Not really. It doesn't transfer the vehicle to unfit with a temp sticker. It will transfer to temp without the safety.
It used to stay in the other persons and you got a piece of paper that was the temp permit name until transferred fit or unfit but that has changed. Now you have to get a plate with a temp sticker, it transfers into your name as temp.
Hmm I guess that explains what I did. I thought my bike was considered registered to me after I got the papers, (temp).
Just for reference my process was this (fully complete):
1. Buy bike, Bill of sale, and registration portions signed.
2. Get insurance
3. Take the papers to MTO, get the temp papers with plate and sticker. Pay taxes, and for temp permit and plates.
4. Ride it to get it saftied
5. Turn in safety, pay for normal plate sticker
6. Ride home.