From 1 January, the Singapore Land Authority’s Electronic Payment Instruction (ePI) service will allow lawyers to electronically notify banks of details of conveyancing money paid into conveyancing accounts, instead of using hard copy forms.
The Inland Revenue Authority of Singapore will also accept electronic stamp duty payments via the ePI service.
The Ministry of Law on Thursday said these moves would reduce processing time and streamline conveyancing transactions further.
In August 2011, MinLaw implemented measures to protect conveyancing money by regulating how lawyers can receive and hold conveyancing money.
The measures included requiring lawyers to hold conveyancing money in conveyancing accounts with specially-appointed banks – namely Bank of China, Bank of East Asia, CIMB Bank Berhad, DBS Bank, Far Eastern Bank, Oversea-Chinese Banking Corporation and United Overseas Bank.
Lawyers could also opt to hold such money through the Singapore Academy of Law’s conveyancing money service or via escrow arrangements.
However, any withdrawal of money from such accounts requires joint authorisation by lawyers acting for different parties.
Source : Channel NewsAsia – 29 Dec 2011