Hi All,
We published a designation agreement form for FinCEN filings as we've been hearing many requests for this resource. FinCEN's is not publishing any "official" version but rather just publishing the requirements for these to be drafted. The form is here FinCEN Real Estate Report Designation Agreement Form
You use this form to transfer the reporting requirement from one person to another in the reporting cascade. For example, #1 could transfer the filing requirement to #3 in the following list.
The reporting person is the person highest on the list unless they transfer the responsibility:
(1) The person listed as the closing or settlement agent on the closing or settlement statement for the transfer,
(2) The person that prepares the closing or settlement statement for the transfer.
(3) The person that files with the recordation office the deed or other instrument that transfers ownership of the residential real property.
(4) The person that underwrites an owner’s title insurance policy for the transferee with respect to the transferred residential real property, such as a title insurance company.
(5) The person that disburses in any form, including from an escrow account, trust account, or lawyers’ trust account, the greatest amount of funds in connection with the residential real property transfer.
(6) The person that provides an evaluation of the status of the title.
(7) The person that prepares the deed or, if no deed is involved, any other legal instrument that transfers ownership of the residential real property.
Note: FinCEN does not require completing this form to offload a filing to a third-party filing service. Third-party services are allowed by FinCEN and will handle your filing responsibility for you but you don't technically change the reporting person so you do not use a designation agreement.
Let us know any other FinCEN filing resources that come to mind! We're planning a lot of materials and content and happy to prioritize requests.
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Charles Wismer
CEO @ FincenRealEstateReport.com
[email protected]------------------------------