Office challenges on credit facility
The office is having a challenge of most account holders paying after 30 days which is contrary to the Chief Registrars Circular 5/2005.
In order to address this challenge the following measures will be introduced with effect from 1 June 2015:
- Accounts currently on 90 days and over must be settled in full prior to any business with the office and no credit facility will be available for those account holders. Payment should be done prior to any service being rendered by the deeds Office. See Regulation 45(8) and Regulation 4A of Act 47/1937.
- Credit facility will be suspended on accounts paid after 30 days and Deeds Office services will not be rendered prior to payment.
- Review in the provision of credit facility to account holders will be considered after a year.
The following process will be followed:
1. Payment to be made at the Finance Section where deeds will be stamped as PAID, prior to lodgement.
Process to review the provision of credit facilities after a year will be as follows:
A formal application must be submitted to the ASD Finance and the relevant firms account payment history will be taken into consideration.
In order to avoid suspension of credit facility account holders are encouraged to settle all outstanding balances before 31 May 2015.