10 Mar '11, 8am

MinLaw introduces new measures to protect conveyancing money

MinLaw introduces new measures to protect conveyancing money

SINGAPORE: The Ministry of Law (MinLaw) has set out new measures to safeguard property buyers and sellers from rogue lawyers that run off with their conveyancing money. Following a series of public consultations and pilot trials, MinLaw will no longer allow lawyers to hold conveyancing money in their regular client accounts. Breach of this new rule has a penalty of up to three months' imprisonment or a fine of up to S$50,000. Instead, law firms now have to set up a conveyancing account with an appointed bank to hold clients' funds, which are used to pay stamp duties, among other things. The proposed amendments to the laws governing conveyancing were read in parliament on Thursday and the new rules are targeted for implementation by the third quarter of this year. MinLaw wants to protect the money used for the purchase or sale of properties here. Such funds - which include ...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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