FinCEN

FAQ

Answering Your FinCEN Questions

How will I complete the FinCEN Real Estate Report?

Settlement will send you a secure link to complete a short online form. The form is designed to be straightforward and user-friendly. Submitting your information promptly helps prevent delays and ensures your closing stays on schedule.

What information is required for trust buyers?

Trust buyers will need to provide:
Trust name
Date the trust was executed
Whether the trust is revocable
All trustees
Grantors who can revoke or withdraw assets
Beneficiaries who can demand money or withdraw substantially all assets
If a trustee is a company, the real individuals behind that company must also be identified

When must the information be submitted?

The required information must be submitted before closing to comply with federal regulations. Settlement cannot finalize the transaction without it.

What additional information must buyers provide?

Buyers must also disclose:
Method of payment (wire, check, etc.)
Source account information for funds used, including bank name and account number

What information is required for entity buyers (LLC, corporation, partnership)?

Entity buyers will need to provide:
Legal entity name
Business address
Jurisdiction of formation
EIN
Names of individuals who own 25% or more
‍Individuals with substantial control (major decision authority)
If another company owns part of the entity, the real individuals behind that company must also be identified

What information is required for each individual listed?

For every individual identified in the report, the following is required:
Legal name
Date of birth
Home address
Taxpayer ID (SSN or ITIN)
Government-issued ID image

How long does it take to complete?

For simple ownership structures, the form typically takes about 5 minutes. If the buyer is a more complex entity or trust structure, it may take longer depending on the number of individuals and layers involved.

What information is required from sellers?

Sellers may be asked to provide basic identifying information, including a taxpayer ID.

FinCEN Real Estate Reports

The FinCEN Real Estate Report is a new federal reporting requirement for certain residential property transfers beginning March 1, 2026.

It is designed to increase transparency in real estate transactions and help prevent money laundering.

When is it required?

A report is generally required when ALL of the following are true:

The property is residential real estate

The buyer is a legal entity (LLC, corporation, partnership) or a trust

There is no traditional bank mortgage involved

FAQ

Answering Your FinCEN Questions

FinCEN Real Estate Reports

The FinCEN Real Estate Report is a new federal reporting requirement for certain residential property transfers beginning March 1, 2026.It is designed to increase transparency in real estate transactions and help prevent money laundering.

When is it required?

A report is generally required when ALL of the following are true:

The property is residential real estate

The buyer is a legal entity (LLC, corporation, partnership) or a trust

There is no traditional bank mortgage involved

FAQ

Answering Your FinCEN Questions

How will I complete the FinCEN Real Estate Report?

What information is required for trust buyers?

When must the information be submitted?

What additional information must buyers provide?

What information is required for entity buyers (LLC, corporation, partnership)?

What information is required for each individual listed?

How long does it take to complete?

What information is required from sellers?

The FinCEN Real Estate Report is a new federal reporting requirement for certain residential property transfers beginning March 1, 2026.

It is designed to increase transparency in real estate transactions and help prevent money laundering.