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Law Society updates rules for property deals
[2012] 20 Jan_BT
Law Society updates rules for property deals
Business Times
THE Law Society of Singapore has updated a set of standard terms and conditions for consideration by property buyers and sellers to be included in their contracts.
Called the Conditions of Sale 2012, the standard brings the earlier Conditions of Sale 1999 up to date with modern conveyancing practices. Among the changes made is a revision to the rate for interest payable on late completion due to the default of a party to 8 per cent per annum, down from 10 per cent previously.
The amended rate took into account existing market interest rates and extensive consultation with conveyancing practitioners and other interested stakeholders.
'It is considered that the reduced rate would be adequate compensation for the non-defaulting party, be it the purchaser or the vendor,' the Law Society wrote in a statement.
The 2012 Conditions also takes into account recent changes in legislation related to property transactions, such as new measures implemented from Aug 1 last year to safeguard conveyancing money.
These include new conditions on payments to be made to solicitors' conveyancing accounts and the obligations for both the vendor and purchaser towards payment of additional stamp duty.
The public can download a copy of the 2012 Conditions and an explanatory brochure at the Law Society's website at www.lawsociety.org.sg.
Source: Business Times © Singapore Press Holdings Ltd. Permission required for reproduction.
Law Society updates rules for property deals
[2012] 20 Jan_BT
Law Society updates rules for property deals
Business Times
THE Law Society of Singapore has updated a set of standard terms and conditions for consideration by property buyers and sellers to be included in their contracts.
Called the Conditions of Sale 2012, the standard brings the earlier Conditions of Sale 1999 up to date with modern conveyancing practices. Among the changes made is a revision to the rate for interest payable on late completion due to the default of a party to 8 per cent per annum, down from 10 per cent previously.
The amended rate took into account existing market interest rates and extensive consultation with conveyancing practitioners and other interested stakeholders.
'It is considered that the reduced rate would be adequate compensation for the non-defaulting party, be it the purchaser or the vendor,' the Law Society wrote in a statement.
The 2012 Conditions also takes into account recent changes in legislation related to property transactions, such as new measures implemented from Aug 1 last year to safeguard conveyancing money.
These include new conditions on payments to be made to solicitors' conveyancing accounts and the obligations for both the vendor and purchaser towards payment of additional stamp duty.
The public can download a copy of the 2012 Conditions and an explanatory brochure at the Law Society's website at www.lawsociety.org.sg.
Source: Business Times © Singapore Press Holdings Ltd. Permission required for reproduction.
