QUESTION: Is it a transfer of real property containing a structure designed for 1-4 family occupancy, land on which transferee intends to build such, or shares in a cooperative housing corporation to a legal entity or trust without financing through an institution required to have AML procedures? IF YES, A REPORT IS REQUIRED!
Exemptions include:
Transfers to a trust by an individual, without consideration and where transferor is both a beneficiary and a settlor
Transfers resulting from the death of an owner including to or by a P.R.
Transfers by or to bankruptcy estates, trustees or court appointed receivers pursuant to bankruptcy proceedings
Transfers that create, convey, modify or terminate an easement
Transfers pursuant to a final divorce order, judgment or settlement agreement
Transfers supervised by U.S. courts
Transfers to a qualified intermediary in a 1031 exchange
Transfers that do not involve any “reporting person”
ALTA INFO/FORMs:
https://www.alta.org/file/ALTA-FinCEN-Seller-Collection-Form-v-10
https://www.alta.org/file/ALTA-FinCEN-Buyer-Collection-Form-v-10-fillable
