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Whether you are a local or a buyer living overseas, purchasing property in Singapore is a great investment and an exciting opportunity. As with buying property anywhere in the world though, it can also be a somewhat daunting and complicated legal process. For many people, this will be the most expensive purchase they make in their lifetimes!
Fortunately, the process is made much easier with the help of a conveyancer. In this post, we’ll explore precisely what a conveyancer does, and why you should let us handle the process for you.
What Does a Conveyancing Lawyer Do?
Conveyance essentially is the process of transferring a legal ‘title’ from one person to another. A title is a ‘bundle of rights’ regarding the property.
This means that you will not only buy the physical brick and mortar of the property, but also the right to access easement for instance, and the right to live in that property/modify it/sell it etc. Without getting the correct title to your property, you will be limited in what you can do with your new home and so this is very important.
Traditionally, this would take place around a table then where you will have three attorneys to represent you, the seller of the property and the bank or lender of the mortgage respectively. Here they will literally pass the papers and the contracts between one another that they have previously prepared. On the part of the buyer – you – that paper will be your offer contract which will have been written out to once again protect your rights in the purchase.
This contract for instance will normally give you the right to pull out of the purchase in the case that the property is found to be unfit for purpose by your surveyor, or if you should find defects in the title which prevent you from getting all the rights that you should get. Of course, these days, a conveyancer will often be able to work remotely, without needing to be physically present with the buyer.
Conveyancing in Singapore also means following local laws and regulations. There are many factors to consider such as the size of the property, the price, and financing options. Only Singaporeans are entitled to purchase residential property, meaning that immigrants will need to go through additional steps.
They will need to obtain approval from the Controller of Residential Property for example. These are all things that a conveyancer can help with. That’s the technical explanation, but in reality, it’s often easier to simply remember that a conveyancer is someone you need to carry out the purchase of a home.
Roles of the Conveyancing Lawyer
Your conveyancing law firm has several roles that are crucial to ensuring this transaction goes smoothly. For one they will be able to help you by preparing your offer contract in such a way that you are tied into the property before you want to be. At the same time, they will represent you during the conveyancing process and pass the papers on your behalf.
Finally, you will use them to go over your title and to make sure that you have all the rights that you should have. For instance, you might find that the title might mean that one day the council could build a road through your land. Using your conveyancing law firm, you can ensure that your title doesn’t have any such problems so that you don’t end up making an ill-advised purchase.
If you are about to buy or sell property in Singapore, then consider giving us a call. We take great pride in what we do and go the extra mile to put our clients are ease. We are professional, knowledgeable, and extremely efficient. We understand just how emotionally charged the process of buying a home can be, which is why we go to great lengths to be communicative, helpful, and reliable. With us, you are in safe hands.
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