Conveyancing

Conveyancing is the legal process of transferring title in a property from one person to another, including the granting of encumbrances such as mortgages or lien.

A short summary of the conveyancing process, payments and timeline can be seen as follows for each specific purchase/sale;

  • Purchasing / Selling of Completed Property
No. Stage Payments Timeline
1 Option to Purchase An option fee must be paid by the buyer, usually 1% of the purchase price which is forfeit-able should option to purchase is not exercised by the buyer on the date the OTP is supposed to be exercised. Date of execution of the OTP by Seller
2 Exercising of the Option Upon exercising, a further 4% of the purchase price is paid as deposit. The deposit will be held by stakeholders  which may require the lawyers or the Singapore Academy of Law to act as stakeholder. 2 to 3 weeks after the date of execution of the OTP by Seller
3 Completion Upon completion, the remaining 95% of the purchase price is to be paid by the buyer and stake-holding monies held as deposit will be released to the seller. If the property is mortgaged to a financial institution, the Mortgage has to be discharged by paying off the outstanding loan from the sale proceeds. A Transfer is also executed in favour of the buyer. 8 to 10 weeks after the date of execution of the OTP by Seller

 

  • Purchasing of  Uncompleted Property (Under Development from Developer)
No. Stage Payments Timeline
1 Option to Purchase Upon exercising the Option to Purchase, a Booking Fee must be paid as deposit. This is 5% of the purchase price. The remaining deposit of 15 % of the purchase price is to be paid subsequently.

The buyer and developer’s solicitor will then engage their own respective Lawyers in the conveyancing.

Date of execution of the OTP by Buyer.
2 Sale & Purchase Agreement Upon appointment of the respective lawyers, the Sale & Purchase Agreement (S & P) in triplicate will be sent to the buyer’s Lawyer. 3 weeks after the Date of execution of the OTP by Buyer.
3 Sale & Purchase Agreement Buyer to execute the S & P (in triplicate) at the Buyer’s Lawyer’s office before returning the same to the Seller’s Lawyers. Within 3 weeks
from delivery of S & P
4 Stamp Duty Buyer to pay Stamp Duty Buyer Stamp Duty =  (3% – $5,400) of purchase price + ABSD (if applicable)
5 Balance of Deposit The remaining 15% of the purchase price is paid to complete the payment of the 20% (of the purchase price) as Down-payment. Within 8 weeks after the Date of execution of the OTP by Buyer.
6 Progress Payments The remainder of the purchase price (80%) is to be paid in instalments as accordance to the payment schedule in the S & P Agreement to specified construction milestones.

Progress payments will take place over stages as the development is built.

Over a period of time as per payment schedule in the S & P Agreement to specified construction milestones.
7 Completion Final instalment is to be paid only when the building is awarded its Certificate of Statutory Completion or when separate title is issued for the property, whichever is the later. When Certificate of Statutory Completion or when separate title is issued for the property

 

  • Mortgages
    • Mortgage Redemption

 


Our firm provides the following services;

  1. Purchasing & Selling of Property (Conveyancing)
  2. Drafting and Advising on Options to Purchase/Agreements
  3. Lease Agreements
  4. Sale and Purchase Agreements
  5. Mortgage of Property

* Kindly note that the above information does not constitute legal advice, it is information for your reference which you rely at your own risk. Kindly seek legal advice from a qualified lawyer before commencing any legal action.