In 2011, the Conveyancing (Miscellaneous Amendments) Act was passed, with the aim to better regulate conveyancing transactions and ensure the accountability of conveyancing money. This was after a spate of incidents where rogue lawyers absconded while holding large sums of their clients’ money.
For most people, monies used for the purchase of their properties are their largest single outlay and makes up a substantial portion of an individual’s assets. There for such monies should be properly protected.
In summary, lawyers are required to hold conveyancing money in specialized conveyancing accounts in appointed banks or the Singapore Academy of law. To withdraw money from these accounts, the signature of 2 parties will be needed, reducing the chances of misappropriation. The breach of these rules will be punishable by a fine of up to $50,000 or a jail term of up to 3 years.
For assistance regarding conveyancing matters, do contact us to make an appointment.
