The Financial Crimes Enforcement Network (FinCEN) is a bureau within the U.S. Department of the Treasury that collects information about transactions to combat money laundering, financial support for terrorism, and other financial crimes.
Beginning in March of 2026, title and escrow companies will need to complete a “Real Estate Report” that provides information about the buyer, the seller, and the transaction to FinCEN if the buyer is an entity, and the transaction is all cash or otherwise does not involve traditional bank financing.
The level of detail of information required to be included in the report is extensive and includes things such as:
For the Buyer
- Legal name, Current street address, IRS tax ID number (TIN)
- EACH Beneficial Owner’s full legal name, date of birth, current residential street address, citizenship, and IRS TIN (usually a social security number).
- For Trusts: Legal name, Date trust instrument was executed, IRS tax ID number (TIN), whether trust is revocable, each Beneficial Owner of the trust’s full legal name, date of birth, current residential street address, citizenship, and IRS TIN (usually a social security number).
For the Seller
- Seller’s full legal name, date of birth, current residential street address, and IRS TIN.
For the Transaction
- The total consideration paid by the buyer and the dollar amount, method of payment, account number, originating bank, and payor for each payment used to pay the consideration.
There are some great resources online for more information, including from FinCEN and from title companies. Unfortunately, there is likely to be a cost associated with completing the Real Estate Report. This cost will most likely be borne by buyers, and we have heard cost estimates of anywhere between $200 to $500. Talk with your local title company to get more information about how they intend to implement these new requirements and what the cost might be.
As March approaches, Oregon REALTORS® will continue to put out educational information about the FinCEN requirements. We’ve already updated our forms. The new Section 61 of the Sale Agreement informs buyers and sellers of the FinCEN requirement, and by signing the Sale Agreement, buyer and seller are agreeing to provide the Escrow Agent, no later than Closing, all the information necessary for the Escrow Agent to complete the Real Estate Report.