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Federal regulations will require buyers of luxury properties in L.A. County to reveal their true identities. Will this safeguard against fraud?

Federal regulations will require buyers of luxury properties in L.A. County to reveal their true identities. Will this safeguard against fraud?
  • Regulations will help safeguard against fraud

    I understand the need for privacy when you are rich and famous, but when entering into a legal, binding contract I think you absolutely must reveal your true identity. I am surprised these regulations did not already exist. Allowing people to use fake names is an invitation for fraud. Regulations preventing this will most certainly help to safeguard against fraud. I think it is then the responsibility of the lawyers and agents involved to keep paperwork and transactions private out of respect for their clients. But requiring buyers to use real names and reveal true identities is appropriate and could reduce fraud.

  • Yes, transactions should be open.

    Yes, any sales transactions including the purchase of luxury properties in Los Angeles County should be public. We can already check who buys and sells average homes. Why shouldn't we able to check who buys and sells luxury properties? Knowing who's really behind these sales should reduce the number of fraudulent transactions.

  • Making people reveal their true identities will not safeguard against fraud.

    When people buy non-luxury properties anywhere in the United States, they usually have to verify who they are. This means providing a social security number, going through a criminal background check, going through a credit check, verifying employment, providing references, and many other requirements. Even with all of this being done, there is still fraud. Requiring buyers of luxury properties in L.A. County to jump through the same hoops will yield the same results. It may be more difficult to commit fraud, but regulation will not eliminate it completely. There is always a way around the system, especially if there is a lot of money involved.

  • This law will not protect against fraud

    This law will not protect against fraud. Instead it will risk the identities and addresses of celebrities who could fall victim to stalkers. Many famous people experience security risks to their homes, their lives, and their families' lives. A little bit of identity protection goes a long way. This federal regulation isn't helpful.


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