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Home > How To Choose a Conveyancing Lawyer
Whether you’re buying or selling a house/ property in Singapore, you’ll probably have to appoint a law firm to represent yourself.These law firms or lawyers are conveyancing lawyers and actually help to perform a number of administrative functions on behalf of their clients.
Conveyancing law firms in Singapore range from sole practitioners to large multi-national law firms, such as Allen & Gledhill or Rajah & Tann. With the difference in prestige and firm size, there are naturally differences in prices as well, solo practitioners can charge as low as a couple thousand dollars while large firms may charge tens of thousands for a simple transaction.
What A Conveyancing Lawyer Does For A Property Buyer
Help to ensure that the contract has fair terms and conditions that are relevant to your specific situation and requirements. Getting a conveyancing lawyer only after the option to purchase may allow sellers or agents to put forth terms that are very much to their advantage.
Ensures that sellers own the property and can sell the property to you. They also help to check other details such as plot size and remaining tenure. They also assist in liaising with the seller’s lawyer to exercise the option to purchase and set up the conveyancing account.
Assist with application to use CPF funds for the purchase of property
Search to ensure there are no legal concerns with the property
Send legal requisitions to relevant government bodies/ agencies/ departments
Help to ask the seller questions to obtain all relevant property information
Check any formal legally binding contracts to ensure all necessary terms are included
Provide a detailed breakdown of deposit, fees, stamp duty, taxes and payment schedule
Prepare all required documents for the transfer of the property
Ensure that the bank/home loan provider has sent sufficient monies to complete your purchase.
On the date of completion, the purchase monies will be sent from the buyer’s lawyer to the seller’s. The buyer will then receive the keys to the property.
The figures below represent an estimate for a property purchased worth $2 Million or less
Professional Legal Fees
$2,000 – $2,500
GST
7%
Home Loan Stamp Duty
$500
Conveyancing Account Fees
$200 – 400
If they aren’t, this may lead to extra charges or the bank asking you to select a wholly different lawyer from their panel instead
The Law Society of Singapore previously had guidelines on conveyancing fees that recommended charging 0.4% of the purchase price/ total loan subject to a minimum of $2,500. This was abolished in 2009, but can still serve as a good benchmark
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