Last month, Clive Bredenkamp, Proptech IT Executive at e4, said the property transfer process is an intricate web of communications and approvals, historically bogged down by legacy systems and paper-based interactions.

He said the digital transformation and solutions that automate cumbersome processes and property transfers happen much faster and far more efficiently than ever.

“One of the most compelling advantages of this evolution is the substantial financial impact for banks. Every single day shaved off the property registration timeline can translate into savings and early revenue recognition in excess of R10 million per day,” Bredenkamp says.

The technology company specialising in digitalisation said faster property transfers are a win/win for everyone as traditional property transfer processes can take anywhere from 60 to 90 days, requiring extensive coordination between multiple stakeholders, including banks, attorneys, the Deeds Office, SARS, municipalities, and more. It said any delay at any stage slows the entire chain, impacting all parties involved.

“For banks, reducing this timeline means earning interest sooner, improving cash flow, and freeing up operational resources. For attorneys, a streamlined process allows room to handle more transactions more efficiently.

"And, of course, for buyers and sellers, the ability to sell up and move into a home faster alleviates stress and logistical challenges.”

Bredenkamp said the digitisation of the Deeds Office will mark the final step in creating a fully digital property transfer ecosystem. “When this happens, the efficiencies created by digital solutions will become even more pronounced.”

He added that the concept of Straight-Through Processing (STP), a fully automated home loan origination and fulfilment process with minimal human intervention is also gaining traction. The closer the industry moves towards STP, the more financial institutions will benefit from reduced processing costs and improved service delivery, Bredenkamp said.

titledeeds

Electronic Deeds Registration System (eDRS) launched: transforming land registration in South Africa