As you may be aware, ABSA recently expressed concerns about the security issues posed when the same attorney attends to both the transfer of a property and the registration of the bond. To reduce the risk, they have insisted that they are able to monitor the progress of both the bond and transfer matters (and the cancellation of the existing bond, if applicable).
To adhere to their request, LegalSuite (in conjunction with Korbitec) made representations to ABSA proposing an electronic messaging system, the “Property Transaction Hub”, whereby the LegalSuite and GhostConvey programs would send progress information to ABSA (via a centralised hub) as the Bond, Transfer and/or Cancellation matters reached certain milestones in their respective programs
ABSA considered the proposal and have fully endorsed it.
As a result, we are in the process of developing the system for ABSA and we envisage it being ready for implementation in about 6-8 weeks.
The Property Transaction Hub will not only connect you directly with ABSA, but will eventually serve as a central hub whereby all role players and stakeholders working on the same property will be able to collaborate and share information and documentation with one another.
We feel this is an exciting development which will allow attorneys to use the program of their choice and, at the same time, satisfy ABSA’s requirements.
We will keep you notified of developments.