The Land Owner Transparency Act (“LOTA” or the “Act”) has been implemented as the first-of-its kind in Canada as part of the Province’s 30-Point Plan for Housing Affordability. The purpose of this legislation is to create a registry of information for individuals who are deemed to have an indirect interest in land which will be housed in a searchable, public database. In other words, the additional layer of beneficial ownership for real property will now be monitored beyond the previous “title holder” level.
LOTA will invariably affect every land owner in British Columbia and mandates compulsory filings for Transparency Declarations (in all cases) and Transparency Reports (in certain circumstances). We understand that LOTA, as pioneering legislation, will inevitably leave the vast majority of our clients asking questions with respect to their land ownership and who will want their questions answered.
Consequently, Owen Bird has rolled out this LOTA Information Centre where we will be publishing resources and answering FAQs to better serve our clients. It is important to note that the Act mandates disclosure at three levels:
- Declarations regarding land ownership;
- Reporting where individuals are deemed to hold indirect interests; and
- Ongoing disclosure where changes occur with indirect ownership.
At Owen Bird we can assist our clients with all three levels to ensure compliance with the Act. We look forward to assisting you or your business navigate through this novel area of the law and encourage you to check back often for further updates.
Owen Bird Commentary:
If you have further questions, or would like to speak to a lawyer at Owen Bird about the Land Owner Transparency Act, please contact us using the email form below.