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Sean Maffett

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Sean Maffett is an associate in the Real Estate, Energy, Land Use & Environmental Practice Group in the firm's San Francisco office.

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On February 7, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a Notice of Proposed Rulemaking (the “Proposed Rule”) designed to combat and deter money laundering in the U.S. residential real estate sector, which has made it difficult for legitimate buyers to acquire real estate due in part to inflated prices resulting from an increase in buyers and the ability of those additional buyers to make “all cash” offers using ill-gained funds in lieu of financing. The public comment period for the Proposed Rule expires on April 8, 2024.[1]Continue Reading FinCEN Proposes New Rule to Deter Money Laundering in the Residential Real Estate Sector

In a decision that could save some commercial property owners hundreds of thousands of dollars in taxes, the Court of Appeal for the First Appellate District of California held in 731 Market Street Owner, LLC v. City and County of San Francisco (Cal. Ct. App., June 18, 2020, No. A154369) that the City and County of San Francisco cannot impose a documentary transfer tax on the value of an assigned landlord-interest in a lease when the lease has a remaining term of at least 35 years.  The 35-year cutoff considers both the remaining initial term of the lease and unused extension options.
Continue Reading California Court of Appeal Decision May Result in Big Tax Savings for Some Commercial Property Owners