Manitoba Finance announces plan to transfer the Property Registry Land Titles Office to Teranet Manitoba is now available online.
The transfer of the Property Registry to Teranet Manitoba was announced in December 2012. Teranet has made a one-time payment and will pay annual royalties to the province in exchange for the exclusive licence to provide property registry services to Manitobans.
Is this a good deal for Manitoba? Will land titles fees increase? Will the integrity of the torrens system which our economy relies upon be maintained?
Highlights of the agreement include:
* Teranet will invest in new technology to ensure services such as titles, property searches and registrations will be available through a convenient, faster and secure online system;
* Manitoba will receive annual royalty payments estimated to be $11 million, increasing to $24 million at the end of the 30-year licensing agreement;
* increases in fees have been agreed upon so consumers will see stable and predictable changes and all existing Property Registry offices will remain open; and
* data used by Teranet, such as land survey and property titles, will continue to be owned by the province and protected by privacy legislation.
To view the government's document, visit www.gov.mb.ca/finance/pdf/teranet.pdf.