- Conveyancing is the legal transfer of ownership from seller to buyer.
- The lawyer checks the title for mortgages, caveats and other encumbrances before you commit further.
- They coordinate with your bank, the CPF Board, IRAS and the Singapore Land Authority.
- Most purchases take around two to three months from contract to completion.
What conveyancing means
Conveyancing is the process of transferring the legal title to a property from one owner to the next. In Singapore it is handled by a qualified lawyer, who prepares and checks the documents and lodges them with the Singapore Land Authority (SLA) so that the new owner is recorded on the land register.
The work covers HDB flats, private condominiums, landed homes, and commercial and industrial property, although the details differ for each.
Checking the property before you are bound
One of the lawyer's first jobs is to look closely at what you are buying. They search the land register to confirm who owns the property and whether there is anything registered against it. Typical checks include:
- That the seller is the registered owner and can pass good title.
- Existing mortgages, caveats or other claims against the property.
- The tenure, and for leasehold property how much of the lease remains.
- Whether the property is affected by government acquisition plans.
Protecting your interest
Once a buyer has a binding contract, their lawyer usually lodges a caveat with the SLA. A caveat is a public notice on the register that the buyer has an interest in the property, which helps stop the seller from dealing with it behind the buyer's back.
Handling the money and the paperwork
Buying a home usually involves several parties besides the buyer and seller. The lawyer brings these together so that everything is ready on the completion date:
- Preparing and reviewing the contract and transfer documents.
- Working with your bank on the mortgage documents and the loan drawdown.
- Applying to the CPF Board if you are using CPF savings.
- Arranging payment of stamp duty to IRAS within the deadline.
- Preparing the completion account, which sets out exactly who pays what on the day.
- Lodging the transfer and any new mortgage with the SLA after completion.
How long it takes
Firms describe a typical private property purchase as taking around two to three months, with ten to twelve weeks common where there is a bank loan. HDB resale transactions follow HDB's own process and timetable. The exact dates depend on the contract, the bank and, for HDB flats, HDB's approval.
Every purchase or sale is a little different. A lawyer can look at your situation and explain what will happen and when.
This article is general information on Singapore law and is not legal advice. Rules and agency policies change, and every situation is different. For advice on your own circumstances, speak with one of our lawyers.
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