Role and responsibility of lawyers when buying/selling property

[ccc]

Hi,

I am a newbie in buying/selling property. Can anyone advise me on the role and responsibility of the lawyers when buying/selling property?

E.g buying-> lodge Caveat? My lawyer did not even lodge my property caveat till I check in ura few months later. I drop an email and they just replied that my caveat will appear within 2 weeks.

Buying-> brief us on the details or confirm with developers on the details as they like to define that flooring can be marble or homogenous in the s&p? I

In short, since we are paying them a fee, what can they do or value add their services. Hope to learn from all the experts here.

[evergreen]

The only information I managed to find is from the Singapore law society.
http://www.lawsociety.org.sg/public/...ing_house.aspx

The law firm clerk said that the condo S&P is a standard one so the lawyer does not need to review ahead of the meeting. The lawyer will only explain the important parts of the document.

[ysyap]

There are many things the lawyers do for you.

1. Check on status of buyers/sellers or buyers/developer's background for bankruptcy, etc.
2. Check on the unit, house, etc which you are buying whether is the land subjected to be taken back by govt, etc for whatever reasons (Match with masterplan).
3. Liaise with banks for disbursement of funds
4. Liaise with developer/seller's lawyers to complete sales
5. Write to developer should the buyer request for certain things like type of tiles, amendments to the position of the door, etc
6. Be the central party to keep the funds and await the correct time, etc to release them either to developer or seller
7. Attend to any complaints or dissatisfactions the buyer might have concerning the unit he/she's buying. No need to directly confront developer or seller or even the agent to reduce confrontations and further disputes. Just get the lawyer to represent the buyer but if legal measures are required to take the erring party to task, probably further charges apply!
8. Walk through with the buyers on the thick documents from banks and developers concerning the purchase of a property, from OTP to S&P, etc. Legal documents are really a pain to read through!
9. Write to CPF to advise them on the use of cpf funds for monthly servcing of the mortgage loan or for the payment of stamp duty fee!
10. Settle any outstanding funds (sinking funds or maintenance fee) or car disc, etc by the seller with the estate office (some lawyers will tell the seller to diy but some actually will contact the estate office directly to get the exact figures)

I may just add that most of these cases, it is the signature of the lawyer that is most important. Many of those things above can be easily done by the lawyer's secretary but its the signature that is recognised by the relevant authorities.

I've also encountered many different types of lawyers with weird working styles. One told me he'll only see me when I ask for it. Otherwise he'll do the work but the secretary will meet me to go through all the stuff, etc. Another lawyer just meet me and quickly go through the paper work without rendering me advice if I don't ask... All sorts of lawyers around! Best are those who take your money and run. Good thing I haven't met any of those!

[kingkong1984]

haha...

run away into far far land...

whatever style, just make sure it gets the job done right.

[amk]

To op, u do know lodging a caveat is optional rite ?

In any case, for conveyancing , the only real work is to ensure the pty in question is legally "sellable", i.e. seller really in the capacity to sell ? Pty free from incumberance ? etc. For landed it's far more troublesome. All other duties are not strictly in the scope. Lawyer does this and that because of competition. Small things like claim vacancy, pty tax , apply CPF, manage payments, write in special request, etc. Seriously 2/3k a case it's just mostly paperwork for the clerk. So these extras some lawyers can refuse to do.

[ysyap]

To op, u do know lodging a caveat is optional rite ?

In any case, for conveyancing , the only real work is to ensure the pty in question is legally "sellable", i.e. seller really in the capacity to sell ? Pty free from incumberance ? etc. For landed it's far more troublesome. All other duties are not strictly in the scope. Lawyer does this and that because of competition. Small things like claim vacancy, pty tax , apply CPF, manage payments, write in special request, etc. Seriously 2/3k a case it's just mostly paperwork for the clerk. So these extras some lawyers can refuse to do.

I'm not the expert but as you've mentioned, its competitive so more often than not, lawyers would do all those extras to ensure a steady stream of demand for their service. It's pretty ok to assume the lawyers will do it if not major hiccup! Cheers! I would really expect them to otherwise I'll source elsewhere or they'll loose me as a customer for my next purchase!

[propertyguru]

I'm not the expert but as you've mentioned, its competitive so more often than not, lawyers would do all those extras to ensure a steady stream of demand for their service. It's pretty ok to assume the lawyers will do it if not major hiccup! Cheers! I would really expect them to otherwise I'll source elsewhere or they'll loose me as a customer for my next purchase!

For most purchases, the lawyers are dictated by who is on the bank's panel anyway. Unless you are prepared to fork out extra, otherwise it's the smallest firms which will charge within the bank's legal subsidy.

[ysyap]

For most purchases, the lawyers are dictated by who is on the bank's panel anyway. Unless you are prepared to fork out extra, otherwise it's the smallest firms which will charge within the bank's legal subsidy.

I had seen very small law firms charging more expensive than a very huge law firm. My thoery is simple. This huge law firm probably started small and because their charges are within the bank's subsidy, the cash flow started streaming in and in a bid to maintain that cash flow, they kept their rates constant even after they've expanded.

[blackjack21trader]

There are many things the lawyers do for you.

1. Check on status of buyers/sellers or buyers/developer's background for bankruptcy, etc.
2. Check on the unit, house, etc which you are buying whether is the land subjected to be taken back by govt, etc for whatever reasons (Match with masterplan).
3. Liaise with banks for disbursement of funds
4. Liaise with developer/seller's lawyers to complete sales
5. Write to developer should the buyer request for certain things like type of tiles, amendments to the position of the door, etc
6. Be the central party to keep the funds and await the correct time, etc to release them either to developer or seller
7. Attend to any complaints or dissatisfactions the buyer might have concerning the unit he/she's buying. No need to directly confront developer or seller or even the agent to reduce confrontations and further disputes. Just get the lawyer to represent the buyer but if legal measures are required to take the erring party to task, probably further charges apply!
8. Walk through with the buyers on the thick documents from banks and developers concerning the purchase of a property, from OTP to S&P, etc. Legal documents are really a pain to read through!
9. Write to CPF to advise them on the use of cpf funds for monthly servcing of the mortgage loan or for the payment of stamp duty fee!
10. Settle any outstanding funds (sinking funds or maintenance fee) or car disc, etc by the seller with the estate office (some lawyers will tell the seller to diy but some actually will contact the estate office directly to get the exact figures)

I may just add that most of these cases, it is the signature of the lawyer that is most important. Many of those things above can be easily done by the lawyer's secretary but its the signature that is recognised by the relevant authorities.

I've also encountered many different types of lawyers with weird working styles. One told me he'll only see me when I ask for it. Otherwise he'll do the work but the secretary will meet me to go through all the stuff, etc. Another lawyer just meet me and quickly go through the paper work without rendering me advice if I don't ask... All sorts of lawyers around! Best are those who take your money and run. Good thing I haven't met any of those!

Great info there ! Thanks for sharing, brother !