Yesterday, the 2017 Electronic Deeds Registration Systems Bill and the 2018 Property Practitioners Bill have been signed into law. Both new statutes have yet to be gazetted and commencement dates announced. Nevertheless, according to yesterday’s Presidency media statement, once in force the Electronic Deeds Registration System Act is expected to facilitate the processing of ‘large volumes of deeds’, ‘greatly enhancing security of title and the acquisition and disposal of fixed assets’.
The Property Practitioners Act repeals the 1976 Estate Agency Affairs Act, and has as aim to ‘improve the functioning of the property market’ as far as it relates to the ‘the buying, selling and renting of land and buildings’. Among other things, it provides for the creation of a ‘property sector transformation fund’.
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