Titlecast Episode 40: FinCEN, Part 5 - Exempt Transactions

Though the Rule doesn’t take effect until December 1, CLTA members are strongly encouraged to begin preparations now. In this 7-minute Titlecast, FinCEN Part 5 – Exempt Transactions we explore what may qualify as an exempt transaction and discuss ways to determine whether a specific transaction falls into that category.

Members seeking more information about the Rule are encouraged to explore CLTA’s and ALTA’s educational resources, including CLTA Titlecasts: 

• Episode 34: FinCEN, p1 - Overview of the FinCEN Final Residential Real Estate Rule
  This episode provides a high-level overview of the Final Rule issued by FinCEN regarding residential real estate transactions.
• Episode 35: FinCEN, p2 - CLTA’s Considerations for FinCEN Implementation
  This episode covers what you should consider when attempting to take proactive measures to prepare for the FinCEN Rule, like the potential components of a comprehensive implementation plan, possible ways to leverage technology, Bank Secrecy Act e-filing requirements, and more.
• Episode 38: FinCEN, p3 – Examining the Definition of “Residential” and “Non-Financed” Under the New Rule
  This episode explores how the Final Rule defines “residential” and “non-financed” transactions and the implications of those definitions.
• Episode 39: FinCEN, p4 – Beneficial Ownership
  This episode discusses ways to determine who is a beneficial owner, what an ownership interest is and ways to calculate ownership interest.

CLTA members should be on the lookout for additional resources from CLTA in the coming months and are encouraged to begin discussions and sharing information with one another, as well as real estate agents, buyers, sellers, and other interested parties.

Remember, the CLTA Titlecast is: Easily accessible, mobile friendly, downloadable, available anytime, and for CLTA members only (see membership information below). Don’t miss these beneficial Titlecast episodes!