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February, 2016

What is a “Covered Transaction” triggering the requirement for Title Agents to disclose the natural persons owning at least 25% of the entity or all natural persons if the buyer is an LLC?

1. Involves residential real estate transactions in Miami-Dade County
2. Purchase is over $1 million
3. Buyer is a corporation, LLC, partnership or other similar entity.
4. Buyer purchases without a bank loan or institutional financing.
5. Buyer pays with currency, cashier’s check, certified check, traveler’s check or money orders.
Make sure to consult with a licensed real estate attorney and title agent if you are involved in any “Covered Transactions”.

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