Attention Co-op & Condo Boards: The Money Laundry Is Closed!
Selected Articles - Michael Novakhov's favorite articles on Inoreader - The News And Times The Money Laundry Is Closed | Co-op & Condo Boards | Habitat Magazine Co-op and condo boards love it. Developers hate it. It’s the new regulation issued by the U.S. Treasury Department that cracks down on anonymous owners of Limited Liability Companies (LLC) – also known as shell companies – who pay for pricey Manhattan apartments with cash.Aimed at preventing money laundering by foreign buyers, the new regulation requires... posted 5m ago via habitatmag.com How to keep money launderers out of your condo building In a typical condo sale, once a unit goes into contract, the seller sends a letter to the board with the details of the deal, requesting that the board waive its "right of first refusal" -- i.e., the building's right, stated in bylaws, to buy the apartment for the same price agreed in the contract. Bylaws typically require the waiver to be issued within... po