Interpretation of the Land Owner Transparency Act and Regulation
The following information is provided to help clarify the interpretation and enforcement of the Act and Regulation.
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No written trust agreement
Trusts without a written trust agreement are considered relevant trusts under the Land Owner Transparency Act. The obligation to file still exists for trusts under an implicit trust agreement even if no written trust agreement (or a trust agreement registered with the Land Title Office under the Land Title Act) exists.
Alter ego trusts and bare trusts
Under the Land Owner Transparency Act, a bare trust is considered a relevant trust while an alter ego trust is not. The exclusion of alter ego trusts is only relevant when the trustee is the registered owner on title.
In cases where land is held in an alter ego trust and a bare trust is the trustee of the alter ego trust, the trustee of the bare trust would file a transparency report identifying the beneficial owners.