The Singapore Academy of Law (“SAL”) is one of the Appointed Entities designated by the Minister for Law with which conveyancing money may be held for the purposes of the Conveyancing and Law of Property (Conveyancing) Rules 2011. This will take effect on 1 August 2011.

The role of SAL is to serve as an independent depository to both buyer and seller in place of a law firm’s Conveyancing Account.

With effect from 25 November 2011, the Singapore Academy of Law (Conveyancing Money) Rules 2011 (“the Rules”) is amended in the following manner:

  1. Inclusion of SAL as a Category A payee where conveyancing money is payable to SAL as stakeholder; and
  2. The definitions of “Vendor” and “Purchaser” amended to include an attorney acting under a Power of Attorney.

See the Singapore Academy of Law (Conveyancing Money) Rules 2011.

 

Governing Rules
The solicitor’s duty in respect of the holding of all conveyancing moneys in Singapore are governed by the Conveyancing and Law of Property (Conveyancing) Rules 2011.

If conveyancing moneys are placed with the SAL instead of solicitors, the rules for payment in and payment out of conveyancing moneys under the SAL service will be governed by –

  1. Conveyancing and Law of Property (Conveyancing) Rules 2011; and

  2. Singapore Academy of Law (Conveyancing Money) Rules 2011.

 

Scope of Service
The SAL service will be available for 2 types of conveyancing moneys:
  1. stakeholding deposits; and
  2. conveyancing money (other than stakeholding deposits) (ie Purchaser’s or Vendor’s money to be used for the settlement of the Sale and Purchase of the property concern).

Stakeholding Deposit
Payment in of the stakeholding deposit into any one of the SAL’s designated bank accounts should be accompanied by the Pay-In Form, sent directly to the SAL.

As stakeholder, the Academy will release the stakeholding deposit when instructed to do so by both the Purchaser and the Vendor (or their solicitors).   Instructions will have to be given 3 working days ahead of the completion date for normal service, and before the cut-off-time on the date of completion for express service.  The expected date of collection of cheques from the SAL’s premises is usually the completion date.

Payments will be made to Category A, B and C payees as jointly advised by both sides, requiring signatures from both sides.

 

Conveyancing Money (Other than Stakeholding Deposits)
Parties may make use of this service to pay in conveyancing moneys (other than stakeholding deposit) in advance of completion date. Payment may be made directly to any one of the SAL’s designated bank accounts in the local banks. Payment should be accompanied by the Pay-In Form, sent directly to SAL.

Again, instructions have to be given 3 working days ahead of the completion date for normal service, and before the cut-off-time on the date of completion for express service. The expected date of collection of cheques from the SAL’s premises is usually the completion date, unless otherwise advised.

Payment out to Category A payees will require only the signature of the party who chooses to deposit the conveyancing money with the SAL.

Payment out to Category B and C payees will require a counter-signatory from the other side.

 

Service Fee
Normal Service fee is to be paid at the time the Pay-In Form is submitted to SAL. If Express Service is required (ie less than 3 working days’ notice given to SAL), additional Express Service fee is to be paid at time of collection of the cheque / cashier’s order from SAL.

 

Mode of Payment
All payment out by the SAL will be on the following modes of payment:
  1. By cashier’s order for payments to discharging mortgagees;
  2. By SAL cheques for all other categories of payees.
 

Forms for Download
IconConveyancing Money Service InstructionsRevised as at 18 July 2011
IconForm 8 - Pay INRevised as at 18 July 2011
IconForm 8A - Pay INRevised as at 18 July 2011
IconForm 9 - Pay OUTRevised as at 18 July 2011