In 1991, the Government of Ontario established a partnership with Teranet to convert its land registration system to a more modernized electronic title system. The project involved taking a 200-year-old paper-based system and creating a database with electronic records for more than five million parcels of land.
Teranet fully automated millions of paper-based documents and records into the Ontario Electronic Land Registration System (ELRS), a system which is widely recognized as the most sophisticated, secure and efficient electronic land registration system in the world. Teranet’s agreement with the Government of Ontario stipulates that while Teranet owns the ELRS, the government retains ownership of the data.
In December 2010, the Government of Ontario extended its exclusive relationship with Teranet by 50 years, reflecting the confidence it has in the company’s ability to fulfill integral elements of the statutory responsibilities of the Ministry of Government Services and the Ministry of the Attorney General.
This new arrangement includes the following benefits for the Province of Ontario:
- A significant upfront payment
- Annual royalty payments beginning in 2017
- No operating or capital costs associated with maintaining and IT infrastructure that delivers a modern ELRS and Writs System through to 2067
- Performance covenants to ensure the services remain modern
- The potential to share in any exceptional profits made by Teranet through a sale or outstanding business performance