Just 32 All-Cash Miami Real Estate Deals Disclosed To Feds In One Year

Last year federal officials began requiring title companies to require the identity of buyers who purchase real estate in Miami with cash using shell companies.

One year after the program started however, not many deals have actually been reported, according to Mansion Global.

In the first year, there were 32 real estate deals in Miami that were reported to the feds (the information was obtained by a freedom of information request). Of those, half were flagged as suspicious.

To meet the threshold for reporting, the purchase must have been made with cash in a deal size above $1 million (if payment is made by wire it doesn’t need to be reported). If the buyer then obtains title insurance, the title company must disclose the owner of the shell company behind the purchase.

A Miami lawyer told the website that he doesn’t support the disclosure rules, which could influence the market by putting unfair requirements on innocent buyers.