Role of a Property transaction  Lawyer in Singapore

How can you find Singapore Conveyancing Lawyer? You can go to the law society of Singapore to find one. But be careful, do NOT ask your property agent for one, dishonest property agents are notorious for doing illegal legal kick-backs in which the lawyers over-charge you so as to be able to pay the dishonest property agents a commission.

You can also find a lawyer through the bank when you take a home loan singapore, and make sure that the lawyer’s fees as much as possible do not exceed the bank’s maximum legal subsidy. 

Some of the things that your Singapore lawyer do in Conveyancing   transactions: - 

1. Conveyancing lawyers duties are to help you to ensure your interests are not undermined through carelessly signing a contract which is detriment to your interests. So such Singapore’s conveyance lawyers should help you to review all contracts pertaining to property purchase. 

2. Conduct title searches on the property which you are buying to make sure that the titles are unencumbered or unchallenged and can be delivered to you upon completion of the purchase of the property.

3. Check against government policies or regulations which may adversely affect the value of the property that you are buying. Such enquiries may include checks with URA, BCA, SLA, LTA or more.

4. Once all checks are complete, a caveat on the property title is lodged. This Caveat is then published and made available to the public. This serves to inform the public that you have a vested interest or claim in the property which has the corresponding property title. During this period, if there are other claims or counter claims on the property title, they must be raised at that time. Lodging a caveat increases the protection to the buyer from future legal challenges on the legality of the sale process. Your lawyer than lodges a Caveat after checks in Step 3. This caveat is made known and public and serves to inform the public of your claims and impending interests on the said property title. This is to give time to counter claims or legal challenges which may arise. 

5. Given that properties are large commitments. Most people will use a bank loan to finance a property buying. During this stage, (you would have already completed exercising option to purchase and already signed a bank’s letter of offer for a Singapore bank loan.) your lawyer will liaise with your bank’s lawyer to ensure smooth disbursement of the agreed home loan mortgage on your property. Sometimes, the bank’s lawyer is also your lawyer. This lawyer will assist in coordinating to disburse your loan. The bank’s lawyer will check against terms in the bank’s letter of offer and compliance to matters of material facts and report such matters accordingly to the banks prior to funds disbursement.

6. Liaising with CPF Board (or Lawyers on CPF board). If you intend to utilize Central provident fund (CPF) – A Singapore’s version of pension fund, your lawyer will check and ensure that the CPF funds are ready for drawdown in order to complete the property purchase within the completion time-lines. Sometimes, your lawyer may also be a lawyer on CPF panel of lawyers, that makes things potentially easier and faster (but CPF has internal processes for disbursing funds, these things still takes time).

7.  Your lawyer will liaise   with the lending Singapore bank  and the CPF Board (or their lawyers) to ensure that your Housing Loan and your CPF Funds are in place and ready for drawdown to order to complete the purchase within the agreed completion period.

8. At the completion of sale, the Property Buyer fully paid up all monies due to the property seller. These funds which the property buyer paid up is usually made up of 20% cash, 80% (loans from banks and CPF funds). At this stage   the titled deed changes hands via an “Instrument of Transfer”. The lawyer then obtains the house keys. A few days prior to completion, your lawyer will also calculate any excess payment the property seller made to management committee strata title (MCST) and excess annual property tax which you must reimburse the seller due to takeover of the property. 

Property Buyer Singapore Mortgage Consultants which can be located at sms (text) +65 9782 8606 are experienced in the property buying process and can act as Property Buyer advisors to guide buyers into avoiding dishonest property agents. Property Buyer Mortgage Consultants do NOT receive commission from Property transactions of Buying and Selling.