What is conveyancing?
Simply said, conveyancing relates to the legal process of transferring the right of ownership of a property from one to another. However, this process can be greatly varied due to the different types of properties available and the laws governing and or influencing the process can also vary in each instance. Different buyers and sellers, with their different statuses and eligibility can also bring complication to the transaction. Leases between landlords and tenants are also often brought to the attention of a lawyer (sometimes known as a conveyancer) who provide assistance in drafting contracts – especially if it is a complex and high value transaction.
Why is everyone involved in conveyancing one way or another?
As long as human beings require shelter, societies will have rules governing land, buildings and homes. Depending on the geopolitical influences of the community, people may or may not prefer to own homes and land – but they would still deal with acquiring space for building families, doing business, such as growing food. Knowing the rights accorded to the homeowner, landowner, tenant and landlord protects the individuals whereas knowing the law that governs the use of the land helps protect the rights of those who are his neighbours. Land, (and therefore space) as a limited resource, can also be in high demand, and thus involving lots of money.
How else is everyone involved?
Real estate transactions range from short-term leases (minimum 6 months for private residential properties in Singapore) to multi-million purchases of multi-storey buildings of different uses (mixed developments may involve office, retail and residential within the same building). Government authorities enforce regulations which are influenced by public policies and these regulations may be complex and costly to adhere to. Buyers, sellers, tenants and landlords may thus prefer to to engage the use of professionals such as lawyers and real estate agents to assist them through their sales, purchase and lease agreements. In addition, since properties may form a good portion of personal, and or corporate assets, taxation and trust professionals (estate planners and accountants) may also be engaged to work out solutions for holding multiple properties for the benefits of shareholders and dependents.
Properties may also have issues that result from the time they were built – these damages may take time to reveal themselves. Developers therefore have responsibilities that extend beyond handing over the completed building on time. And conveyancing may also involve the understanding of the legislation of building requirements and the obligations of developers.
How can Asia Law Network assist you in conveyancing matters?
You may want to consult several lawyers to get specific and customized advice and clarity on conveyancing for your transaction, and also to get multiple quotations. You can either choose and directly contact a lawyer specializing in real estate for a quotation HERE or speak with an experienced real estate lawyer for a transparent, flat fee of S$49 with an Asia Law Network Quick Consult HERE.
This article is written by Johanna Tay from KF Property Network Pte Ltd.
This article does not constitute legal advice or a legal opinion on any matter discussed and, accordingly, it should not be relied upon. It should not be regarded as a comprehensive statement of the law and practice in this area. If you require any advice or information, please speak to practicing lawyer in your jurisdiction. No individual who is a member, partner, shareholder or consultant of, in or to any constituent part of Interstellar Group Pte. Ltd. accepts or assumes responsibility, or has any liability, to any person in respect of this article.