The recently enacted Land Owner Transparency Act, SBC 2019, c.23 (“LOTA”) requires that certain registered owners of real property interests in British Columbia file initial transparency reports disclosing their interest holders by November 30, 2021.
CBABC is concerned that this deadline of November 30, 2021 is not feasible and that many landowners may be unaware of the new requirement.
CBABC asks the Government to formally extend the filing deadline by one year to provide property owners and legal professionals sufficient time to comply with the Act; in the alternative, CBABC asks that the Ministry consider implementing a temporary suspension of the enforcement of the filing deadline for a period of one year. In addition, the CBABC asks for clarification as to how the Ministry intends to enforce these requirements under the Act following the filing deadline.
The Real Property Section chairs discussed concerns around landowners being unaware of the new filing requirements; additional time is needed to advise BC landowners and to process requests from existing clients to file proper paperwork before the deadline of November 30, 2021.
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