Protect Your Money in Property Transaction from 1 August 2011

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 Law­yers for both buyer and seller must jointly sign before any money can be withdrawn.

Sources:
1) The Straits Times, 1 August 2011, Page A7
2) www.conveyancing.sg

 

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