When you buy or acquire real property in BC, you might register that property in your own name, or in the name of a corporation, trust or partnership. Sometimes, the way in which you register the ownership of your new property can make it difficult to tell who truly has an interest in that property.
For example, do you:
- own that property in your own name all by yourself?
- have any silent partners?
- have any people who are expecting a benefit from this property?
- hold this property in trust for someone else?
- have corporate shareholders who benefit from this property, but aren’t disclosed on title?
Recently, the BC Government has become concerned that there are people who have interests in BC land who are not clearly disclosed on the property’s title. In an effort to identify what the BC Government calls “indirect interests in land”, the BC Government created the Land Owner Transparency Registry.
The Land Owner Transparency Registry is a provincial registry which tracks information about people who have interests in BC land, whether those people show up on title to the property or not. This registry is separate from (and in addition to) the title system run by BC’s Land Title and Survey Authority.
Starting November 30, 2020, when you acquire an interest in land in BC which is registered in the provincial Land Title and Survey Authority’s records, you must also file additional documentation for the Land Owner Transparency Registry. We will do this on your behalf when we are acting for you.
This law, its regulations and the Registry is brand new, and not all of the details have been worked out yet.
The requirements under this new law, its regulations and the Registry are complex and technical. The information in this blog is NOT legal advice, but merely general information for background purposes. It is crucial that you ask the BC Notary who is working on your file about your specific situation if you have any questions.
March 9th, 2021