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Land Owner Transparency Act Bill 23-2019 ( LOTA) SPELLS THE END OF HIDDEN OWNERSHIP

Posted: Sat Nov 30, 2019 10:47 am
by Flipping4Profit.ca
Land Owner Transparency Act Bill 23-2019 ( LOTA)
SPELLS THE END OF HIDDEN OWNERSHIP




On May 16, 2019, LOTA received royal assent and will come into force once
regulations are passed, sometime in early 2020.

The Land Owner Transparency Act Bill 23-2019 will require all parties
who own or control land including corporations, partnerships
and trusts to provide disclosure such as SIN, place of residency.


This is the BC government's effort to bring transparency to
hidden real estate transactions that recent scandals have revealed.

The beneficial ownership registry is the first of its kind as explained
by Kenny Howe of Gowlings at the BDO Annual Real Estate Update.

The consequence of non-compliance is the Land Title Office (LTO)
has the authority to refuse registration of an interest in the
land plus administrative penalties.

Basically, you won't get the title certificate until the disclosure
requirements are satisfied.

Enforcement will commence in 2020 when the regulations come into force.