IEASA PROPERTY ANNOUNCEMENT
Property Practitioners Act and Electronic Deeds Registration System Act
|The Institute of Estate Agents of South Africa can confirm that the Property Practitioners Bill and Electronic Deeds Registration System Act were signed into law on Wednesday 2 October 2019.
The following expert is from the official South African Government website:
President Cyril Ramaphosa has signed various Bills into law that will enable property deeds to be processed electronically and enhance the ease of business in the real estate industry as well as retirement real estate.
The President has signed the Property Practitioners Bill of 2019 and the Electronic Deeds Registration Systems Bill of 2019.
The Electronic Deeds Registration System Act provides for the development of an Electronic Deeds Registration System – also known as e-DRS – through which South Africa will take advantage of the benefits offered by internet access, e-commerce and global computerisation in the management of security of property title. The new system will enable the electronic processing, preparation and lodgement of deeds and documents by conveyancers and the Registrar of Deeds. It will also enable the registration of large volumes of deeds effectively; improved turn-around times for providing registered deeds and documents to clients; countrywide access to deeds registration services; enhanced accuracy of examination and registration; availability of information to the public, and security features including confidentiality, non-repudiation, integrity and availability.
The property market in the country also stands to gain from the newly signed Property Practitioners Act of 2019 which repeals the 43-year-old Estate Agency Affairs Act of 1976 (Act 112 of 1976) and will greatly enhance security of title and the acquisition and disposal of fixed assets. The Bill that the President has assented responds to the dynamic needs of the real estate industry and is aimed at improving the functioning of the property market which includes regulating the buying, selling and renting of land and buildings. Among other innovations, the Act establishes a Property Practitioners Regulatory Authority and provides for the appointment of the Board of this regulatory authority. The Act also puts in place better monitoring mechanisms, including requiring inspectors to obtain warrants to enter premises.