What You Need to Know: Update on FinCEN Real Estate Reporting Requirements

If you’ve been hearing about new federal reporting requirements tied to real estate transactions, I wanted to share a quick update to keep you informed.

Recently, a federal court vacated (or set aside) a new FinCEN rule that would have introduced additional reporting requirements for certain real estate transactions. Because of this decision, the rule is not currently in effect.

So what does that mean for you as a buyer or seller?

At this time, there are no additional reporting requirements. You won’t be asked to provide extra personal or ownership information beyond what’s already standard, and there’s no impact to your transaction or closing timeline. Everything continues to move forward as usual.

You may be wondering about transactions that are already underway or even recently completed. Any additional information that may have been collected related to this rule will not be reported while the court’s decision remains in place.

Now, could this requirement come back?
It’s possible. The legal process is still ongoing, and the rule could be reinstated with little notice. If that happens, we will adjust quickly and make sure you know exactly what to expect.

For now, the most important thing to know is that nothing has changed for your current transaction.

As always, I am keeping a close eye on updates like this so you don’t have to. If anything shifts, I will make sure you’re informed and prepared every step of the way.

If you have any questions about this or anything else related to buying or selling, don’t hesitate to reach out. I am always here to help.

Amy Brewster | 406-595-8489 | amy@amybrewster.com

Information courtesy of Montana Title & Escrow (MTE).