SLA to extend paperless Titles beyond DBS
CPF and more financial institutions will join initiative in first quarter of next year
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THE Singapore Land Authority (SLA) will be rolling out its paperless Certificates of Title initiative to more financial institutions and the Central Provident Fund Board in the first quarter of 2014, after it wraps up its pilot initiative with DBS Bank.
Part of SLA's ongoing effort to progress towards a fully electronic environment, the Land Titles Registry has been working with financial institutions to dispense with the safe-keeping of Certificates of Title.
Currently, SLA prints the physical Certificates of Title, and these title documents are safe-kept by the banks if there is a mortgage on the property. Going forward, however, upon the registration of a transaction, the physical Certificate of Title will not be issued to financial institutions that take part in the initiative.
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