The Singapore Land Authority (SLA) has made strides in the creation of the Digital Conveyancing Portal (DCP) the online platform that aims to simplify the legal process of transfer property titles.
Through the DCP, SLA aims to completely digitize conveyancing which is currently based heavily on paper-based, manual procedure. Once fully operational it will DCP will allow property transaction to be processed in a digital manner from beginning to end, the ability to accept electronic payments and submit digitally-generated documents. It will be available to private and public housing in addition to industrial and commercial properties.
Tech Mahindra has been appointed as the vendor who will gradually create to implement DCP in three phases. The first phase will include an Option-to-Purchase (OTP) stage that will allow developer sale, resale , and sub-sale, and is scheduled to complete by 2Q2024.
In the second stage, it will address the completion and pre-completion stages of developer sales transactions, and the third phase will focus on the completion and pre-completion phases for sub-sale or resale transactions. The DCP is anticipated to be fully finished by 2026.
SLA collaborates with HDB to incorporate the DCP workstreams in order to digitize conveyancing processes, which includes the facilitation of electronic payments and digitising legal documents used for HDB property deals, when it is feasible.
In addition to buyers and sellers, SLA also highlights that the DCP can make it easier for the other parties who are involved in the conveyancing process like lawyers as well as realtors, developers along with property purchasers and sellers by reducing amount of time and effort needed to administer the processes involved for conveyancing.