Introduction Of The New Act In British Columbia
As your local law firm in Coquitlam we are here to provide timely updates to new legal changes that might affect your family or your business.
The Province of British Columbia has formed a new registry under the Land Owner Transparency Act, with the aim to make land ownership in British Columbia more transparent.
As of November 30, 2020, the Act requires all individuals who are deemed to have an indirect interest in land to file a transparency report in a form mandated by the legislation setting out information about the reporting body and those who hold the indirect interest.
Reporting bodies include companies that own real-estate, any trust or estate that owns property and any relevant partnerships that hold any interest in land including a lease for a term of 10 years or more.
These reporting bodies who had a pre-existing interest in land prior to the November 30, 2020 date must file a transparency report through a legal professional (Lawyer or Notary Public) by November 30, 2022, unless there has been a transfer of registered title in the lands before such time.
What If You Don’t Comply?
You may face a significant fine for failure to comply with the mandate or failure to disclose in a truthful manner. The new Land Owner Transparency Act allows the BC Land registry to impose either an administrative penalty or a fine, but not both. The administrative penalties are capped at a minor amount, however the possible fines can be up to the greater of 15% of the assessed value of the property and $25,000 (for individuals) and $50,000 (for others).
All transparency reports must be done through a legal professional, therefore we recommend that all indirect landowners seek legal advice and visit the LTSA’s website for more information.
DBM Law Firm Is Here To Help You
Still have questions about the topic of the new BC Land Owner Transparency Act? Do not hesitate to contact our Coquitlam lawyers for a consultation. DBM Law Firm has been in the industry for over 45 years, and our team has the expertise and knowledge to help you navigate through legal issues.