Based on current rule structure, reporting is required when:
- The property is residential (1–4 units, condos, co-ops, certain land)
- The buyer is a legal entity such as:
- LLC
- Corporation
- Partnership
- Trust
- The transaction is:
- All cash
- No institutional lender involved
- Owner financing
If there is a bank loan from a regulated financial institution, it typically does not trigger the reporting requirement because the bank already handles AML compliance.