Chapter 19 Key Terms & Definitions

Question 1

Acknowledgement and Direction (A&D)

Answer 1

The Acknowledgement and Direction, signed by the client, provides the lawyer with authorization to electronically register documents

Question 2

Closing Costs

Answer 2

The costs associated with closing a real estate and mortgage transaction

Question 3

Document Registration Agreement (DRA)

Answer 3

The document, signed by the vendor’s and purchaser’s lawyers, that allows for closing an electronic transaction

Question 4

e-reg

Answer 4

The gateway used to access POLARIS and create and register land titles documents electronically in Ontario

Question 5

Interest adjustment amount

Answer 5

The interest payable to a lender for the period of time that mortgage proceeds are held by the borrower before the period covered by the first mortgage payment

Question 6

Interest adjustment date (IAD)

Answer 6

The date that the interest adjustment payment is due

Question 7

Land transfer tax

Answer 7

A tax payable to the Provincial Government by the purchaser of a property upon the transfer of title from the seller

Question 8

POLARIS

Answer 8

Province of Ontario Land Registration Information System

Question 9

Solicitor’s Final Report and Certificate of Title

Answer 9

The document sent to the lender detailing the successful mortgage transaction

Question 10

Teranet

Answer 10

The province of Ontario’s private sector partner in the creation of the electronic land registration system

Question 11

Teraview

Answer 11

Teranet’s software that provides access to e-reg and POLARIS