Land Owner Transparency: What REALTORS® Need to Know

On Episode 13 of Open House by BCREA, we talk to Jamie Matthews, a partner at Farris LLP and BCREA's legal counsel for Standard Forms, about what Realtors need to know about the Land Owner Transparency Act (LOTA) and Land Owner Transparency Registry (LOTR), both of which come into effect on November 30. Specifically, Jamie explores how Realtor practice from the beginning through to the end of a transaction could change due to the new reporting requirements for the LOTR.This episode was recorded on November 25, 2020.Show Notes and LinksBelow is where you’ll find links to articles and websites referenced during the show. You can also use the times listed to navigate your way through the episode.What’s New – 1:02REALTORS® Encouraged to Continue Safe Business Practices in Light of New Public Health OrdersStock Up on Online Courses with a Special Offer This Holiday SeasonRegister for BCREA’s 2021-22 Directorship Application WebinarHousing Market Update - November 2020Feature Conversation – 3:30The LOTA and LOTR both come into effect on November 30. They were created in an effort to end hidden ownership, crack down on fraud and close loopholes by collecting information about “interest holders,” or parties who don’t have a direct ownership but have a meaningful relationship or indirect ownership in land.And with them come new reporting requirements, filed by legal professionals, when an application is made to register an interest in land.But where do Realtors fall into the equation? What do you need to know and how should you be advising your clients?To address that and more, Jamie Matthews, a partner a Farris LLP and BCREA’s legal counsel for Standard Forms, joins the show again.Subscribe & FollowDo you want to be notified on your smartphone when the latest episode of Open House by BCREA is published? Subscribe on your favourite podcast app, including Apple Podcasts, Google Play, Spotify, Stitcher, and TuneIn.You can even ask Alexa to “play the podcast Open House by BCREA.”While you’re waiting for the next episode, follow BCREA on social media to stay updated:BCREA on FacebookBCREA on TwitterBCREA on LinkedInBCREA on YouTube