What is Conveyancing?
Conveyancing is the process of transferring legal title of a property from one person to another.
Reliable Property Conveyancing Lawyers for Buyers and Sellers
At Yuen Law, our conveyancing team has decades of experience handling a wide range of property transactions. We are dedicated to offering comprehensive support for transactions for both residential and commercial real estate matters.
Whether you are a first-time buyer or an experienced investor, we tailor our services to meet your specific needs, providing peace of mind throughout the conveyancing process.
Our conveyancing team possesses in-depth knowledge of the legal intricacies involved in the buying and selling process, ensuring that every transaction is managed efficiently and effectively. We handle every aspect of the process, from due diligence before exercising the option to conducting searches that identify prior caveats lodged against the property and any restrictions on the use of the property. Our conveyancing lawyers can also advise on whether the terms in the Option to Purchase, Sale and Purchase Agreement, or contract are fair and aligned with your needs.
Facilitating the Mortgage Process
For property buyers, securing financing is a crucial step. If you’re applying for a bank loan, it’s important to engage a conveyancing law firm that can represent the bank. Yuen Law is here to help. We frequently manage conveyancing transactions with most local banks and financial institutions in Singapore, including DBS, UOB, OCBC, Maybank, Singapura Finance Limited, and Citibank.
Our Comprehensive Conveyancing Services
We guide our clients through every step of the process, from conducting preliminary searches to exercising the option and drafting or reviewing contracts. Our goal is to minimize potential risks and ensure a smooth experience. Our services include:
- Purchase and sale of HDB, residential, commercial, shophouses, and industrial properties
- Advisory on the Option to Purchase or Sale and Purchase Agreement
- Power of Attorney for the sale, purchase, sub-let and general management of property;
- Advisory on tenancy and lease agreements
- Decoupling of property and fractional purchase of properties
- Severance of joint tenancy
- Refinancing of existing mortgages
- Redemption of mortgages
- Transfer or transmission of property pursuant to divorce court orders or grants of probate and letters of administration
- Lodgement of caveats with the Singapore Land Authority (SLA)
- Advising on stamp duties (Buyer Stamp Duty, Additional Buyer Stamp Duty, Seller Stamp Duty) payable to IRAS
- Advising on the remission of stamp duties
- Replacement for loss of title deeds
Conveyancing Clients Review
Our experienced team and long-standing practice have earned us a diverse clientele, from individual buyers to investors and companies. We consistently receive positive feedback for our expertise in handling complex transactions, reinforcing the trust our clients place in us. See what our clients have to say:
“I engaged Yuen Law to help my parents with the conveyancing of their property sale. The lawyer overseeing the transaction, and his team were not only highly competent in handling the transaction, they were also very patient in explaining the whole process, and guiding my parents and I, through the whole process step by step.”
-Conveyancing Client
“Yuen Law was able to provide me with useful legal advice within a short turnaround time”
-Real Estate Client
FAQ
Do I need to hire a conveyancing lawyer?
If you are buying or selling an HDB property, the HDB may be able to represent you in the sale and purchase. However, if you’re dealing with private property, or where HDB specifically requires you to hire a private lawyer, or if the buyer is taking out a loan or if the seller has an existing bank loan, you will typically require a conveyancing lawyer to assist you with the conveyancing process and take your mind off the various needs and documentation requirements.
I have obtained an option, what do I do now?
If you need a loan, it is important to consult your banker or mortgage broker as soon as possible to secure financing for your property purchase. At the same time, appoint a conveyancing lawyer to conduct preliminary searches, advise you on the purchase process, and guide you through exercising the option.
What is the conveyancing process of buying a property?
- Execution of Documents: Sign the necessary documents, including the Option to Purchase, Mortgage documents, and CPF Forms.
- Exercise of Option and Lodgment of Caveat: After exercising the Option, we will stamp it and lodge a Purchaser’s Caveat on the property.
- Application to Use CPF for Property: We will submit your CPF application online to utilize CPF funds one month before completion.
- Coordinate with the Bank: Two weeks before completion, we will coordinate with the bank to draw down the housing loan.
- Render Completion Account: One week before completion, we will provide the completion account to the Purchaser.
- Attend to Completion: On the completion date, we will manage the completion process in the afternoon.
- Key Collection: After completion (around 5 to 6 PM), the Purchaser can come to our office to collect the keys to the property.
- Stamp and Register Documents: We will stamp the Mortgage and register the documents with the Singapore Land Authority.
- Final Title Deeds: Upon final registration, we will send a copy of the finalized title deeds to the Purchaser for their records.
I am a foreigner; can I buy real estate in Singapore?
Yes, as a foreigner, you can acquire certain types of properties in Singapore without needing approval from the Singapore Land Authority. You may purchase the following:
- Condominium units
- Privatised Executive Condominiums (after 10 years from Temporary Occupation Permit)
- Strata landed houses in approved condominium developments
- Shophouses approved for commercial use
- Industrial and commercial properties
However, it is important to note that residential property purchases are subject to Additional Buyer’s Stamp Duty (ABSD). Currently, foreigners face a 60% ABSD on the purchase price of residential properties. It is worth noting that ABSD does not apply to the purchase of commercial or industrial properties.
If you are a Permanent Resident of Singapore, you can purchase the following types of properties:
- Resale HDB (if it is purchased with another Permanent Resident or a Singaporean)
- Executive Condominiums (after minimum occupation period is met)
- Landed Properties (in Sentosa Cove or other landed properties with special permission from the Singapore Land Authority).
No matter the type of property, Yuen Law can advise you on the various rules and restrictions.
What are the stamp duty rates in Singapore?
For detailed information on stamp duty rates, please refer to our articles on:
Is it possible to do a back-to-back sale, by selling my existing property and purchasing a new property simultaneously?
Yes, it is possible. Our experienced team is here to help you navigate a back-to-back sale seamlessly. We will coordinate the timing of both transactions and guide you through important steps, such as the refund of your CPF from the sale, the use of CPF for your new purchase, and the redemption of your existing mortgage. Additionally, we’ll assist you with the timing of exercising the option to purchase your new property.
Please note that if there is an overlap in ownership, you may be liable for Additional Buyer’s Stamp Duty unless you qualify for specific exemptions. We will help you manage the timing of the transactions to ensure they meet your needs. For specific inquiries, email inquiry@yuenlaw.com.sg.
How long does the Conveyancing Process take?
On average, conveyancing transactions take 2 to 3 months.
Full-Service Legal Support for Property Owners
As a full-service law firm, we collaborate seamlessly with other practice groups to enhance our conveyancing and property practice. Our team can assist with the preparation and execution of Powers of Attorney, Wills, Grant of Probate, Estate Administration, Structuring Property and Family Trusts, as well as setting up Family Offices. Supported by a dynamic team of dedicated specialists, our conveyancing team is committed to meeting the evolving needs of our clients.
Contact Us
Regardless of the property type you are looking to purchase or sell, Yuen Law can help you with your conveyancing transaction. Contact us to request a quote.
