Currently, property owners have to produce a physical copy of the property title during a transaction. It will shorten the process for conveyancing lawyers and owners alike. For now both hard and soft copies have to be lodged for registration at the SLA and within specific daily timelines, even online (8.30am to 1pm on weekdays).
Some banks (a pilot run was done with DBS Bank in June 2013) have already begun storing property titles with the SLA. Previously, banks have to find ways to safe keep property titles of their clients. SLA is hoping this move to go digital will eliminate or at least reduce the risk of losing and damaging property titles or fraudulent use as such. The replacement of a lost title takes 8 weeks. When the SLA online services are up and running, all banks will be expected to participate in the scheme by June 2017, and SLA will no longer issue hard copies of Certificates of Title to banks.
Property owners who wish to search and view their property title deeds and boundary plans online can now do so free-of-charge at www.sla.gov.sg/MyProperty.