If you have not heard yet, British Columbia is preparing to introduce the Land Owner Transparency Registry (the “LOTR”). The LOTR is intended to increase transparency and eliminate (as much as possible) hidden ownership of real estate in British Columbia. The purpose of this article is to introduce the concept of the LOTR. More information will be provided once more concrete details on timing and process are formalized.
Anytime an application is made to register or transfer an interest in land, the transferee will be required to file a transparency declaration with the Land Title and Survey Authority. If the transferee is a “relevant reporting body” they will also be required to file a transparency report. It is anticipated that a relevant reporting body will apply to entities such as trusts, partnerships and corporations (with some exceptions). The transparency report will disclose mandated information about the relevant reporting body and its interest holders.
Once the LOTR comes into force, all those who are considered a relevant reporting body at that time, will be required to file an initial transparency report. Relevant reporting bodies will also be required to file a transparency report within two months of any change of an interest holder. From what we know, the information collection process will be fairly comprehensive. We recommend that steps be taken early in the process to ensure that information is available for a timely completion of the transparency report as required.
In light of COVID-19, it is not yet clear of the official launch date of the LOTR but stay tuned for more information. The process will be released in phases with specific timelines surrounding the requirement to disclose for current land owners and also the commencement of the reporting requirement for new land transfers.
Author: Sasha PlatzThis information is general in nature only. You should consult a lawyer before acting on any of this information. This information should not be considered as legal advice. To learn more about your legal needs, please contact our office at (250)448-2637 or any of our lawyers practicing in the area of real estate law at the following: Jennette Vopicka: email@example.com Danielle (Dani) Brito: firstname.lastname@example.org Jane Otterstrom: email@example.com Sasha Platz: firstname.lastname@example.org Una Gabie: email@example.com