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When executing the Options to Purchase Agreement and in completing the purchase, I have read in the past how monies paid to the solicitor acting for the purchaser or seller have been absconded and the lawyers ran away with the purchaser's deposit and completion payment. I think the law society has introduced some safeguard, can someone enlighten me on this new arrangement for payment and delivery of monies to seller? Thank you.
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1 Answer

Ivan Ng
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Hi Mr. Clark,

Yes you can address the transaction monies to the law firm conveyancing account (which is a special conveyancing account with appointed banks required by Ministry of Law) and typically requires both law firms authorization for any withdrawal. Alternatively you can request for any payments made to Singapore Academy of Law for conveyancing money service (an independent entity). Both measures are introduced to prevent the issues you have raised.

I believe your agent or law firm would have advised you on this..? May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

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