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...
Property Conveyancing
From August 1, the Ministry of Law (MinLaw) will be implementing new measures to safeguard conveyancing money from rogue lawyers. In a news release, the Ministry of Law said: "With the new measures, clients' money in conveyancing transactions will enjoy a higher standard of protection." Under the new rule, lawyers will no longer be allowed to receive and hold monies used for purchase or sales of...
New measures aimed at safeguarding the conveyancing of money will be implemented starting 1 August 2011. These measures will protect clients' money and prevent lawyers from absconding with money from property transactions. Under the new measures, lawyers will no longer be allowed to receive and hold conveyancing money in their clients' accounts. Instead, the money must be held in a conveyancing account...
Lawyers will now be prohibited from holding conveyancing money in their clients' account - in the changes made to the Conveyancing and Law of Property Act that were read in parliament Monday by Law Minister K Shanmugam. The changes are expected to begin in phases from August 1 this year after the bill is passed. Conveyancing money used for payment of stamp duties, option deposits, and balance of sales...
From October 1, the Law Society will do away with fee guidelines for lawyers when processing property deals. This means that lawyers and their clients will be free to negotiate their transaction fees, based on the type of work done, and the value of the property. This will apply for all conveyancing deals entered into on or after October 1. The guidelines were issued as a temporary measure after fixed...
ONE lawyer noticed his clients being "extra cautious" when engaging him to oversee their property transactions. It was not unexpected, said Mr Suppiah Thangaveloo of Thanga and Co, given the recent series of lawyers absconding with clients' cash. "I've not heard any snide remarks but I've noticed that many of (the clients) are more inquisitive in matters concerning money," he said. "They're just being...