Eric Cook, PLLC - Realty ONE Group
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Eric was born and raised in Michigan and has been based in Arizona since 2005, Eric brings a Midwest work ethic and a solutions-first mindset to real estate.
🚫📑 NOT A “I HAVE NEVER LIVED THERE DOC” 📑🚫
There are situations in which a power-of-attorney must assume the obligation of filling out the SPDS (seller property disclosure statement).
If this should be done, the following language may be helpful to include with the sellers disclosure:
“The undersigned is a non-owner/non-occupant power of attorney for the seller, the principal. At present, the principal is unable to effectively complete and prepare the disclosures here in. To the best of my knowledge and belief, and pursuant to the powers granted to me as power of attorney, I have completed the disclosures in good faith, based on the information available to me.”
03/01/2026
💵 🏘️ ATTENTION BUYERS (& SELLERS) 🏘️ 💵
Effective March 1, 2026, a new federal rule from the Financial Crimes Enforcement Network (FinCEN) will require certain all-cash residential real estate transactions to be reported to the U.S. Treasury Department. This reporting obligation may affect many buyers, sellers, lenders, title professionals, and real estate practitioners involved in high-value property transfers.
The rule applies when residential real estate is purchased without financing (all-cash) and the buyer is a legal entity or trust, such as an LLC, corporation, or trust. Covered properties include single-family homes, townhouses, condominiums, co-ops, and small apartment buildings (1–4 units). Vacant land intended for future 1–4 family residential construction can also trigger the reporting requirement.
The purpose of this new requirement is to enhance transparency in the residential real estate market and to help detect and deter illicit financial activity. Transactions involving certain transfers, like those due to death, divorce, or court order, as well as many involving banks, insurance companies, public companies, and governmental entities, are generally exempt from reporting. There are also exemptions for certain trust transactions and other narrowly defined circumstances.
The Real Estate Report must include:
* Identity of the person filing the report
* Buyer entity or trust and its beneficial owners
* Individuals signing on behalf of the buyer
* The seller
* Details about the property
* Total purchase price and certain payment information
Buyers (or their representatives) must certify that information about beneficial ownership is accurate.
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3530 S. Val Vista Drive , Ste. # 114
Gilbert, AZ
85297
