Written by: Benjienen Toledo
Conveyancing is a legal term of art, meaning the transfer of legal title of property from one person to another, including the granting of encumbrances (a claim on the property by another party) such as mortgages.
Conveyance includes assignment, appointment, lease, settlement and other assurance made by deed on a sale, mortgage, demise or settlement of any property, and on any other dealing with or for any property; and “convey” has a corresponding meaning.
Getting a Local Lawyer for Foreigners Buying a Property
If you are a foreigner who wants to buy a residential property in Singapore, it’s important to have a locally qualified lawyer to help you, this is the fourth step in buying a property in Singapore for foreigners. The bank will usually refer a lawyer in their panel list, if you have a lawyer referred by your friend, ensure that the lawyer is in the bank’s panel list.
The lawyer has an important role drawing up the contracts, performing searches to confirm details of the property and its ownership and making sure the property won’t imminently be affected by any major infrastructure projects. The lawyer is also responsible for due diligence checks on the seller (for resale condominiums) and will liaise directly with the developer’s solicitor, which can ensure you’re not victim of a scam.
On the other hand, if you are a local Seller or Buyer who have an existing mortgage loan with a bank, you are advised, for purposes of savings in legal costs, to select a conveyancing law firm that sits on the bank’s panel.
What are Some of the Legal Services and Requirements for Local Sellers or Buyers?
Conveyancing and CPF Redemption for Sale
For the sale of HDB flats with existing Bank Loan, the Seller is required to engage a law firm to act for the seller and the Bank in the preparation of documents for the transfer of property.
What are the requirements that Sellers need to prepare?
- NRIC of all sellers
- Original Option to Purchase (OTP)
- Housing Loan Statement showing balance housing loan
- CPF Public Housing Statements
- All Sellers must attend the 1st meeting in person
Conveyancing and CPF Redemption for Purchase
For the purchase of HDB flats using Bank Loan, the Buyer will be required to engage a law firm to act for the Purchaser and Bank in the preparation of documents for the transfer of property.
What are the requirements that Buyers need to prepare?
- NRIC of all purchasers
- Copy of Option to Purchase (OTP)
- Bank Letter of Offer/ Facility Letter
- CPF Ordinary Account Statement
- All Purchasers must attend the 1st meeting in person
Get quality legal services through Ohmyhome. We are one of the best legal conveyancing providers in Singapore.
Call 6886 9009 now.
Source: Singapore Statutes Online