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Released on May 11, 2007
Information Services Corporation (ISC) of Saskatchewan is updating fees for a number of services, resulting in an annual saving of $880,000 for Saskatchewan people.
The most notable changes are the reductions in the Transfer to Surviving Joint Tenant fee from a fee based on the value of a property to a low flat fee and a 50 per cent reduction in Transmission of Title fees.
“Our customers have told us they want the fees associated with surviving joint tenant and title transmission transactions to go down, and we are pleased to respond to their request,” Minister responsible for ISC Eric Cline said. “Surviving Joint Tenant fees will now be the lowest in Western Canada, lessening the burden associated with handling financial affairs following a death. This will be especially welcome for Saskatchewan residents on a fixed income.”
Previously, surviving joint tenants to a title valued at more than $8,400 were charged 0.15 per cent of the value of the property for the transfer. This transfer will now be fixed at a flat rate of $12.50. For property valued at $500 or less, this service remains free. A customer transferring a $200,000 home will now save approximately $300 on the transaction.
To lower the costs associated with conducting Land Registry transactions, a number of nominal online search fees are being eliminated or reduced. In addition to the fee reductions, two new services targeted to the petroleum and resource sector - Alternative Mineral Certification and Parcel Picture on Demand - are being introduced. These services allow customers to select delivery timelines of their choosing. The tiered fees correspond to demand - the quicker the customer requires the service, the higher the fee.
All fee changes are a direct result of customer feedback and follow extensive consultations.
“Our customers are mostly in the legal field and have asked us to give them some time before effecting any fee changes,” ISC Property Registries Director of Strategy Karen Banks said. “In response, we’re giving a two-week notice period so they can consider all the effects of the changes on their transactions. We are also actively informing all of our customers about these pending updates, which take effect May 28, 2007.”
Information Services Corporation of Saskatchewan is the provincial Crown corporation responsible for the administration of the Land Registry, the Saskatchewan Personal Property Registry and Geographic Information Systems, surveys, mapping products and services.
For complete details on the fee updates see the attached backgrounder or visit www.isc.ca.
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For more information, contact:
Grant Bastedo
Information Services Corporation
Regina
Phone: 306-787-3447
Email: grant.bastedo@isc.ca
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