Since its enactment, the Deeds Registries Act 47 of 1937 has been amended numerous times through various amendment Acts that have been passed over the years.
The most significant amendment is on the horizon with the impending promulgation of the Deeds Registries Amendment Bill B28-2022. The Bill aims to reorient the way that property ownership is recorded. Currently reliant on a paper-based system, the Bill proposes a transition to a fully electronic system, introducing modernisation and potential benefits for all stakeholders including the government. The Bill is currently with the National Assembly.
The promise of increased efficiency is well received. At times, the current system is plagued by slow processing times, often causing delays in property transactions. By migrating to a fully electronic system, the Bill seeks to streamline the process, potentially leading to faster registration times. This efficiency will immensely benefit buyers and sellers, conveyancers and financial institutions involved in mortgage lending where variables like interest can have a huge negative impact even with just a day’s delay in registration.
Data security and privacy are crucial elements addressed by the Bill. An electronic system requires strong safeguards to protect sensitive property data. The Bill makes it mandatory to use electronic signatures and other measures to ensure the authenticity and security of electronic documents. This focus on security is critical to maintain public confidence in the system and to prevent fraud.