New bill to fast-track property registration welcomed

It should reduce turnaround times significantly which is beneficial for all concerned. The buyer can start paying his mortgage bond sooner thus saving on occupational rent; the seller can access their profits sooner as they often have to bridge finance when it takes long for transfer and they pay huge interest amounts on bridging finance. Service providers such as estate agents, electricians, plumbers and attorneys can access their fees quicker which is essential because cashflow is needed to run any business effectively.

It is, however, essential that the technology systems across all related government departments linked to the process are equally effective. It would be senseless if the Deeds Office increases efficiency but the rates clearance department remains slow.

Another concern is the potential for fraud by estate agents and attorneys. Attorneys will be scanning documents into the programme instead of producing originals to the Deeds Office. So loopholes need to be closed so people don't lose their properties or get ripped off.

Therefore home sellers need to be prudent when selecting an estate agent and make sure he is properly registered with the Estate Agency Affairs Board.

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