Ministry of Law proposes new measures to safeguard conveyancing money

The Conveyancing Bill aims to address the risk of rogue lawyers defalcating clients' conveyancing money.

According to the Ministry of Law, the Conveyancing Bill makes amendments to the Conveyancing Law and Property Act and the Legal Profession Act. This will safeguard the conveyancing money belonging to buyes and sellers of property.

Money for the purchase or from the sale of a home makes up a substantial portion of an individual's assets, and should be properly protected.

According to the Conveyancing (Miscellaneous Amendments) Bill, lawyers will no longer be allowed to receive and hold conveyancing money in their normal client accounts. They will only be allowed to receive and hold conveyancing money in a new type of bank account, called a Conveyancing Account.

As a support to the measures, the Singapore Land Authority will launch a new electronic Payment Instruction service to provide anefficient and secure environment for lawyers to initiate pay-out instructions and countersign digitally.