The Ministry of Law implemented new measures on 1 August 2011 to further protect conveyancing money without unduly compromising the efficiency of conveyancing practice.
In arriving at this set of proposed measures, the Ministry of Law has consulted the public and the industry extensively through two rounds of public consultations in August 2009 and January 2010, as well as numerous dialogue sessions with lawyers and other stakeholders.
In addition, we have incorporated feedback received during two pilot trials, involving almost 700 conveyancing transactions from more than 100 law firms.
Important Update: Amendments to the Conveyancing Rules effective 25 November 2011
The Conveyancing and Law of Property (Conveyancing) Rules 2011 have been amended on 25 November 2011 by theConveyancing and Law of Property (Conveyancing) (Amendment No. 2) Rules 2011.
These amendments are based on further feedback and suggestions received from the conveyancing community. In particular, the new amendments also provide lawyers with the option to continue to hold any unclaimed conveyancing money in their clients account after the end of the transition period, i.e. from 1 January 2012 onwards.
An overview of the amendments is outlined in the "Brief Overview of the Conveyancing and Law of Property (Conveyancing) (Amendment No. 2) Rules 2011". The Legislative Guide has also been updated.