The real estate world evolves constantly. At Preferred Settlement Services, we keep Sarasota agents informed about 2025 FinCEN rule updates and transaction changes.
Soon, a major shift arrives. The new FinCEN reporting mandate takes effect December 1, 2025. It replaces Geographic Targeting Orders (GTOs) with a nationwide framework.
Why Has the FinCEN Rule Been Updated?
The FinCEN rule update targets money laundering by expanding reporting requirements. Unlike GTOs, it applies to all U.S. transactions—including Sarasota—with no price limits.
Key Changes:
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No geographic limits: Every residential transaction nationwide falls under BOI reporting.
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No price thresholds: Even modest purchases by entities/trusts require disclosure.
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Focus on entities: Cash buys by LLCs, corporations, or trusts trigger reporting.
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What’s reported? Property details, parties’ identities, beneficial owners, and fund sources.
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Covered properties: 1-4 unit homes, condos, land for development, and some mixed-use buildings.
Good news: Exemptions exist for divorces, bankruptcies, and easements.
What New BOI and FinCEN Reporting Means for Sarasota Agents
- Increased scrutiny: Entity/trust deals now face more paperwork—even below former GTO thresholds.
- Client communication: Explain new FinCEN reporting needs early, especially for LLC/trust buyers.
- Potential delays: Build extra time into closings for compliance checks.
Why Partner With Us?
At Preferred Settlement Services, we’re already preparing for the 2025 FinCEN rule updates. We’ll ensure:
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Smooth closings despite new hurdles.
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Clear guidance for you and your clients.
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Timely resources, including fall 2025 training sessions.
Contact Us
From the beginning, our top priority has always remained the same, to look out for the best interests’ of our clients and customers. Give us a chance to earn your business and exceed your expectations.