Finding and registering legal documents when selling a house will become faster and easier for Manitobans as a result of a new agreement. This statement was made by Finance Minister Jennifer Howard after signing the deal with Teranet president Elgin Farewell.

“This new agreement is an example of our government’s efforts to find new and innovative ways to run our government in a more efficient and cost effective way,” said Minister Howard.  “It means better service for the public, a stable revenue stream for the province and a reduction in the size of government without putting any Manitobans out of work.”

The Manitoba government announced in December 2012 that it was pursuing the sale of the Property Registry, a special operating agency, to Teranet Manitoba for a purchase price of $75 million.  The deal also will have Teranet Manitoba pay royalties to the government in exchange for a licence to provide property registry services to the public.

“Manitoba is a great place to do business. That’s why we are making this investment and long-term commitment to the province and to its people,” said Farewell. “I am confident that the Property Registry’s expertise and longstanding commitment to service excellence and records integrity in combination with Teranets’ capabilities will be a benefit to the province and the customers of the Property Registry.”

The minister outlined the highlights of the agreement:

  • Teranet will invest approximately $35.5 million in new technology to ensure services such as titles, property searches and registrations will be available through a more convenient, faster and secure online system.
  • There will be estimated annual royalty payments of $11 million, increasing to $24 million at the end of the 30-year licensing agreement.
  • Employees of the existing Property Registry will be transferred to the new firm, reducing the size of government by more than 100 employees.  Teranet will not lay-off employees and will protect employee benefits.
  • To protect consumers, the agreement includes provisions for the province to limit increases in fees to stable and predictable changes. All existing Property Registry offices will remain open.
  • Data used by Teranet, such as land survey and property titles, are now and will always be owned by the province and protected by privacy legislation.

“This deal allows us to take advantage of Teranet’s expertise in delivering this specialized service and it ensures good value to the government while protecting the public,” said Minister Howard.

Teranet is an Ontario-based company owned by the Ontario municipal employees’ pension. The company has experience delivering services in Ontario where the provincial government reached a very similar agreement for property registry services.

The minister also announced the province will create a new Office of the Registrar General to oversee the registry system and ensure service levels are maintained.