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Property News: Law Changes to Make Housing Transactions Smarter in Singapore

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Not a fan of queueing and paperwork? So are we! At Ohmyhome, we have always focused on our mission of providing an integrated and enhanced experience through our platform to make property transactions simple, fast and affordable.

In a bid to evolve into a smarter nation, Singapore is considering digitalising the real estate sector and allowing the ability to transact properties entirely electronically. Aside from making property transactions more convenient, Singaporeans could also apply online for a Lasting Power of Attorney. As the nation looks to grow its digital economy, these policy changes might come to fruition rather sooner than expected with the review of the Electronic Transactions Act.

“The review aims to facilitate electronic transactions to a greater degree by fostering a more trusted environment where businesses and consumers can transact electronically with greater peace of mind,” Communications and Information Minister S. Iswaran said at this year’s fifth edition of Innovfest Unbound.

Smarter nation for all

law-changes-make-property-transactions-smarter-singapore-ohmyhome-digital

How does it make a smarter nation for all? Real estate transaction process will be quicker since the waiting period and paperwork will be reduced. With emerging technologies like smart contracts and blockchain allowing progressive ways to transact digitally, the nation will be steps ahead in shaping the laws with these changes, which help to significantly reduce costs and fraud.

A welcome change for the industry

With 70% of residential property transaction documents still in hard copy, this change will make the real estate sector smarter since the Government will focus on automating transaction-related processes. Many home buyers have completely moved online for their property transactions, which provide more hands-on experience. Given the evident increment in Do-It-Yourself transactions, there is definitely a trend and demand in this market space.

As the first in the real estate industry to offer Fixed Fee Agent Services that is simple, honest and cost-effective, Ohmyhome always believes in defying the status quo in the real estate industry. Let Ohmyhome’s experienced agents take care of the entire documentation process! We will help you enjoy a hassle-free HDB buying or selling experience. For more assistance, feel free to find out more by calling 6886 9009 today!

Sources: Straits Times- Property Transactions Go Digital, Straits Times- Property and Shipping Players Welcome Digital Drive

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