Frequently Asked Questions About Electronic Land Registration (Teranet)
- What is electronic land registration?
- What is the difference between a nominal transaction and a tax exempt transaction?
What is electronic land registration?
The electronic land registration system allows for the registration of conveyances through the use of Teraview software which is provided by Teranet, Inc. The system replaces the need to register transfers on paper at a Land Registry Office. The system includes a number of land transfer tax statements which must be completed in order to register. Electronic registration is mandatory in some, but not all regions in Ontario.
What is the difference between a nominal transaction and a tax exempt transaction?
A nominal transaction means that no consideration has passed between the parties to the transaction. In such a situation, the value of the consideration is nil and one or more statements on the Nominal screen must be selected.
A transaction is exempt from tax when consideration is being given as part of the conveyance (normally subject to land transfer tax) because of the operation of an exemption in either the act or its regulations.
In this situation, the consideration must be listed and one or more statements in the Exemptions screen in the Teraview system must be selected.
Note that for the purposes of the Teraview land registration system, a transaction must be either nominal or exempt – it cannot be both.
