Hosted by our two senior real estate agents and presented by our Head of Mortgage Advisory & Legal Conveyancing, Nicholas Tan, our two-hour seminar treated our participants to an exciting day learning about:
- Top 5 Legal Conveyancing Mistakes
- Difficult Questions Following a Loss, Death, Divorce, Separation
- What Happens to Your BTO After Calling Off Your Engagement?
- Choosing the Right Lawyer
If you didn’t make it to the seminar, here are the key takeaways.
Top 5 Legal Conveyancing Mistakes
Mistake 1: Expectation that the Property Agent Will Handle Everything
Legal conveyancing seals the deal when selling your property. It is the process of taking possession and transfer of the property title. Once the property is ready to be transferred, as a seller, you will handover it to the buyer.
But not all property agents have conveyancing background. Hence, there is a mismatch on expectations of who directly liaises with the customer. A property agent can advise you, but you need to engage a legal conveyancing lawyer to seal the deal.
Mistake 2: Choosing the Lowest Price as the Only Consideration
Check thoroughly on the quality and trustworthiness of the engaged law firm because the lowest price does not mean that they are the best option. Ensure that the law firm will conduct the completion of all mandatory filings and searches.
Mistake 3: Last Minute Appointment with the Law Firm
It is not uncommon for customers to keep comparing prices of legal conveyancing services, but while doing so, the timeline is overlooked. Hence, you need to secure an appointment with the lawyer in advance to avoid extra charges by the bank or HDB.
Mistake 4: Engaging an Unknown Law Firm
Home sellers – especially first-timers – need to understand that banks have a strict empanelment process. Some would start searching for the cheapest law firm to conduct legal conveyancing on their behalf, only to find out later that it is not part of the bank’s panel.
The law firm will advise you whether they can act for you or not, so better be safe than sorry so you don’t waste your precious time.
Mistake 5: Not Cooperating throughout the Conveyancing Process
There are cases when homeowners or buyers procrastinate the document collection, but this will lead to the delay of the completion of Sale or Purchase.
Now that you know these common legal conveyancing mistakes, you’ll be aware of what to avoid. Legal conveyancing happens at the last step when selling or buying a property – which means it’s more important than ever to finish your housing journey right!
Both the sellers and buyers will sign the legal instruments for the transfer of ownership, mortgage, the relevant forms, and undertakings. Lastly, the sellers will hand over the keys to the buyers.
The net sale proceeds (if any) will be released to you upon completion of the resale, and the CPF refund (if any) will be credited to your CPF account between 7 to 14 days from the date of completion.
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If you need professional assistance in selling your home, engage our top-transacting property agents at a fixed fee from $2,888.
