SAL Conveyancing Money Service Comparative Table
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What are the differences between opening a conveyancing (“CVY”) account with an Appointed Bank and using SAL’s service?

S/No SAL Conveyancing Money Service  (“CM Service”) CVY Account with Appointed Banks
1. Type of cases handled by SAL:

(a) stakeholding deposits; and 
(b) 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 concerned). 

Note: SAL’s service only extends to the sale and purchase of land (ie freehold and leasehold but not sub-leases, licences and tenancies) which involves a direct relationship between seller and buyer. SAL also does not deal with ancillary transactions like refinancing, mortgages and payments to CPF Board nor handle conveyancing money for any direct sales by housing developers and collective sales.
Can be used to hold all types of conveyancing money arising from conveyancing transactions.
2. No need for account opening before conveyancing money is deposited with SAL. The Law Firm is required to open an account with the Appointed Bank.
3. No need to open operating bank accounts. Payment of fees can be made by cheque, cashier’s order, cash, NETs or credit cards. Some of the Appointed Banks may require the Law Firm to open and maintain a separate operating account in addition to the CVY account from which they can debit their transaction fees and other charges such as the cost of preparing cashier’s order.
Some Appointed Banks may accept payment of their transaction fees by cheque/cashier’s order.
4. Minimum balance fee not applicable to SAL CM service. May require minimum balances in the bank accounts and may charge a fee if balance in the bank account is low.
5. Transaction fee is fixed. Does not offer preferential rate.
Urgent payment out instruction given to SAL that results in less than 3 working days’ notice will attract additional Express Service fee (chargeable per Pay-Out Instruction).
Subject to preferential pricing based on client relationship on a case-to-case basis.
6. Normal fee per Pay-In Form (SAL given at least 3 working days’ notice for payment out) – $160.50 including GST.
Express fee for payment out (i.e. if  payment out instructions is received less than 3 working days  – $107 including GST in addition to the normal fee.
Charges by Appointed Banks range from – free for first year to $150. Please refer to www.mlaw.gov.sg/conveyancing for the indicative fees of the Appointed Banks. The Law Firm may also wish to speak to the Appointed Bank of its choice on its charging model.
7. Submission of forms and collection of cheques / cashier’s orders at only one location – SAL Stakeholding Department located at Level 4M of the Supreme Court building. Offers collection of cheques / cashier’s orders at different branches.
For the available locations, please refer to www.mlaw.gov.sg/conveyancing.
8. Stakeholder indicated in the "Option To Purchase" or "Sale and Purchase Agreement" will be the “Singapore Academy of Law”. Stakeholder indicated in the "Option To Purchase" or "Sale and Purchase Agreement" will be the Vendor’s solicitor.
9. SAL cheques will be used for payment out. Will buy cashier’s order only if payee is a bank or financial institution. Payment out will be by cashier’s order only.
10. Parties (i.e. Purchasers and Vendors) will have to sign the “Form 8 Pay IN” or “Form 8A Pay IN” (when ePI Pay-In Form is ready).
Solicitors appointed by the parties will also need to sign on the Pay-In Forms.
Parties (i.e. Purchasers and Vendors) need not sign the Pay-In Form.
Solicitors simply need to submit the Pay-In Form to the Appointed Bank after depositing the conveyancing money into the CVY account.
11. Types of manual forms to use when ePI is not ready / down:

Use SAL Form 8 for Pay In and Form 9 for Pay Out, to be downloaded from the following website: http://www.sal.org.sg/Services/Stakeholding-Conveyancing/Forms-and-Instructions
Types of manual forms to use when ePI is not ready / down:
Use Pay-In Form, Pay-Out Form A, Pay-Out Form BC and / or their variation forms, to be downloaded from the following website: www.mlaw.gov.sg/conveyancing.
12. The conveyancing money shall be paid, and the Pay-In Form shall be given, to the Academy not less than 14 days before the Academy is required to pay out part of the conveyancing money to any payee specified in a Pay-Out Form or variation Pay-Out Form. Different Appointed Banks may have different cut-off times. Please check with the relevant Appointed Bank.
13. Requires at least 3 working days’ notice. If notice is given less than 3 working days, additional Express service fee is payable. Different Appointed Banks may have different cut-off times. Please check with the relevant Appointed Bank.
14. SAL will send Payment In and Payment Out report to the parties or their appointed solicitors. Different Appointed Banks may have different cut-off times. Please check with the relevant Appointed Bank.
15. Cheque / cashier’s order collection will be in the afternoon of the Expected Date of Collection stated on the Pay-Out Form. Collection timing is from 2.30 pm to latest 5.30 pm. Different Appointed Banks may have different cut-off times. Please check with the relevant Appointed Bank.
16. The SAL Stakeholding department will be closed at 12 noon on working days that coincide with eves of Christmas, New Year and Chinese New Year. Different Appointed Banks may have different cut-off times. Please check with the relevant Appointed Bank.

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