The role of a conveyancer is to take you through a transaction which would involve (i) drafting option and other contracts (ii) witnessing the signing of contracts (iii) endorsing the contracts (iv) negotiating with the opposing party’s lawyer towards a mutually agreed completion date and (v) collecting the keys upon completion.

In Singapore, a lawyer’s endorsement is required for every conveyancing transaction to protect the interests of the parties involved and to ensure that the official documents are properly collated and submitted to government authorities.

If you are buying a Building Under Construction (BUC), it depends on the current stage of construction at the point at which you purchased it, but would typically take approximately 3 to 6 years until the day the project’s title is issued.

If you are buying a resale property, the transaction will take between 8 to 12 weeks after exercising the Option to Purchase (OTP).

For refinancing transactions, it will take a total of 3 months assuming that the redemption notice to your existing bank has been served.

Conveyancing can be complex and the timeline varies on a case-by-case basis, given the variety of transaction types and supporting documentation required. The exact procedure also varies depending on whether the property in question is a landed property, condominium or Housing Development Board (HDB) flat. In this regard, you are strongly advised to engage a lawyer who will be able to provide advice on how to proceed, to assist with the necessary checks, as well as ensure that your interests are best protected. Please feel free to drop us an email or enquiry in the Live Chatbox or Services tab and we will get back the soonest we can.

A lawyer who fulfills your stated requirements will contact you for an appointment to exercise the contract. You will be asked to bring your personal documents which will be conveyed to you before the appointment. Before the agreed completion date of the transaction, any supplementary documents required may be submitted to the secretary in charge of your case, who will assist your lawyer to liaise with the other party to work towards a smooth completion.

Near to completion, the seller will grant vacant possession to the buyer when the property in question is in occupying condition. From thereon, the buyer can inspect the property for any defects, and should any defect be found, the buyer should raise it to the seller then and there.

Upon completion, the buyer will receive the keys to his/her new home, certificate of title, as well as a transfer form for the new ownership.

You can expect the law firm to consolidate all documents and correspond with all stakeholders in your transaction, e.g. the developer, seller’s lawyer, bank, Central Provident Fund (CPF) Board, Inland Revenue Authority of Singapore (IRAS), etc.

(i) Down-payment (CPF Account / Cash)

As for all property transactions, any monies which are in your Central Provident Fund (CPF) account that you wish to utilize to fund the transaction can only be released from the Ordinary Account (OA) balance. This takes into consideration the current age of the applicant(s) and whether there are sufficient funds in your account.

For projects that require the approval of Housing Development Board (HDB), such as the purchase of an Executive Condominium (EC) / Public Housing (HDB), it is mandatory for the government to approve the amounts in your Central Provident Fund (CPF) that can go towards this property transaction.

For all Building Under Construction (BUC), Executive Condominiums (EC) or Private properties, so long as there are sufficient funds in the Ordinary Account (OA), funds can be released directly and used for progressive payments at respective building stages depending on the developer’s timeframe.

For resale private properties, it is important for buyers to take note that due to the tight timeline, buyers have to first fork out cash towards the payments of the property, and only upon government approval and acknowledgment will that sum be reimbursed to them in their names in the form of a cash cheque.

(ii) Stamp Duties

Types:

– Buyer Stamp Duties (BSD)
– Additional Buyer Stamp Duties (ABSD)
– Seller Stamp Duties (SSD)

Factors that affect Stamp Duty payable:

(i) Citizenship of purchasers
(ii) Number of properties
(iii) Is this a single or joint purchase
• Single Application
• Joint (Married)
• Joint (Not married)

For further information you may check out Inland Revenue Authority of Singapore (IRAS)’s page on stamp duties at:
https://www.iras.gov.sg/IRASHome/Other-Taxes/Stamp-Duty-for-Property/ feel free to drop us an email or enquiry in the Services tab and we will get back the soonest we can.

(iii) Bank Loan

It is recommended that you compare interest rates across various banks in the market. This can be done through a mortgage banker (for that bank’s direct rates) or mortgage broker (who will make a few comparisons and present them to you).

If you require any recommendations of mortgage bankers or brokers, please feel free to drop us an email or enquiry in the Services tab and we will get back the soonest we can.

(iv) Law Firms

All law firms are expected to be on the approved panel of solicitors of various local and foreign banks. Upon confirmation of the purchase of a property, please make sure that the law firm that you have selected to act on your behalf is on the panel of the bank that you are applying the mortgage loan with.

(v) Eligibility

As enforced by Singapore Land Authority (SLA), only Singapore citizens are allowed to purchase landed property under the Residential Property Act. For exceptions such as foreigners, they may appeal or seek approval from the Controller of Residential Property at: https://www.sla.gov.sg/ldau/MainPage.aspx
However, they are welcome to purchase condominium units.

Factors that affect approval of CPF funds for use:

– Age
– Sufficient funds in Ordinary Account (OA)
– Percentage of Mortgage Loan against Purchase Price

For property purchasers who intend to take up a mortgage bank loan, it is mandatory for them to pay the initial 5% deposit in cash in order to utilize the monies in their Central Provident Fund (CPF) account and subsequently the bank loan.

Property payments can only be made in one sequence:

CASH – CPF – BANK LOAN

An accurate way to calculate the upfront cash required to finance this property is to work backwards – deduct bank loan quantum from purchase price, followed by deducting approved amount in Central Provident Fund Ordinary Account (CPF OA).

i. Initial Deposit in exchange for Option To Purchase (OTP):

– 5% for Building Under Construction (BUC)
– 1% for Resale Property

ii. Option Fee / Balance Down Payment:

– 15% for Building Under Construction (BUC) upon signing of Option to Purchase
– 4% for Resale Property upon signing of Option To Purchase (OTP) at the law firm and 15% upon completion

iii. Stamp Duty:
– 2 weeks upon exercise of Option To Purchase (OTP)

iv. Legal Fee:
– Upon exercise of Option To Purchase (OTP)

Conveyancing can be complex and works on a case-by-case basis, given the variety of transaction types and supporting documentation required. The exact procedure also varies depending on whether the property in question is a landed property, condominium or Housing Development Board (HDB) flat. In this regard, you are strongly advised to engage a lawyer who will be able to provide advice on how to proceed, to assist with the necessary checks, as well as ensure that your interests are best protected. For deferred payment or varying percentage down payment for a resale property, please feel free to drop us an email or enquiry in the Live Chatbox or Services tab and we will get back the soonest we can.

Upon receiving your details, we will send you a confirmation email acknowledging your request. We will forward your details to the law firm we recommend for your requested transaction. Please allow them some time to review your documents and they will contact you within the next two business days.

The lawyer will advise you with a list of the documents they require. However, we suggest that you bring the e-mail confirming their offered price and service. It will be great if you are able to provide copies of any other documents that you consider relevant to your case. The better prepared that you are, the better the lawyer is able to assist you in that meeting.

(a) Title Search
(b) Individual Search –
Bankruptcy / History of Felony
(c) Legal Requisition

Conveyancing can be complex and works on a case-by-case basis, given the variety of transaction types and supporting documentation required. The exact procedure also varies depending on whether the property in question is a landed property, condominium or Housing Development Board (HDB) flat. In this regard, you are strongly advised to engage a lawyer who will be able to provide advice on how to proceed, to assist with the necessary checks, as well as ensure that your interests are best protected. Please feel free to drop us an email or enquiry in the Live Chatbox or Services tab and we will get back the soonest we can.

The fees we quote to you are based on the legal services you require. However, in the process of communicating with our preferred partner, should you realize you require additional / further assistance, such as applying for use of Central Provident Fund (CPF) for monthly installments, our partner law firm will quote you according to their standard rate. Please note that the price we quote at the beginning of the transaction shall apply to the full conveyancing transaction. However, any additional services required (e.g. wills, powers of attorney, etc.) will be chargeable as a separate transaction.

All legal fees quoted by LegallySmart are professional legal fees, is a net price and includes the full scope of the conveyancing transaction from beginning to end.

The bank with which you are applying your mortgage loan will require a valuation or administrative fee. This is not included in our fee quote and will need to be borne separately and will be payable directly to the bank.

For Building Under Construction (BUC) projects, the mandatory fees to pay upon collection of keys are the maintenance and surveyor fees. This is not included in our fee quote and has to be borne separately and will be payable directly to the developers.

If you do not pay any amounts which are due to the relevant government authorities, you may be liable to pay a late interest fee.

In respect of refinancing transactions, for any requests for early completion of less than 3 months, there will be interest in lieu payable. This is not included in our fee quote and has to be borne separately, and will be payable directly to the bank. If there is a change in the completion date, the bank will charge $200-$300 as administrative fees and a 3 months notice will be re-served. A fresh notice has to be served which will take another 3 months. Please note that every bank loan document has a validity of only 6 months and upon completion of the second round of redemption notice, should it expire, you will be required to inform your lawyer to write a request to the bank to extend it. There will be an administrative charge owing to your existing financier.

Should you have problems with your lawyer, we will step in to mediate and ensure that the transaction will proceed smoothly as agreed. Should it be absolutely necessary, we will attempt to speak to the law firm to have someone else to assist you.

Yes, but that is unlikely to happen because they have made an offer for the transaction that you require. However, they will advise you if they cannot help you for any reason. This could include having a conflict of interest. They will inform you and LegallySmart early on so that we can advise appropriately and reassign your transaction to another partnering firm.

Buyer’s Stamp Duty

Buyer’s Stamp Duty (BSD) is payable when you acquire a property in Singapore.

Usually, Buyer’s Stamp Duty (BSD) has to be paid within a deadline of 14 days upon:
– Exercising/signing of option to purchase (OTP) in Resale transactions; or
– Exercising/signing of sale and purchase agreement (S&P) in Building Under Construction (BUC) transactions.

It can be derived based on the current market value of the property assessed by the valuer, or by the purchase price, whichever is higher.

Calculation of Buyer’s Stamp Duty (BSD):

Example: A S$1,000,000 property

First 180k: S$1,800
Second 180k: S$3,600
Remaining 640k: S$19,200

Total Buyer’s Stamp Duty (BSD) payable: S$24,600.

Additional Buyer’s Stamp Duty

Additional Buyer’s Stamp Duty (ABSD) is payable when you are not a citizen, or applicable to anyone who owns more than one property in Singapore.

Usually, Additional Buyer’s Stamp Duty (ABSD), on top of Buyer’s Stamp Duty (BSD) has to be paid within a deadline of 14 days upon:
– Exercising/signing of option to purchase (OTP) in Resale transactions; or
– Exercising/signing of sale and purchase agreement (S&P) in Building Under Construction (BUC) transactions.

Calculation of Additional Buyer’s Stamp Duty (ABSD):

Example: A S$1,000,000 property purchased by a Foreigner
Additional Buyer’s Stamp Duty (ABSD) payable: S$150,000.

Example: A S$1,000,000 property purchased by a Singapore Permanent Resident (SPR)
Additional Buyer’s Stamp Duty (ABSD) payable: S$70,000.
(Assuming this is your first property)

In the event that a buyer wishes to purchase a property with someone who already has a property in his/her name, on this joint purchase, the profile with higher Additional Buyer’s Stamp Duty (ABSD) payable applies.

In the event that a property is purchased under a company name or trust, the Additional Buyer’s Stamp Duty (ABSD) rate of “others” applies.

In the event that the purchaser is a foreigner from the United States, Switzerland, Iceland, Norway, or Liechtenstein, due to the FTA (Free Trade Agreement) with the reciprocal country, they will be given the same treatment and cost applicable to a Singapore Citizen.

Seller’s Stamp Duty

Seller’s Stamp Duty (SSD) is payable when you acquire a property in Singapore and want to sell it within the first 3 years of ownership.

Usually, Seller’s Stamp Duty (SSD) has to be paid within a deadline of 14 days upon:
– Buyer exercising/signing of option to purchase (OTP) in Resale transactions

It can be derived based on the current market value of the property assessed by the valuer, or by the selling price, whichever is higher.

Calculation of Seller’s Stamp Duty (SSD)

You may visit the Inland Revenue Authority of Singapore (IRAS)’s website for more information: https://www.iras.gov.sg/IRASHome/Other-Taxes/Stamp-Duty-for-Property/

Late payment

The deadline to pay stamp duty is 14 days upon signing your Option to Purchase (OTP) or Sale and Purchase Agreement (S&P) document. If these documents were signed abroad, deadline to pay stamp duty is 30 days. Failing to make payment on time will result in late payment penalty.

Conveyancing can be complex and works on a case-by-case basis, given the variety of transaction types and supporting documentation required. The exact procedure also varies depending on whether the property in question is a landed property, condominium or Housing Development Board (HDB) flat. In this regard, you are strongly advised to engage a lawyer who will be able to provide advice on how to proceed, to assist with the necessary checks, as well as ensure that your interests are best protected. Please feel free to drop us an email or enquiry in the Live Chatbox or Services tab and we will get back the soonest we can.

Our request process is confidential. Contact details are only provided to the law firm whom fulfills the requirements of your needs.

Different banks have different Rate Review Dates (RRDs), also known as Singapore Inter-Bank Offered Rate (SIBOR) re-pricing date, which could be reviewed at different periods of the year. For example, it could be monthly, quarterly, semi-annually or annually.

It is on these dates (depending on the bank) that they may change their interest rates, up to their board’s discretion. Following the cycles of these specific date are important. For example, if the Rate Review Date (RRD) is on 3rd of March, next round will be 3rd of June. Should you intend to serve a 3-month notice, completion has to happen on or before 3rd of June. Kindly call up your existing financier to check on the dates.

With regards to lockout period and Rate Review Date (RRD), it is advisable that you call up your existing bank directly to confirm the dates before the redemption notice is served. This is due to the Banking Secrecy Act as well as the Personal Data Protection Act (PDPA); the bank will only release confidential information to their direct clients. Please note that the bank might require personal information from clients to verify before sharing the information.

In respect of refinancing transactions, for any request for early completion of less than 3 months, there will be interest in lieu payable. This is not included in our fee quote and has to be borne separately, which will be payable directly to the bank. If there is any change in the completion date, the bank will charge $200-$300 as administrative fees and a 3 months’ notice will be re-served. A fresh notice has to be served which will take another 3 months. Please note that every bank loan document has a validity of only 6 months, and upon completion of the second round of redemption notice, should it expire, you must inform your lawyer to write a request to the bank to extend it. There will be an administrative charge owing to your existing financier.