Electronic Land Registration Hits 5 Million
Electronic Land Registration Update
The 5 millionth electronic land registration was submitted for registration in Ontario on August 3, 2005. This achievement is further evidence that the adoption of electronic land registration continues to accelerate.
Monthly registration averages currently are approximately 150,000 with June 2005 reaching an all-time high of 167,625 registrations submitted electronically using the Teraview® software offered by Teranet Inc.
"With daily transactions numbering as high as 18,897 as they did on June 30, 2005, operational excellence is a fundamental requirement," said Bonnie Foster, Vice President, Corporate Communications and Government Relations at Teranet. "Since its initial launch, Teraview software has been operational over 99.9% of the time ensuring no delays when clients are waiting for the keys to their dream house."
This ease of use is provided in a highly secure environment. A public key infrastructure (PKI) authenticates user identity and authorization status ensuring the security of Ontario's land registration system. Digital signatures and encrypted documents provide a comprehensive audit trail of any party preparing or submitting documents by identifying users throughout the process.
Counties continue to be automated with 7 new Land Registry Offices coming online in 2005. They are Hastings, Frontenac, Muskoka, Nipissing, Victoria, Kenora and Timiskaming. In total, electronic land registration for land titles documents is available in 30 of the province's 54 land registry offices.
Online search capability has been available in Ontario since 1995 and Teranet implemented the world's first electronic land registration system in 1999. Prior to this, the transfer of titles was processed manually.
About Teranet Inc.
Teranet develops business-to-business and business-to-government e-service solutions. With a unique combination of capabilities and state-of-the art systems, Teranet is at the forefront of delivering service potential in the land, legal and financial services industries as well as enabling electronic government service delivery.
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For more information contact:
Bonnie Foster
Vice President, Corporate Communications & Government Relations
Teranet Inc.
(416) 643-1095