Understanding the Timeline of Your Conveyancing Process
Curious about how long your conveyance process will take? If you're purchasing a property with an already issued title, often referred to as a "completed property purchase," and plan to secure a bank loan, or if the seller has an existing mortgage that needs to be settled before the sale can proceed, expect the entire conveyancing transaction to typically span about 10 to 12 weeks.
You have paid an option fee to the seller for a property in exchange for an Option and the conveyancing process has now begun! What is next? The Option is usually negotiated with the help of a property agent. Â
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Once you have taken an Option, you will need a lawyer to assist with the rest of the conveyancing transaction. Chat with our team at Attorneys Inc. https://wa.me/6598335755
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#2 If you've decided to engage a lawyer after exercising your option, they'll walk you through the option's terms. If you're securing a bank loan for the purchase, they'll also clarify the mortgage terms. Additionally, they'll handle the necessary paperwork for both the property purchase and mortgage, ensuring all documentation is processed smoothly.
For Singaporean buyers utilizing CPF funds for the purchase, our team offers assistance in navigating this process seamlesslyÂ
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The next stage of the conveyancing process is where the option is exercised. This is a process by which an additional payment is made to the seller's lawyer together with the delivery of the option signed by you as the buyer which results in a binding contract to buy and sell the property. At this point, neither party can back out without legal consequences.
The money that is paid to the seller's lawyer is usually held by the seller's lawyer as a "stakeholder" and is paid into a special conveyancing account of the lawyer's law firm which has special safeguards.
One of the most important aspects of a conveyance transaction is the due diligence to be carried out on the property title to ensure that the seller has "good title" to the property. In addition, your lawyer will also carry out various searches with the relevant government departments to ensure that there are no outstanding issues relating to the property such as unpaid property tax or unauthorized renovations and in the case of a condominium whether there is any outstanding maintenance contributions owed to the management corporation.
In cases of landed property the issue of whether all renovations have been duly approved by the relevant government authority is an important aspect of the purchase.
Completion Account: Typically this will be prepared by the seller's lawyers and reviewed by your lawyer. Once your lawyer has confirmed that the completion account is in order, this will be sent to you so that you can prepare for any additional cash payments you need to make to the seller on completion of the sale and purchase. It is important to note that at completion, the seller's lawyers will only accept cashier's orders for all payments and not checks. Â
 It is therefore important that you set aside enough time to go to the bank to obtain cashier's orders if you have any balance ash payments to make on completion.Â
Completion and Possession. Once completion takes place, your lawyer will exchange the balance of the purchase price for the title documents and the keys, access cards etc. to the property. Â Your lawyer will hand the keys and access cards over to you and start the process of registering the title to the property in your name and the mortgage in the bank's name and if relevant, register a CPF charge against the property. Â You are now the proud owner of your property!
Property purchases can be complex given the many steps involved in the process. The exact procedure also varies depending on whether the property in question is a landed property, HDB flat or condominium. Your lawyer will explain the exact process to you
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Looking to understand the conveyancing process for resale property purchases? Learn about the timeline and legal aspects from Attorneys Inc.
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