Modernising Ontario's Electronic Land Registration System
Ontario - Canada
The Ontario government has negotiated the principal terms of a proposed agreement to renew its long-standing business partnership with Teranet Inc., by extending its exclusive licences to provide electronic land registration and writs services in Ontario for an additional 50 years. The province is the first jurisdiction in the world to provide electronic registration of land-related documents, which enhances security, improves the accuracy and integrity of the database and provides an electronic audit trail.
Under the proposed transaction, Teranet's owner, Borealis Infrastructure, would provide the province with an upfront payment of $1 billion, which would be used to reduce the province's debt. This debt reduction would decrease Ontario's ongoing borrowing requirements and save up to $50 million in annual interest costs, or $250 million over five years. When added to the $1 billion reduction in the deficit, this payment means the government would be borrowing $2 billion less than forecasted. Lowering interest costs creates more fiscal room. Beginning in 2017, the province would also receive annual royalty payments from Teranet, which are expected to be approximately $50 million in 2017-18 and to grow in future years.
New Law Society president unveils conveyancing scheme
Law Gazette - UK
The new president of the Law Society has pledged to promote the profession's role at the 'heart of society and commerce', as she revealed plans for a new scheme to support conveyancers.
The conveyancing quality scheme, to be launched by the Law Society this autumn, will enable members of the scheme to show that their firm operates to a high standard.
Linda Lee said: 'I believe that the success of this scheme is vital to the future of the profession in the conveyancing market. It will ensure that firms of all sizes and types will be able to demonstrate the quality of the work they do to lenders, insurers and most importantly to the public.'
Fury over Platinum Planet
RealEstateWeb - South Africa
Have you suffered wonderful marketing with promises of immense wealth?
JOHANNESBURG - It may be a classic case of caveat emptor, but picture this scenario. Back in 2005, you had some spare cash and decided to invest it in property: South Africa was experiencing a property boom. Along comes an investment opportunity and together with hundreds of others you attend an "investor evening" where an astute marketing presentation convinces you that this is for your hard earned money. Sounds familiar?
This is apparently what happened in 2005 at the Clarens Golf and Trout Estate in the Free State and the Hoedspruit Wildlife Estate in Limpopo province. In both instances prospective buyers, investors and/or speculators attended elaborate investor evenings. In the case of Clarens, prospective buyers were told that plots for sale around R850 000 at the time would yield high returns. In some cases these are now being auctioned off for around R300 000.
Banke sal nie huise terugvat
Beeld - South Africa
Sommige huiseienaars wat noustrop trek met verbandterugbetalings het 'n Kersgeskenk van die groot vier banke gekry.
In 'n ooreenkoms wat met die Nasionale Kredietreguleerder (NKR) bereik is, onderneem Absa, Eerste Nasionale Bank (ENB), Nedbank en Standard Bank om tot 30 Junie 2011 nie huise terug te neem waarvoor verbandbetalings nie op datum is nie. Die ooreenkoms geld terugwerkend vanaf 6 Desember.
Die moratorium bied aan kliënte die geleentheid om nuwe ooreenkomste met banke te sluit. Dit kan insluit laer paaiemente gegrond op 'n nuwe ooreenkoms vir 'n langer afbetalingstydperk of enige ander afbetalingsreëling wat beding word.