29 Dec 2011 Posted in Press releases
The Ministry of Law implemented new measures on 1 August 2011 to protect conveyancing money, by regulating how lawyers can receive and hold conveyancing money. These measures include requiring lawyers to hold conveyancing money in conveyancing accounts with specially appointed banks, namely: Bank of China, Bank of East Asia, CIMB Bank Berhad, DBS Bank, Far Eastern Bank, Oversea-Chinese Banking Corporation and United Overseas Bank. Alternatively, lawyers can hold such money through the Singapore Academy of Law’s conveyancing money service, or via escrow arrangements. The withdrawal of money from such accounts requires joint authorisation by lawyers acting for different parties.
As a further enhancement, from 1 January 2012, the Singapore Land Authority’s Electronic Payment Instruction (ePI) service will allow lawyers to electronically notify banks of the 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, which will reduce processing time and further streamline conveyancing transactions.
More information can be found at https://www.mlaw.gov.sg/conveyancing/.
Last updated on 25 Nov 2012