Additional Resources
FinCEN Reporting Rules for Real Estate – What Florida Realtors Need to Know
While those local GTOs are still in place, FinCEN has proposed a new nationwide rule set to begin in March 2026, designed to extend transparency to all parts of the U.S. Under the new rule, any non-financed residential purchase by a legal entity or trust will require reporting, not just in targeted areas. The new system will replace the patchwork of GTOs with a comprehensive, permanent, nationwide standard.
Summary of March 2026 FinCEN Rule Changes
- Nationwide Coverage: Expands reporting beyond selected counties — applies to all U.S. jurisdictions.
- Residential & Mixed-Use Property: Applies to most 1–4 family homes and residential-type properties (including condos and some mixed-use).
- Applies to Legal Entities & Trusts: Reporting required for LLCs, corporations, partnerships, and trusts purchasing without financing.
- Beneficial Ownership Data Required: Title companies must collect and report the names, addresses, birth dates, and ID numbers of individuals who ultimately own or control the purchasing entity.
- Streamlined Title Company Responsibilities: Settlement and title providers will remain the primary reporting parties, not Realtors — but Realtors should inform clients upfront if their buyer is an entity or trust.
- Effective Date: Expected implementation March 2026, with final guidance expected in 2025.
What Florida Realtors Need to Know Now
- The rule currently applies in select Florida counties via the ongoing GTOs (Miami-Dade, Broward, Palm Beach, Hillsborough, Pinellas, Sarasota, Collier, and others).
- Realtors should ask early if buyers plan to take title under an entity or trust, as this could trigger FinCEN reporting.
- Individual buyers using personal names in financed or traditional transactions are generally not affected.
- Title companies handle the reporting, but Realtors help by ensuring clients cooperate in providing accurate ownership details.
- The goal is transparency — deterring criminal activity while keeping legitimate transactions smooth.
Learn More
Understanding FIRPTA (Foreign Investment in Real Property Tax Act)
For sellers, FIRPTA can mean that up to 15% of the gross sales price is withheld at closing if they are classified as foreign under IRS rules. Foreign sellers can apply for a withholding certificate (Form 8288-B) to reduce or adjust the withheld amount if they expect to owe less tax.
For buyers, the law places the responsibility on them (or their settlement agent) to verify the seller’s status and withhold the correct amount. Failing to do so can make the buyer personally liable for the tax — which is why clear documentation and guidance from the closing agent are critical.
For real estate agents, FIRPTA underscores the importance of early communication: determining whether a seller is a foreign person, informing all parties of potential withholding requirements, and ensuring the proper FIRPTA forms are handled by the title or escrow company prior to closing.
Key IRS Resources
- IRS FIRPTA Overview
- IRS Form 8288 – U.S. Withholding Tax Return for Dispositions by Foreign Persons
- IRS Form 8288-B – Application for Withholding Certificate
Disclaimer
This information is provided for general educational purposes only and does not constitute tax or legal advice. Individuals should consult a licensed accountant, tax advisor, or attorney for guidance specific to their situation.
Put a link to a vendor: FIRPTA Solutions – Foreign Investment Real Estate Tax Act
FIRPTA Solutions
615 Cape Coral Pkwy W #202
Cape Coral, FL 33914
(239) 360-2454
Info@firptasolutions.com
What Is a 1031 Exchange?
To qualify, the investor must follow specific IRS rules, including identifying a replacement property within 45 days of the sale and completing the purchase within 180 days. The funds from the sale must also be held by a qualified intermediary (QI), rather than received directly by the seller, to maintain tax-deferred status.
At Haven Title Group, LLC, we work closely with investors, qualified intermediaries, and real estate professionals to help ensure your 1031 Exchange transaction is handled accurately and efficiently — so you can focus on maximizing your investment.
Important Note
A 1031 Exchange applies only to investment or business properties — not primary residences or second homes used primarily for personal enjoyment.
Learn More
Disclaimer
This information is for general educational purposes only and is not tax or legal advice. Investors should consult a licensed accountant, tax advisor, or attorney to determine eligibility and compliance with 1031 Exchange requirements.
When Will I Get My Check From My Title Company?
Selling a house or helping someone buy or sell their home if you are a Realtor, can be an exciting time. One of the most common questions we get from Realtors and home sellers alike is “when will I get my check?”
This is understandable as there has been a lot of work and patience to get the transaction done. Plus, who doesn’t like a payday!
When will I get paid?
We make every effort to pay all of the parties involved quickly, oftentimes the same day the transaction closes. However, this can vary based on the day or time of day the closing occurs. For example, most banks aren’t open after 5 or 6 pm and are closed on weekends.
That said, here is when you can expect to be paid for your closing or your commission if you were part of helping a transaction become a done deal:
Sellers & Realtors
When it comes to receiving proceeds or commission payments after a real estate closing, both wire transfers and paper checks are commonly used, with disbursements typically made the same day or by the next business day. Wire transfers offer the advantage of speed and convenience—once initiated, funds usually post to the recipient's account within one to two hours. This can be especially helpful when quick access to funds is important. However, wire transfers may incur bank fees for either the sender or recipient, and they require accurate account information to avoid delays. On the other hand, paper checks may be preferable for those who do not want to share banking details, and they often do not involve direct bank fees.
However, checks must be physically delivered and deposited, which can introduce delays depending on processing times and banking hours. Ultimately, the choice between a wire transfer and a paper check depends on individual preferences regarding speed, cost, and convenience.
Paper Check vs Wire Transfer
It is often assumed that Wire Transfers are faster than receiving a paper check. However, this isn’t always true. Wire transfers sometimes require more verification and approvals (due to cyber fraud) and as a result may even take an extra 24 hours to receive the funds.
Save on Property Taxes
What Is the Homestead Exemption?
The Homestead Exemption is a valuable property tax benefit available to Florida homeowners. It reduces the assessed value of your primary residence—potentially saving you thousands of dollars over time and helps limit annual tax increases through the Save Our Homes cap.
To qualify, you must:
- Own and occupy the home as your permanent residence by January 1 of the tax year, and
- Apply by the annual deadline.
Important Deadlines
- Regular Deadline: March 1 of the tax year for which you want the exemption.
- If March 1 falls on a weekend or holiday, the deadline may move to the next business day.
- Missing the deadline generally means you won’t receive the exemption for that year.
Once approved, the exemption usually renews automatically each year as long as you continue living in the home as your primary residence and don’t change ownership.
How to Apply Online
Below are links to file your Homestead Exemption with the property appraiser in your county:
Why This Matters
- Reduce your property taxes: Up to $50,000 exemption on assessed value.
- Protect against large tax increases: The “Save Our Homes” cap limits annual increases in assessed value.
- Automatic renewal: Once approved, you don’t typically re-file unless you move or change ownership.
Tips for New Homeowners
- Apply as soon as possible after closing, especially if you were living in the home as of January 1.
- Keep your Florida driver’s license, voter registration, or Florida ID updated with your homestead address before you apply.
- If you miss the deadline, contact your property appraiser’s office—sometimes they offer late filing options under certain circumstances.
Need Help?
Haven Title Group LLC is here to support you with next steps after closing, including reminders about Homestead Exemption deadlines and answers to your questions—just reach out!
Disclaimer
This information is provided for general informational purposes only. Buyers must confirm eligibility, filing requirements, and deadlines directly with the appropriate county property appraiser. Haven Title Group LLC does not guarantee exemption eligibility or tax savings.
For Sale By Owner
Thinking of Selling Your Home?
Selling your home is a big decision — and whether you’ve sold before or are considering doing it on your own, having the right support makes all the difference. While listing your home yourself might seem simple, working with an experienced Realtor can help you get the best price, attract more buyers, and make the process far less stressful.
At Haven Title Group, we’ve built strong relationships with trusted, local Realtors who understand your neighborhood and your goals. We’d be happy to connect you with a professional who can guide you every step of the way — from listing to closing.
And if you want your home to truly stand out, our partnership with Haven Media Productions offers full-service media options like professional photography, video tours, and even drone footage to highlight your home’s best features. The best part? Many of these services come with a pay-at-closing option, so you can start marketing your home right away without any upfront costs.
With Haven Title Group, and our local partners by your side, selling your home can be simpler, smoother, and more rewarding — from start to sold.
Thinking of Buying a Home?
Buying a home is one of the most exciting — and meaningful — decisions you’ll ever make. Whether you’re a first-time buyer or searching for your forever home, having the right team by your side can make all the difference. A knowledgeable Realtor can help you find the perfect property, negotiate the best price, and guide you through every step of the process with confidence and care.
At Haven Title Group, we’ve built strong relationships with trusted, local Realtors who truly understand the market and your goals. We can connect you with the right professional to make your home-buying experience smooth, enjoyable, and stress-free from start to finish.
When it’s time to close, our experienced team works diligently to ensure all details are handled accurately and efficiently — giving you peace of mind that your investment is protected.
With Haven Title Group, you’ll have a knowledgeable and friendly team supporting you every step of the way on your path to homeownership.
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