| Q1: |
What
are my lawyer's duties to complete the sale of my property? |
|
Your lawyer has to do the following:
a) Completion account: give an account
to your buyer's lawyer regarding the money for
the payment of your property, and the necessary bills your buyer
has to pay on the day the sale transaction
is completed.
b) Transfer: to get all documents signed
and ready for exchange on the date of completion.
c) Discharge of mortgage/ CPF charge.
d) Place & Time: arrange for the time
and place for all parties involved to meet.
e) Attendance: meet all parties involved
to exchange the documents, payment and keys.
f) Notice of Transfer: (within one month
of the completion) to notify the Property Tax Department
that you are the new owner of the property.
|
| Q2: |
I
am now in the midst of completing the sale of my property, and I wish
to use another to represent me, is this possible? |
|
Yes, but you have to pay your current
lawyer for the work he/she has already done.
|
| Q3: |
Are
there benefits from getting my Buyer to use the same lawyer as I for the
sale transaction? |
|
You will only need to pay ¼ of the scale
costs instead of ½ the scale costs if the both of you use the same lawyer.
However, this is not advisable since a conflict of interest could arise.
|
| Q4: |
What are "scale costs" ? |
|
It is the legal fees payable to Lawyers
for property transactions, because the fees are fixed by law to a scale.
|
| Q5:
|
Can you estimate the amount of money I have to fork out for legal fees?
|
|
The legal fees are currently
based on a scale which is dependent on the selling price of the property.
In general your legal fees should not exceed 1% of the selling price
of your property.
more
info on legal cost ...
|
| Q6: |
Can
my lawyer also act as my estate agent and receive a commission on the
transaction? |
|
No, he may not do so.
|
| Q7: |
Can
my lawyer give a discount for my legal fees? |
|
Strictly speaking, no. Giving discounts
may be seen as a marketing gimmick to attract business unfairly.
|
| Q8: |
Is
my lawyer entitled to charge additional fees on top of the prescribed
scale costs? |
|
Yes, your lawyer may charge you an additional
fee for situations that require "special exertion" and has to be executed
within an exceptionally short time.
|
