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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.
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:
- Payment
in of
stakeholding
monies. The
stakeholder will
hold the
instalment
payments until
the appropriate
times for their
payment out to
the Vendor.
- 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)
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63324135
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Ms
Pamela
Lo |
63324154 |
|
Ms Siti
Radiah |
63324176 |
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