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 Links
Below 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 – 1:02
Feature Conversation – 3:30
The 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.
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