Teranet Inc., the Toronto-based provider of statutory registry services in Ontario and Manitoba, is returning to the conveyance service in Ontario by partnering with Delta, B.C.-based ReadyWhen Tech Inc.

ReadyWhen Tech’s GoVeyance software helps law firms with conveyance — producing the documents needed to transfer ownership of a property, such as a home or commercial building, from one person to another. Teranet is launching the GoVeyance platform to serve legal professionals in Ontario, which also marks the entry of the product into the province’s market.

“The reason that we partnered (with Teranet) was that we’re going to be able to bring more innovation, faster innovation to the communities that we service collectively,” Jessie Vaid, CEO of ReadyWhen Tech, said in an interview with RENX Homes.

Teranet operates the land registries of Ontario and Manitoba, and provides a property data service for clients in real estate, finance, government, utilities and law. Its suite of legal services includes search and registration, digital payments, compliance and fraud detection.

Teranet is wholly owned by OMERS, one of Canada’s largest defined benefit pension plans. OMERS' investment in Teranet is overseen by OMERS Infrastructure, the plan’s global infrastructure investment arm.

Founded in 2020, ReadyWhen Tech provides digital solutions for the legal, wealth and insurance industries, such as estate planning. GoVeyance is its flagship product and is used by approximately 200 law firms in British Columbia.

Innovating in the conveyance space

Teranet was involved in digital conveyancing in Ontario until 2020, said Elgin Farewell, president and CEO of the company, in an email exchange with RENX Homes. But he said since then, growing demand for improved customer experience and affordability has led to significant market expansion opportunity.

To foster innovation in the conveyance space and speed up its service, Teranet announced earlier this year an investment into ReadyWhen Tech. The scope of TeraNet's stake in ReadyWhen was not disclosed.

“At Teranet, our goal is to improve the experience and elevate the standard of service for legal professionals, while helping Canadians through home ownership and innovation,” Farewell said.

Vaid said the conveyance industry needs improvement, describing it as a market “dominated by overpriced, very stagnant innovation.” The idea for GoVeyance emerged out of his frustration with the software he used as a notary.

His company’s software is built to be highly efficient with adjustments such as reducing the need to input the same data multiple times, and implementing artificial intelligence tools.

Vaid also claims his company’s software is more cost effective than other players in the market. Thus, using GoVeyance means a larger disbursement when buying, selling or refinancing a home.

Teranet's goal is to expand GoVeyance's adoption to as many Ontario law firms as possible, Farewell said.

With the Ontario expansion, Vaid hopes ReadyWhen Tech can grow faster and build long-term relationships with the legal professionals Teranet supports.