Land Ownership Transparency Registry

At the end of this month the Province of BC is implementing a new Land Owner Transparency Registry, which is aimed at reducing money laundering through real estate transactions. This means any corporation, trustee or partnership that buys land in British Columbia must disclose the interest holders of that land. Existing registered land owners will have one year to register and disclose their interest holders.

It appears the Registry will require extensive information, such as SIN numbers and other personal details.The goal of the Registry is to create a searchable, informational database on individuals that have an interest in BC real estate.

This searchable database will be accessible to taxation authorities, police, government agencies and the public. They expect to launch their search features next year. Here you will find moreinformation on the Land Ownership Transparency Registry.

Implications on Debt Collection

A favorite avoidance tactic used by many debtors is to put their real estate assets under a numbered company. This is particularly true with scammers. They are hiding their interest in property from their creditors.

This new Registry is actually good for the debt collection industry. A searchable database allows a creditor to identify real property assets and the possibility of seizing their interest in a property. This will also help to identify transactions that may prove fraudulent conveyance.

We will have to see what the searchable registry will bring, but for the collection industry, this is a step in the right direction.