"). Anti-Money Laundering Regulations for Residential Real Estate Transfers, 89 Fed. Reg. 70258, to be codified at 31 C.F.R. § 1031.320. When the Real Estate Rule takes effect on December 1, 2025, it will impose a new set of requirements on title insurance companies, real estate agents, and real estate closing attorneys involving transparency reporting in non-financed residential real estate transactions.