Conveyancing is the legal practice in demand of transferring title in a property from one individual to another within the jurisdictions.
Understandably, purchasing the property from your savings, on loan, or by other means is the expensive purchasing decision in anyone’s life. So, ensure that you get it right with a conveyancing lawyer in Singapore only.
Today, this article will serve you as a guide on employing the conveyancing lawyer that will come around on fixed-fee and reliable relationship.
Do The Background Research
Ensuring a property on background research is the best first move if you are planning to purchase that land. There are chances that the chosen property may be included in non-transferrable clauses. Other things that you should see through:
Eligibility: As per the Residential Property Act, only recognized Singaporeans are in the jurisdiction to purchase residential property. Non-Singaporeans must obtain approval from the Controller.
Land/Floor Area: Do get the idea about the actual existence of the property.
Price: This is important; the price of the property takes high and low showdown. Moreover, the conveyancing process is about property taxes and stamp duties that cost.
Buying Options: Check the finance options with your bank. Without proper finance understanding, the decision of purchasing a property is just a dream.
What services will a conveyancing lawyer in Singapore provide?
There are diverse services that the conveyancing lawyer may provide you, but first of all, the lawyer will conduct a title search to ensure legal formalities and pending cases against the property if those may surface. The other services that you will receive:
Manner of Ownership Holding: Each property moves through multiple owners, and there are chances that the owned property holder is not alive and the next in kin never cared to transfer the property on his/her name. In this case, the legal formalities increase.
Mortgages: Some properties are under or protected by caveats. The lawyer will check all the encumbrances to ensure hassle-free conveyancing.
Property Tenure: Some properties are freehold, leasehold, or community owned. You should need to know what term you may be paying for with the lawyer.
Costing: After all the surface checking and drafting the legal papers, the cost will come around that you will need to pay. The cost may vary when the property ownership transferring will take different routes or have complications.
What happens on signing the contract and payment options?
Once you have made our mind on a property, then you can take your hired lawyer for negotiations and payment options. On some deals, the contract are signed on the spot. You should ensure that all the background checking and legal background checking is favorable for you.
Then, your lawyer will lodge the caveat with the Singapore Land Authority, and things will follow further.
In conclusion, a conveyancing lawyer in Singapore from a law firm as Ho and Wee will help you in taking the possession and transfer of a property title. You will receive a certificate of title, a transfer certificate and keys to the property after legal formalities and payment are completed within the speculated time decided. Indeed, property purchases are complex when comes, but you worry not with a conveyancing lawyer by your side.