In our blog post of February 2, 2021, we provided an overview of the British Columbia Land Owner Transparency Register and how it affects incoming and current Reporting Bodies. Clink the link here for a refresher: https://touchstonelawgroup.com/kelowna-lawyers/land-owner-transparency-register/
In this blog post, we continue our series covering the “Land Owner Transparency Report”, and discuss a Reporting Bodies’ obligation to provide notice to its interest holders.
Prior to filing a transparency report, a Reporting Body has an obligation to notify their interest holders. A Reporting Body must take reasonable steps to give written notice to each interest holder and settlor required to be identified in the transparency report.
The notice should disclose that:
(1) information about the interest holder and settlor is required to be disclosed by the Land Owner Transparency Act (the “Act”);
(2) an individual has the right to apply to omit information if their health or safety is at risk, including the right to request that some or all of the information be omitted or obscured from public access; and
(3) unless an individual makes such request to omit information within 90 days of the filing of the transparency report, the information related to the interest holder or settlor will be publicly accessible after such 90 day period.
The transparency report itself must contain a list of the interest holders and settlers that received notice. If the Reporting Body was unable to deliver notice to any of the interest holders or settlors, as applicable, they must indicate what steps they took to provide notice to same.
Within 7 days of submitting the transparency report, a Reporting Body must take reasonable steps to give each interest holder and settler an extract of the transparency report, detailing the information contained in same.
Author: Sasha Platz
This information is general in nature only. If you would like more information on the LOTR or engaging our firm to assist on a real estate transaction, please do not hesitate to contact one of the lawyers at 250-448-2637 or firstname.lastname@example.orgUna Kuzio: email@example.com Jane Otterstrom: firstname.lastname@example.org Sasha Platz: email@example.com