The Electronic Deeds Registration System Act consisting of only 7 sections will facilitate the development of an electronic deeds registration system. The Act will also cause the subsequent revision or replacement of the Deeds Registries Act 47/1937, the Sectional Titles Act 95/1986 and other pieces of legislation/regulation relevant to deeds registries and registrations. Mention has been made by the Legislature that a new act including all current legislation as well as informal ownership of land may be considered in the future. Given the fact that the electronic concept has been coming from as far back as 1996, and although this is a positive step in the right direction, it may still take a very long time for this system to become a reality in practice. For the present and until further notice the status quo will remain.
The Property Practitioners Act is aimed at better regulation of the Real Estate industry and including certain players previously not included in the legislation. Only once the regulations to the Act have been drafted and promulgated and the Regulatory Authority have been established in terms thereof, this Act will become operational. This must still be initiated and may still take some considerable time to get to the stage of implementation.
Written by Wessel de Kock