TORONTO, ONTARIO--(Marketwired - Jun 9, 2014) - Teranet, the exclusive provider of online property search and registration in Ontario, and service provider to over 30,000 Ontario real estate sales professionals, is proud to announce an agreement with the Ontario Real Estate Association (OREA) to license OREA Standard Forms and Clauses. Teranet will offer electronic forms and digital signature capabilities through its recently launched mobile solution, ViMO (Virtual Mobile Office), to more than 58,000 OREA members.
ViMO is a one-of-a-kind lead-to-close solution that enables real estate sales professionals to manage transactions and service clients. In addition to electronic forms, ViMO provides real estate professionals the ability to advise clients with information from listings, prior sales, demographics, neighbourhood values, and growth trends.
ViMO's electronic forms feature allows real estate sales professionals to create, sign, and manage electronic forms within the app, right from their iPad. The e-forms "Auto-Population" will minimize paperwork time and increase accuracy by automatically importing key data fields, such as owners' names, address, and legal description data as sourced from the Electronic Land Registry System. All this plus the ability to email forms to their clients while on-the-go will revolutionize the forms workflow.
"As a provincial organization, OREA partners with leading technology companies that offer new ways for our members to be more efficient and achieve their business objectives," says Costa Poulopoulos, president, OREA. "We know that most home buyers and sellers are connected to either a smart-phone, tablet or computer, thus online transaction platforms are the wave of the future."
By managing the transaction with ViMO, real estate sales professionals will be able to monitor registrations on title for the duration of the listing agreement. They can also notify clients of any mortgages, liens, easements, power of attorney, or other registrations that could interfere with the transfer before the closing date.
"We are excited about how ViMO will enable real estate sales professionals, and how our partnership with OREA on electronic forms will play a significant role," said Lawrence Franco, President of Value Added Commercial Solutions at Teranet. "We believe that there is a need to create greater efficiencies and tools to support the industry, and this partnership will support innovation and change."
ViMO helps real estate sales professionals do more on the go, remain on the cutting edge and stay connected with clients and prospects.
ViMO is the mobile app for the iPad that the real estate industry in Canada has been waiting for!
Founded in 1991, Teranet owns and operates Ontario's Electronic Land Registration System, one of the world's most advanced land registration systems, enabling users to conduct electronic registrations as well as title and writ searches relating to real property. Teranet also owns and operates The Property Registry in Manitoba, providing advanced land and personal property security registration and search services. Teranet's comprehensive suite of related data products have fundamentally increased the real estate industry's ability to provide efficient and secure services to the public. Teranet has built a well-established customer base and strong brand confidence, providing electronic services to over 81,000 end users including lawyers, paralegals, real estate brokers and agents, search houses, title insurers, financial institutions, governments, police services, utilities, surveyors, credit unions, investigators and appraisers. Teranet is managed by Borealis Infrastructure, a leader in direct infrastructure investing with well over a decade of investment experience. With offices in Toronto, London, New York and Sydney, Borealis is the infrastructure investment arm of OMERS, one of Canada's largest pension funds with net assets of more than $65 billion and an AAA credit rating. As at December 31, 2013, Borealis manages net assets of approximately $11.6 billion on behalf of OMERS through investments in a diversified portfolio of large-scale infrastructure assets exhibiting stability and strong cash flows, in sectors including energy, transportation and social infrastructure. For more information about Teranet, visit www.teranet.ca.
The Ontario Real Estate Association represents over 58,000 brokers and salespeople who are members of the 40 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of professional publications, educational programs, advocacy, and other services. www.OREA.com