The Financial Crimes Enforcement Network – FinCen GTO

Miami Dade 2

 

This past January 2016, The Financial Crimes Enforcement Network (“FinCEN”), which is a division of the U.S. Department of Treasury, issued a Geographic Targeting Order (“GTO) which will impact sales of residential property throughout Florida’s Southeast. The January GTO applies to the sale of residential property located in Miami-Dade County for $1,000,000 or more, closing on or after March 1, 2016, through August 27, 2016, where the buyer is a legal entity and the purchase is made without a bank loan. This GTO was extended on July 22, 2016 to include Palm Beach and Broward counties, and also includes transaction when a personal or business check is used for any portion of the purchase price. The July 22, 2016 GTO commences with closings on or after August 28, 2016 through February 23, 2017.

All offices and agents of various title insurance underwriters are now required to collect and report information respecting certain real property purchases which meet all of the following parameters: (1) Sale of residential property located in Miami-Dade, Palm Beach or Broward County; (2) Sale completed on or after August 28, 2016, through February 23, 2017; (3) Sales price of $1,000,000 or more; (4) The buyer is a legal entity, such as a limited liability company, corporation, partnership, or similar business entity but not a trust; (5) Purchase is made without a bank loan or other similar form of external financing (financing by a financial institution that is required to have an anti-money laundering policy); and (6) Purchase price is paid, in whole or in part, with cash, cashier check, certified check, travelers check, money order in any form, personal or business check. This does not include a sale where the purchase price is paid entirely by wire transfer.

It’s important to note that title insurance commitments for a transaction which falls under the GTO must contain specific language found in Schedule B-1 of the GTO. Furthermore, these transactions must be reported to FinCEN by filing a FinCEN Form 8300 within 30 days after closing and a representative of the buying entity must complete, and have notarized, a Supporting FinCEN GTO Affidavit. Carefully following the requirements of the January and July GTOs will ensure your organization completes all Southeast Florida closings without incident.

 

By Chris Pavlidis, Esquire

Gilbert Garcia Group, P.A.

 

 

Advertisements

Experienced Title Processor and Specialist – 2 Positions Available (Tampa, FL)

We are seeking both an experienced Title Processor and a Title Specialist to work in our Tampa office.

Processor candidates would be self-motivated and able to foster excellent relationships with Realtors, Mortgage Brokers, Homeowners as well as, the rest of our team. Attention to detail and knowledge of the closing process is a must. Candidates should be able to prepare HUD statements, prepare policies and work files from start to finish. RamQuest experience is helpful but not require.

Title specialist candidates would also be self motivated with a good understanding of clearing title. The candidate would work for our first legal department, as well as our title company as needed.

These are both excellent opportunities with unlimited growth potential.

In exchange, we offer competitive salaries, paid time off, paid holidays, subsidized health insurance, vision/dental and a 401K plan.

Minimum of 2 years’ experience required. Bilingual (Spanish) is a plus and all candidates must be able to pass a criminal background check. EOE.

Please submit your resumes and salary requirements to mgilbert@sapphiretitleescrow.com for immediate consideration. Indicate your last name and which position you are applying for in the subject line of your response please.

Developmental Disabilities Awareness Day 2016

dd_day_2016_website_graphic-website.png

The Arc of Florida has teamed with the Florida Developmental Disabilities Council to host the 2016 Developmental Disabilities Awareness Day at the Florida Capitol Thursday, February 18, 2016. The Agency for Persons with Disabilities will also participate.

Developmental Disabilities Awareness Day is an opportunity for members of the disability community to meet with legislators and advocate for issues important to individuals with intellectual and developmental disabilities. (I/DD) Exhibitor opportunities are also available.  To see the legislative priorities for The Arc of Florida for the 2016 Legislative session, click here.

For more information on DD Awareness Day or exhibitor opportunities, please contact Vanda Bowman at   vandab@fddc.org or 850.448.4180.