The Treasury Department announced Thursday that it would be extending its requirement that Title Insurance companies disclose the identities of luxury homebuyers in Broward and Palm Beach counties by six months through July. The regulations affect cash home sales in excess of $1 million in Miami-Dade, Broward and Palm Beach counties. These requirements were set after it was announced that 30% of transactions in Palm Beach, Broward County, Miami-Dade, New York City, San Antonio and parts of California involved a suspicious buyer or suspicious activity. ID Requirement regulations are in affect in all of those counties through July as the fed continues their crackdown on money laundering in the real estate sector. Many of the deals covered by the regulation involved shell companies. It was hoped that a Trump Presidency would ease some of the regulations placed by the Obama administration, but brokers have yet to see a drop in sales attributable to the ID Requirement regulations.
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