Land Registry System
This system records ownership of land and interests in Ontario
What is the Land Registry System
This document outlines the terms of buying or selling real estate.
What is an Agreement of Purchase and Sale (APS)?
Ownership held by one person only.
What is sole ownership?
A loan secured against real property
What is a mortgage?
The lawyer or clerk who registers documents on closing.
What is a law clerk (or real estate lawyer)?
The document that proves legal ownership of a property.
What is a deed (or transfer/deed of land)?
This is the money paid upfront to show good faith in a purchase.
What is a deposit?
Two or more people own property with right of survivorship
What is joint tenancy?
The person who borrows money to buy property.
Who is the mortgagor?
The final step where documents are registered and funds exchanged.
What is closing?
This is used to search registered documents against a property.
What is a PIN (Property Identification Number)?
This clause allows a buyer to cancel if they cannot obtain financing.
What is a financing condition?
A legal right to use someone else’s land for a specific purpose.
What is an easement?
The party that lends money for a mortgage.
Who is the mortgagee?
This document confirms money received and disbursed on closing.
What is a trust ledger statement?
Ontario’s system that guarantees title through government assurance.
What is Land Titles?
This date is when ownership and money officially change hands.
What is the closing date?
A legal claim or hold against a property for debt.
What is a lien
This is the penalty paid when a mortgage is paid off early.
What is a prepayment penalty?
The system used to register land documents electronically in Ontario
What is Teraview?
This principle means the government guarantees the accuracy of title in Land Titles.
What is the Land Titles Assurance Fund (or absolute title principle)?
This term means a buyer has the right to withdraw under certain conditions without penalty.
What is a condition precedent (conditional offer)?
A defect or issue in title that could affect ownership rights
What is a title defect (or encumbrance)?
This document shows the breakdown of funds required to close a deal.
What is a statement of adjustments?
This is insurance that protects against title defects after closing
What is title insurance?