08 Jul '11, 10am

New rules to protect property buyers, sellers from rogue lawyers

SINGAPORE : New measures to better protect property buyers and sellers from rogue lawyers will kick in from August 1. They are part of the Conveyancing (Miscellaneous Amendments) Bill that was passed in Parliament in April and was gazetted on July 8. The aim is to tighten safeguards for conveyancing money held by lawyers. Lawyers will no longer be allowed to receive and hold such money in their normal client accounts. Instead, the money must be held in special accounts, which will be offered by banks appointed by the Ministry of Law. Law firms that wish to hold conveyancing money in Conveyancing Accounts have to open a Conveyancing Account with one or more of the appointed banks before August 1. Five banks have been appointed - Bank of China, DBS Bank, Oversea-Chinese Banking Corporation (OCBC), Bank of East Asia and United Overseas Bank (UOB). Movement of funds within suc...

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

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