Occasionally when I speak to my clients about their real estate transactions I end up explaining to them about the legal procedure and the usage of Teraview software. Teraview the online program for real estate transactions brought major changes in Ontario. From the old system where real estate transactions done at the registry office to transactions done online using the lawyer's computer right at his office. Teraview enables lawyers and other licensed qualifiers to perform various tasks such as title searches, view title documents, create and submit title documents for registration purposes and many more.
In order to complete a basic residential real estate transaction the lawyers acting for the vendor and the purchaser needs to enter into a standard document registration agreement that outlines their rights and obligations towards each other considering the fact that the transaction will be done electronically, exchange closings documents and sign and register electronically the transfer/title deed and in most cases the charge/mortgage. Once registration takes place ownership of the property immediately passes to the new owner.
Despite the above, the registry offices in Ontario are still open to the public and operate. There are still transactions that can only be done at the registry offices and not online. For example, recently I had to visit the registry office for a residential transaction on a property that was not converted electronically. This was as a result that the property had a title problem in the past and could not be converted electronically when Teraview was introduced. However these kinds of transactions occur very seldom and to a few properties.
It goes without saying that the way Teraview reformed the legal procedure in real estate transactions in Ontario, it made this province a leading edge in real estate transactions. An example for many others to follow.
Sunday, July 8, 2007
Teraview
Occasionally when I speak to my clients about their real estate transactions I end up explaining to them about the legal procedure and the usage of Teraview software. Teraview the online program for real estate transactions brought major changes in Ontario. From the old system where real estate transactions done at the registry office to transactions done online using the lawyer's computer right at his office. Teraview enables lawyers and other licensed qualifiers to perform various tasks such as title searches, view title documents, create and submit title documents for registration purposes and many more.
In order to complete a basic residential real estate transaction the lawyers acting for the vendor and the purchaser needs to enter into a standard document registration agreement that outlines their rights and obligations towards each other considering the fact that the transaction will be done electronically, exchange closings documents and sign and register electronically the transfer/title deed and in most cases the charge/mortgage. Once registration takes place ownership of the property immediately passes to the new owner.
Despite the above, the registry offices in Ontario are still open to the public and operate. There are still transactions that can only be done at the registry offices and not online. For example, recently I had to visit the registry office for a residential transaction on a property that was not converted electronically. This was as a result that the property had a title problem in the past and could not be converted electronically when Teraview was introduced. However these kinds of transactions occur very seldom and to a few properties.
It goes without saying that the way Teraview reformed the legal procedure in real estate transactions in Ontario, it made this province a leading edge in real estate transactions. An example for many others to follow.