The Singapore Land Authority (SLA) has made strides in the creation of the Digital Conveyancing Portal (DCP) which is an online platform aimed to streamline the legal process of transfer property titles.
By implementing the DCP, SLA aims to completely digitalize conveyancing that currently relies heavily on manualprocess that is paper-based. Once fully implemented the DCP will allow property transaction to be conducted electronically from beginning to end, making it easier to pay electronically and sending digitally-generated documents. The DCP will be accessible to both private and public housing in addition to industrial and commercial properties.
Tech Mahindra has been appointed as the supplier to gradually design to implement DCP in three phases. The first phase will include an Option-to-Purchase (OTP) stage that will allow developer sales, resales and sub-sale, and is scheduled to complete by 2Q2024.
In the second stage, it will address the pre-completion and final phases for 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 in 2026.
SLA collaborates with HDB to integrate HDB’s DCP workstreams into the digitalisation of conveyancing processes, which includes the facilitation of electronic payments and digitising legal documents used for HDB property deals, if it is feasible.
In addition to buyers and sellers, SLA also highlights that the DCP can make it easier for the other parties that are part of the conveyancing process like lawyers as well as property agents and developers as well as property purchasers and sellers through reducing the time and effort required to administer the processes involved for conveyancing.