"Who's Who" Of DC Real Estate Gather At ACREL Lunch
A lunch meeting of local fellows of the American College of Real Estate Lawyers on Thursday brought together a number of DC's top real estate attorneys.
Among the 18 pros grabbing a bite at Ballard Spahr's K Street office were Arnold & Porter's Michael Goodwin (ACREL membership development committee liaison), Ballard Spahr's Roger Winston (ACREL president-elect), DLA Piper's Jay Epstien (ACREL VP), Venable's Kevin Shepherd (ACREL past president), and Tom Kaufman (ACREL past president).
Kevin Shepherd-- a former ACREL president and chair of the ABA's Section of Real Property Trust & Estate law--led a discussion about the Treasury Department's intensified focus on money-laundering concerns around all-cash purchases of high-end real estate in NY and Miami.
For the first time in history, Treasury has issued orders requiring US title insurance companies and their agents to report info on these transactions, including the identity of the true buyers. A recent 60 Minutes segment has heightened the sensitivity of Treasury and many lawyers around the country: concealed cameras filmed several NY lawyers meeting with potential clients about transactions that would move large sums of money into the US from abroad.
Next month, the 1,000-member ACREL will have its Mid-Year Meeting in San Diego.