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:

  • Inclusion of SAL as a Category A payee where conveyancing money is payable to SAL as stakeholder; and
  • 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 –

  • Conveyancing and Law of Property (Conveyancing) Rules 2011; and
  • Singapore Academy of Law (Conveyancing Money) Rules 2011.

 

Scope of Service

The SAL service will be available for 2 types of conveyancing moneys:

  • stakeholding deposits; and
  • 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).

 

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:

  • By cashier’s order for payments to discharging mortgagees;
  • By SAL cheques for all other categories of payees.

 

Forms for Download
 

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Conveyancing Money Service Instructions

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Form 8 - Pay IN

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Form 8A - Pay IN

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Form 9 - Pay OUT