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Video instructions and help with filling out and completing fincen gto form 8300
Hello Anthony hello Claudine today we're here to talk about some real estate issues we had talked about back in April FinCEN the Financial Crimes enforcement Network they had a press release they're taking aim at real estate secrecy in Manhattan in Miami geographic targeting orders otherwise known as GTOs it requires identification for high-end cash buyers now it was originally effective March 1st 2021 it was supposed to expire August 27th but I'd literally put a reminder on my calendar August 27 to do a google search on it alas I did and there's a new press release saying that they've expanded the area so the originally target areas were only Manhattan Miami Dade County in Florida okay it temporarily required certain US title insurance companies to identify the persons behind companies used to pay all cash for high-end residential real estate they said beneficial owners each individual who owns at least 25 percent or more the information was then reported to FinCEN and made available to law enforcement investigators investigators as part of FinCEN's database so we are assuming they thought they were gonna catch criminals buying things with cash I would say the number one part of the number one most important feature of this program is it provides for government employment so it does that it does it incredibly well I guess that the target here I guess is your rubs Russian mobster who's gonna bring his money over and invest in u.s. real estate cuz that's a bad thing we don't want and then pay taxes I pay taxes I guess that's what so that's a terrible terrible thing you know people do nasty things around the world people do nasty things in the US but we still take their money because a we like their taxes mm-hmm yeah it's it's this is a this is really a strange one I mean it's just the whole purpose of this - you know the title insurance company you know that's that's the first way around this whole thing it's like just don't get title insurance is you know so a title insurance company is where you have to pay a premium on the title each time it's bought it's kind of a good I'm not gonna say racket but somebody else could as somebody who used to sell title insurance I enjoyed it when I did real estate closings this was something fasting cuz I tell people this and they're like no I didn't know that that's that's crazy but title insurance is one of the best things for real estate attorneys and I could do a closing for free if the property was worth enough because the title insurance is a percentage of the property and 70% of the premium goes to wow the attorney now what I have to pay title insurance yeah I don't do real estate closings anymore when I have to pay like oh man they're getting this guy's get.