On November 30, 2020, the Land Owner Transparency Registry was launched with the intent to diminish the hidden ownership of land within the province. Continue reading to learn more about the Land Owner Transparency Registry and the costs of filing in the registry.
What is the Land Owner Transparency Registry?
To support B.C.’s plan to eliminate the hidden ownership of real estate within the province, the Land Owner Transparency Registry was created as a publicly searchable registry regarding the beneficial ownership of land in B.C. These landowners are people who control or own land through a partnership, corporation or trust. There is concern regarding unrecorded ownership of land throughout B.C. that may be hidden in different corporate structures, trusts or partnerships that are not being accounted for in the normal land title registry. The government has therefore introduced this registry to keep an eye on landownership and address housing affordability.
What are the Costs of Filing in the Land Owner Transparency Registry?
If you're buying a property today or tomorrow, the cost for filing the land owner transparency registry will be incorporated into your legal bill for purchasing the property. The filing fees and the lawyer’s or notary's work to do that is quite minimal and it's all part and parcel of the overall filing. If you're a corporation or another reporting body that needs to file with the landowner transparency registry for a property that you already own, the costs will depend on the amount of work that your law firm needs to do to get that filed for you. They'll need to review your corporate records and follow up with you for any additional information that may be needed. If you're an individual living in the property as your primary residence you do not need to file anything at the landowner transparency registry at this time. If you are a corporation or another reporting body, you do need to file at this time and before the deadline a declaration of the land or a transparency registry.
Michael Dupuis is an Associate at CBM Lawyers LLP, specializing in business and real estate law. Reach out to Michael or a member of our team to learn more about the Land Owner Transparency Registry and how we can be of assistance to you. Contact Us Today!
