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The Academy provides
stakeholding services in
sale and purchase
transactions over newly
developed private
residential properties,
commercial properties and
executive condominiums under
certain statutory schemes
(the “Applicable
Properties”). The
Academy functions as a
stakeholder in place of the
Purchasers' Solicitors for
the last instalment
payments. This involves a
direct deposit service for
Purchasers of the Applicable
Properties to conveniently
pay in their stakeholding
monies through banking
outlets near their homes or
solicitors’ offices.
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All the
three local banks are
participating in the direct
deposit service. The
Singapore Academy of Law
(Stakeholding) Rules (the “Stakeholding
Rules") provide
procedures to ensure that
the payment in and out of
stakeholding monies can be
effected smoothly. There are
two main payment mechanisms:
A. Payment in of
stakeholding monies. The
stakeholder will hold the
instalment payments until
the appropriate times for
their payment out to the
Vendor. B. Payment out of
stakeholding monies. The
Stakeholding Rules provide
procedures for parties to
call for payment out of the
stakeholding monies to the
Vendor and deal with any
authorised deductions which
the Purchaser is entitled to
make under the Sale and
Purchase Agreements, and
deductions which are
disputed by the Vendor.
The Academy also issues
Stakeholding Instructions
and Circulars from time to
time for reference by the
Purchasers and Vendors and
their solicitors. Copies of
the Stakeholding
Instructions and Circulars
can be
downloaded, or
emailed to law firms as a
soft copy upon request.
Alternatively, hard copies
can be obtained from Level
4M of the Singapore Academy
of Law. For any enquiries on the
Singapore Academy of Law
Stakeholding Services,
please call the following
officers: |
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Ms Low Hui Min (Chief
Financial Officer) |
63324135 |
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Ms Pamela Lo |
63324154 |
|
Ms Siti Radiah |
63324176 |
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