Electronic Land Registration Hits the Three Million Mark in Ontario

The world's first electronic land registration system, developed by Teranet, continues to change the real estate landscape in Ontario. On May 31, 2004 in Toronto, the 3 millionth document was registered using the Teraview software. In the counties where electronic land registration is available, 95% of all registrations are now submitted electronically.

The system handled a new record of close to 17,000 electronic land registrations in one day on April 30, 2004. That represents an average of 33 transactions per minute or 0.55 transactions per second. Clearly, the Teraview software is capable of handling multiple registrations at the same time.

"This, combined with an operating uptime record of 99.9%, demonstrates our commitment to ensuring the system is available and operating to meet our customers' needs," said Mike Sliwinski, Vice President, Information Services at Teranet.

The volume of registrations will increase as the roll-out of electronic land registration continues and implementation begins in Northern Ontario with Sudbury, Rainy River and Cochrane scheduled to come online in August 2004. Automated records are now available in 27 of the province's 54 land registry offices.

Real estate law is about more than land registration and the Teraview software takes that into account. Feedback from the legal community is constantly being incorporated into upgrades with the newest version being Teraview 5.2. Among other things, upgrades have given lawyers the ability to view imaged documents referenced in the legal description immediately online.

Aside from being a tool to prepare and submit documents for registration, Teraview software gives lawyers the ability to conduct database searches and view and print official parcel registers. Documents pertaining to writs of execution can also be obtained without leaving the office.

Teranet develops business-to-business and business-to-government e-services 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

http://www.teranet.ca/corporate/news/threemillion.html