This question has been asked by many expats whom I’ve met. Basically, Conveyancing is a transfer of property to another person.
Conveyancing is one of the necessary steps in buying or selling a property. A Solicitor or Conveyancer will liaise with the relevant parties in the transaction including estate agents, the seller or buyer, mortgage brokers, the buyer’s agent and lenders. They will offer their assistance to facilitate the transaction and have your best interests in mind.
The Solicitor or Conveyancer takes care of many of the formalities associated with the transaction. This includes confirming the settlement date and a breakdown of the monies that need to be adjusted, closed and paid to the parties involved. He will also ensure that the property is correctly transferred into the buyer’s name. The Solicitor or Conveyancer will review the contract of sale, including any special conditions, and advise you of your legal obligations.
The Solicitor or Conveyancer will also review all the documents attached to the contract, such as the Land Registry information, diagrams and council certificates, to ensure that nothing is overlooked. He should explain the documents and the small print before you sign anything.
So, what does a Solicitor or Conveyancer do for you?
Conveyancing is one of the most important services you will need when buying or selling a property. Solicitors and Conveyancers are knowledgeable about property law and can guide you through the conveyancing process. They offer a variety of services such as preparing documents, explaining the small print, researching a particular property and the title deed, calculating rates and taxes, carrying out a property settlement and looking up any easements or other information you may wish to obtain. You can also explain regulations that apply to estates, if applicable.
How much does a solicitor or conveyancer cost?
The fees for instructing a Conveyancer or Solicitor can depend on a number of factors relating to the transaction. In some states, there are restrictions on how much the Solicitor or Conveyancer can charge for their services.
Among the many factors that affect the cost of the services is whether you are buying or selling a property, as this will determine how much research the Solicitor or Conveyancer will need to carry out.
The Solicitor or Conveyancer fees you pay are mainly split into two different parts to cover statutory fees and expenses. Search fees are additional costs that can include a title search, rights of way, easement inquiries, improvements, utilities, and property taxes.
Understanding the services of a Solicitor or Conveyancer and their responsibilities will help you to better appreciate how they can best support and protect you when you are ready to invest in a property. Their support and representation can give you peace of mind and ensure you complete the transaction correctly as you navigate through the process.
In Singapore, using the service of a solicitor will cost about $1800 to $4000 for a transaction.
This includes the use of your CPF and bank loan. If without these options, you can easily negotiate with the solicitor for a better deal.