The Digitalised Property Transactions Workgroup
is driving initiatives to enable the real estate industry to streamline and digitalise property transaction processes.
|Roll out enablers to automate checks |
Government agencies will progressively make available Application Programming Interfaces (APIs) on property-related government data.
The industry can then tap on these APIs to automate due diligence checks (e.g. property ownership, validity of passes for foreign tenants) and compliance without compromising data privacy.
With automated processes, parties in the transaction can be assured that due diligence checks have been carried out using government-verified data. Property agents can also save time and focus on higher-value work.
View available government APIs.
|Streamline property transactions |
The DPTWG is developing digitalised standardised contract templates for and identifying the steps involved in residential property transactions.
The industry can develop new or enhance existing portals/platforms by building in the set of action steps to offer seamless and efficient transaction processes.
Property agents can expect to enjoy greater productivity and efficiency. In addition, interests of all parties involved in the transaction are protected as terms in the contracts are designed to be fair to all.
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Businesses and industry associations can tap on the following government grants and programmes to support them on their journey to adopt IT solutions and automate administrative processes:
• Capability Development Grant (for businesses)
• Local Enterprise and Association Development programme (for industry associations)
Available property-related APIs from government agencies
Visit IRAS API market for
• Stamp duty outstanding amount check
• Stamp duty authenticity check
• Stamp duty calculator
View other Real Estate Industry Transformation Map initiatives to strengthen professionalism and enhance competencies of industry practitioners.