Learn Ten Things About LOTR in Under One Minute
CATEGORY: Practice Tips
TAGS: Land Owner Transparency Act LOTA LOTR Real Estate Practice
The Land Owner Transparency Registry, or LOTR, is a soon-to-be publicly accessible registry of beneficial interests in land in BC. Here are ten things REALTORS® can learn about LOTR in just under one minute:
- LOTR will be publicly searchable as of April 30, 2021.
- When an application is made to register or transfer an interest of land as defined by the Land Owner Transparency Act (LOTA), a transparency declaration must be filed by the transferee(s).
- A transferee that is also a reporting body as defined by LOTA - a relevant corporation, a partner of a relevant partnership, or a trustee of a relevant trust - must also file a transparency report.
- Transparency reports are generally prepared by lawyers or notaries.
- LOTR provides a tool to help identify if filing a transparency report is required.
- Reporting bodies have until November 30, 2021, to file a transparency report (unless land or interest in land is transferred).
- LOTR is a repository of information that is not vetted by anyone, so it must be completed to the best of the transferee's knowledge.
- Public searches of LOTR can be done by name or parcel identifier.
- Information submitted in a transparency report may not be included in the search for at least 90 days after the transparency report is filed, so information in the registry may not be current.
- LOTR does not confirm title or ownership as it is simply a repository of information. The LTSA is the only reliable source to identify ownership information.
If you'd like to learn more about LOTR and how it impacts your real estate practice, register here for the Community of Practice session on Wednesday, April 21 at 10:00 am PST.
You can also visit www.landtransparency.ca and check out the resources below:
- Land Owner Transparency Registry Filings Required Beginning November 30
- Three Things to Know About the Land Owner Transparency Act and Registry
- Legally Speaking #533: A Whole Lot to Know About the Land Owner Transparency Act
- PODCAST: Episode 13 - What REALTORS® Need to Know About Land Owner Transparency
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.
What we do
Popular tags within Practice Tips
Popular posts from BCREA
Applications for BC Emergency Benefit for Workers Now OpenMay 01, 2020
First-Time Home Buyer Incentive Launches in SeptemberAug 22, 2019