|The Ministry of Law affirmed today that the law on conveyancing measures will come into play on the 1st August 2011.|
These new measures have been implemented in order to protect the clients' money as well as preventing their lawyers from leaving with the clients' money from property transactions.
The new rules state that the money from each conveyancing transaction will not be allowed to be held in the lawyer's normal client bank accounts. Anyone in breach of the new rules will be forced to pay a fine of up to $50,000 and/or jail for up to three months.
Lawyers are able to hold the money in a Conveyancing Account which can only be opened in an appointed bank by the Minister for Law.
The Singapore Land Authority has implemented an electronic payment option to enable the lawyers to initiate and counter-sign payment instructions.
This electronic system will help the banks to retrieve and process the payment instructions.
The money from the conveyancing transactions can also be held through the Singapore Academy of Law's new
Conveyancing Money Service. For the more complicated transactions, lawyers are able to receive and hold money from the property transaction under escrow agreements between the lawyers of both the buyers and sellers involved in the transaction.
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