March 2025

An informative e-newsletter for the Real Property Law Section of the State Bar of Michigan.

FinCEN Adopts Reporting Requirement Rule for Residential Real Estate Transactions

By Brandan A. Hallaq, Hirzel Law, PLC

On August 29, 2024, the Financial Crimes Enforcement Network (FinCEN) announced a new reporting requirement for certain transfers of residential real estate. According to FinCEN, the final rule was “designed to combat and deter money laundering by increasing transparency in the U.S. residential real estate sector.” The rule was promulgated under the Bank Secrecy Act, being 31 USC 5311 et seq, and is scheduled to take effect on December 1, 2025.

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Interested in writing an article for the e-Newsletter? Contact co-editors Samuel Kilberg at SKilberg@dykema.com or Glen Zatz at gzatz@bodmanlaw.com.

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The views and opinions expressed in these articles are those of the authors, and they do not reflect in any way the positions of the State Bar of Michigan or the Real Property Law Section. These columns are meant for informational purposes only and should not be construed as legal advice. IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding tax-related penalties or (ii) promoting, marketing, or recommending to another person any transaction or matter addressed in this communication.