IT Solution Speeds Real Estate Transactions

OneMove Online Systems Inc.

March 12, 2009 — Vancouver, British Columbia

What happens when a conveyance lawyer, a financial services manager and an Information Technology (IT) specialist are put together in one room? You get an innovative idea to create a system designed to reduce the stress and speed up the process involved in the largest single transaction most individuals will make in their lifetime. Dan Marcotte was the lawyer who met with Michael Kerr, a representative of the National Research Council Canada Industrial Research Assistance Program (NRC-IRAP).

Conveyance law involves the transfer of the title of real estate property, the formal document that serves as evidence of ownership, from one individual to another. Buyers and sellers repeatedly make calls to their realtors and lawyers during the typically four week closing period to determine the current status of their transaction. Add to this the movement of contracts and documents by couriers from one office to another and the inevitable lost documents in mid-process. All these factors generate delays and lost time. The innovative solution is to use software to automatically notify and track contract progress for each professional involved in the process (lawyer, real estate agent, mortgage broker, land title etc).

OneMove Online Systems Inc. leveraged its web-based knowledge to replace the old paper-based real estate transaction with a paperless electronic data exchange process. The econveyance™ software conveniently allows lawyers and notaries to utilize the system with very little investment in infrastructure.

Michael Kerr, an ITA for NRC-IRAP Pacific Region, understood the need for security and privacy as well as a sound business model to make sales. He also needed to ensure the intellectual property was well covered. Success was achieved in a unique fee per transaction model such that fees were part of the disbursements at the end of the transaction. What was also identified was that the fees for the system use were less than the costs of the courier and phone/fax methods that are industry norms.

OneMove Online Systems Inc. developed the software program with the assistance of NRC-IRAP. Kerr connected the firm with the University of Northern British Columbia (UNBC) to undertake the development work. He also linked the firm with McDonald-Dettwiler and Associates Ltd. and the Land Titles Office to fully automate the entire transaction process. In addition, he ensured that with each additional technical and business partner involved, the IP and business arrangements were clearly articulated to be fair to all.

The firm was originally founded under the name Remote Law Online Systems Corp. based in Prince George, BC. As the firm grew and demand was realized, the firm successfully levered NRC-IRAP funding to achieve a public listing under the name OneMove Technologies Inc., which is now located in Vancouver, BC and listed on the TSX Venture Exchange under the symbol "OM".

So what exactly is this software program, and who benefits?

"As a fully integrated, web-based application, econveyance™ facilitates efficient communication between all parties involved in the process of buying and selling real estate, such as lawyers, lenders, insurance companies, buyers and sellers in British Columbia," comments Chief Executive Officer Martin Johnson. "Lawyers use the software to prepare the documents required to transfer title and file encumbrances against the property in a digital environment. It allows information to be downloaded and uploaded from the Land Title Office."

"Without the participation of NRC-IRAP, the road to the development stage of this software application would have been much bumpier and more difficult for sure," says Johnson. "The financial aid of NRC-IRAP has allowed us to be competitive in the marketplace."

"Above and beyond the financial backing, NRC-IRAP was instrumental in helping us access key individuals and companies to get us off the ground. They have continued to be valued supporters of the ongoing development of our programs," Johnson sums up.

Now the largest web-based conveyance software platform in BC, econveyance™ is being used by 700 lawyers and notaries across 66 cities, and is processing more than 5,000 transactions per month. As a result of OneMove Technologies' success to date, specifically its 183% growth in revenue from 2006 to 2007, the company was named one of the Branham300 top up and coming technology companies for 2007. Looking ahead, OneMove Technologies is working to expand its reach into other Canadian provinces, enhance the functionality of its technology platform and integrate with other real estate service providers to extend its offering.