SINGAPORE – Ever scrambled frantically for a piece of document that you have put aside for a long time? Home-owners are currently required to produce the paper property title when the time calls for them to sell off their property. Physical property titles that are lost would require around 8 weeks for a replacement to be done. How inconvenient!

Fret not, as this will change because plans are made to introduce digital storage of property titles with the Singapore Land Authority (SLA).

This would be great news for people buying a condo in Singapore – like the upcoming Kopar at Newton or The M Condo.

Digital Property Titles

The Singapore Land Authority (SLA) is currently studying the feasibility of this service as Singapore takes her small steps in making property transactions a paper-free process.

For property transactions that involve a mortgage, the Certificate of Title is currently kept by the banks. The new scheme would make do with this, as property titles will be kept by the SLA. All major banks will be required to participate in this new scheme from June next year.

“Going paperless allows us to achieve greater efficiency and cost-savings while reducing potential risks for the parties involved in the conveyancing process,” said Bryan Chew, the Assistant Chief Executive of SLA and the Registrar of Titles.

The Singapore Land Authority (SLA)’s long term goal is for property transactions to be done entirely online.

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