Insiders say an uninvited green guest sometimes appears in real estate deals
From the July issue: “Is Mr. Green coming to the closing?” Years ago, a young lawyer in New York heard that question from a veteran attorney and didn’t know what to make of it. Was he asking about another lawyer, perhaps an investor? It turns out the fellow was talking about a potentially illegal participant in a real estate transaction: cash. While it is by no means against the law to use cash in transactions to pay brokers’ fees or even to buy buildings, it is illegal to pay cash and not report the transaction for income taxes or property transfer taxes. [more]
