What is conveyancing?
Conveyancing is the legal procedure of transferring property titles from the seller to another party.
According to the Residential Property Act, only Singaporeans can purchase land there. Foreign nationals require the approval of the Controller of Residential Property.
Types of conveyancing
Conveyancing is usually of two types –
- Freehold – where the owner holds the property rights as long as their name is on the documents.
- Leasehold – where the property owner must return the estate to the Singapore Government on the completion of a lease period (6 months to 99 years)
Conveyancing lawyers
Conveyancing lawyers assist the involved parties in the legal proceedings and transactions.
They prepare the drafts and witness the signing of the contract.
Attorneys also negotiate the terms and conditions with the opposing party’s lawyers.
Protect the property
Singapore law mandates the presence of conveyance lawyers to protect the property and entitlement rights of both parties.
Why do you need a conveyancing lawyer?
Real estate is expensive and involves transactions in millions. Therefore, the documentation and clauses mentioned in the contract need to follow all legal bindings.
Lawyers work to uphold the interests of the buyers and sellers.
They can also detect malpractices and notify authorities to take action regarding illicit funds or suspicious contracts that may jeopardize multi-million dollar transactions.
Hence, unless you are adept at the nuances of property law, consulting and working with an attorney is advisable.
How do conveyancing lawyers help to solve the matters?
Before finalizing the settlement, it is vital to evaluate your terms and options with your conveyance lawyer.
The background research includes –
The floor area of the property.
The cost of the property along with property tax and stamp duties.
The payment options available include mortgages from banks and funds from Central Provident Fund.
Lawyers also conduct a title search, which includes the following proceedings –
Property title and tenure:
Attorneys enquire whether the nature of ownership is freehold or leasehold.
In the case of the latter, the duration of the lease remaining is also crucial.
Names of registered proprietors:
Confirming the names of every one of the ownership documents.
Encumbrances:
Lawyers investigate the property for any protection by caveats or mortgages.
Any defects or withholdings can affect the market availability of the estate. Before proceeding with settlements, remove all encumbrances.
Manner of ownership holding:
Attorneys also enquire whether joint tenants or tenants-in-common own the property.
The former hold equal shares in the estate irrespective of their contributions during the initial purchase.
Tenants-in-common owns specific parts of the property, depending on the owner's contribution to the purchase.
When the property is purchasable and the sale agreement is ready, you sign the option to purchase to finalize the deal.
Your conveyance lawyers will file a caveat with the Singapore Land Authority to notify any third parties regarding your interest.
The warning also brings forth any other dealings involved in your purchase.
Once the seller vacates the property, you can inspect the estate and start moving into your newly acquired asset.
Your lawyer can receive the certificate of title, transfer form, and the key on your behalf and forward them to you.
The conveyance procedure differs depending on the nature of the property involved, like land or condominium.
A lawyer can help you navigate the complexities and safeguard your interests and acquisitions.