From 1 August 2011, lawyers will be prohibited from receiving and holding any conveyancing money, unless the conveyancing money is deposited:
- Into a new type of account called a conveyancing account that can only be opened with any of the five Appointed Banks, namely the Bank of China, DBS Bank, Oversea-Chinese Banking Corporation, The Bank of East Asia, and United Overseas Bank;
- With the Singapore Academy of Law (SAL) under its Conveyancing Money Service; or
- Into an escrow account jointly opened by lawyers acting for the respective parties.
You can deposit the conveyancing money into the law firm’s conveyancing account by adding “-CVY” to the law firm’s name when making payment for property transaction. This ensures that the money will be deposited in the specified account and being protected for only the property transaction. Lawyers for both buyer and seller must jointly sign before any money can be withdrawn.
1) The Straits Times, 1 August 2011, Page A7