New Land Owner Transparency Act (LOTA)
The new legislation (Act and regulations) comes into force on November 30, requiring those registering an interest in property to file a Transparency Declaration. For the purposes of LOTA, an interest in land means an estate in fee simple, a life estate, a lease of more than 10 years, certain rights under an agreement of sale, and any estate, right or interest prescribed in Regulations. The regulations and Order in Council 549 answer some key questions since the initial introduction of this new framework in 2018. Read the full article by CBA Partner Firm, Lawson Lundell LLP, for further insight.
Letter to LTSA
On November 13, CBABC President Jennifer Brun wrote to the Land Title and Survey Authority on behalf of the Commercial & Real Estate Sections, "Concerns have been raised with respect to the launch of the Land Ownership Transparency Registry (LOTR) due to the fact that lawyers will not have access to LOTR before midnight on November 30, 2020." Read the submission.
Online forms for the Land Owner Transparency Registry will be available in myLTSA beginning early morning (i.e. 12:01am) on Monday, November 30, 2020. Legal professionals who are completing a transfer of interest (e.g. a real estate purchase) on November 30, 2020 are required to have a certifier for each transferee available to sign LOTR documents on that day. Learn more.
We encourage members who have closings on November 30 to be prepared for additional work that will be needed on that day. You may want to consider:
- Giving your clients ample notice about signing required documents on November 30th so that they are prepared to either print, sign, and scan documents remotely, or return to sign documents in-person if that is not possible;
- Consider starting your work day (November 30th) earlier than your usual start time and/or increase staffing if needed, to complete the additional forms;
- Ensure all staff have watched the training videos and reviewed the sample forms available on the Land Transparency website;
- Ensure all necessary information needed to complete the forms is obtained in advance of the 30th to avoid further delays.
If you have further questions and/or comments, please email CBABC at firstname.lastname@example.org.