Conveyancing is not exactly easy to understand, and hiring a conveyancing lawyer can also be quite confusing. However, if you look at conveyancing with a deeper understanding, you would know why many people hire conveyancing lawyers.
What is Conveyancing?
It is a part of real estate law that involves preparing documents for transferring a property from the seller to the buyer. In addition, some lawyers specifically practice conveyancing. In Singapore, several law firms cater to real estate, property law, and conveyancing. However, hiring any form of lawyer can be pretty expensive. Thus, people do not see the need for it until they encounter a transaction problem.
Conveyancing Types and Fees in Singapore
Several conveyancing fees are to be paid in Singapore real estate transactions, such as MCST certifications, mortgage stamping fees, transfer registration fees, and more, which are payable to different departments and people. However, conveyancing lawyer fees in Singapore range from $1,000 to $5,000. The costs are so high because once hired, the conveyancing lawyer takes care of all documents and processes needed for transferring property.
Conveyancing lawyer fees in Singapore include responsibilities such as:
- Overseeing contract signing
The lawyer ensures that both parties sign the contract and agree to the terms. Once the buyer exercises the OTP (Option To Purchase), they should give their lawyer 4% of the total purchase price.
- Performing a title search
The lawyer’s responsibility is to do a title search to find out whether a property has an outstanding mortgage, what type of property it is, the owners’ names, and the lease’s length.
- Lodging property caveats and making payments
Property caveats will notify third parties that the buyer has an interest in the property. Downpayment is also due at this point, and the lawyer collects this money. It is placed in a conveyancing account, …