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You probably could if you showed up with $12.3m in cash and you were like, provably a wealthy family from Saudi Arabia or Qatar or similar that suddenly showed
by walrus01 2y ago
You probably could if you showed up with $12.3m in cash and you were like, provably a wealthy family from Saudi Arabia or Qatar or similar that suddenly showed a motivation in investing in US real estate, but there would still be many questions asked (to your lawyer) for KYC/AML purposes.
- Supermancho 2y agoWould need escrow, even with cash. Someone has to count it and insure the amount consists of legitimate bills.
- jtriangle 2y agoYou don't need escrow, strictly speaking. With something like this you will, of course, be required to use escrow by the seller.
- dannyw 2y agoReal estate is exempt from KYC/AML.
- wakawaka28 2y agoProbably because the asset is stationary and could be seized by the government at any time.
- to11mtm 2y agoIt's not really 'exempt', it just tends to work differently and in this case other controls are expected to be 'working'. To your first point, it can't be moved out of the country/etc. However, Real Estate as a funnel for AML is definitely a thing and normally you'll get trained on it. I think another factor in this case however is the other 'related' controls; if a bank is writing cashiers checks, assuming it's a US Bank of course, for any amount over a few grand they should have done their AML work, thus providing identification/etc when 'qualifying' for the option likely serves as the paperwork required on their end.
- walrus01 2y agoLooking at the Vancouver single family home residential real estate market, it certainly seems to be.