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What is the primary responsibility of the vendor's solicitors after legal completion?
Which document must the purchaser's solicitors submit to the CPF Board's solicitors for registration?
What must the vendor's discharging mortgagee's solicitors do by 10 a.m. following legal completion?
Which of the following is NOT a responsibility of the vendor during the follow-up after legal completion?
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What must vendor's solicitors ensure regarding the discharging documents?
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What is the first step for the Purchaser's Solicitors following legal completion?
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What document must the Purchaser's Charging CPF Chargee’s Solicitors register?
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What must be delivered to Purchaser's Mortgagee’s Solicitors after the registration of the Mortgage?
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What advice should the Purchaser's Solicitors give to the Purchaser regarding tax?
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What is the role of Purchaser’s Mortgagee’s Solicitors regarding the Mortgage?
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What must the Purchaser's Solicitors do before sending copies of the Notice of Transfer?
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What document is specifically required to be countersigned by the Purchaser’s Solicitors?
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What is the last step for the Purchaser’s Solicitors regarding the Mortgage?
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What does legal completion typically refer to?
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Where should legal completion occur for a property subject to a CPF Charge?
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Which of the following is NOT a preparation step required from the vendor’s solicitors?
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What must the purchaser do to provide the cash difference during legal completion?
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Which task is the responsibility of Purchaser’s Mortgagee’s Solicitors?
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What document must the vendor’s discharging CPF Chargee’s solicitors prepare?
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After legal completion, what is a key responsibility for the purchaser’s solicitors?
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What is a requirement from the vendor before legal completion can occur?
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Which task is required from the Purchaser’s Charging CPFB’s solicitors?
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What should the vendor do to address property tax before legal completion?
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Study Notes
Legal Completion
- Legal completion refers to the final transfer of ownership of a property and settlement of all financial transactions.
- It involves the exchange of documents, payment of outstanding charges and transfer of title deeds.
- The completion process can involve several parties, including lawyers, banks, and the CPF Board.
Participants in a Legal Completion
- Vendor’s Solicitors: Legal representatives of the seller.
- Vendor’s Discharging CPF Chargee’s Solicitors: Lawyers representing the CPF Board, if there is a CPF charge on the property.
- Vendor’s Discharging Mortgagee’s Solicitors: Lawyers representing the mortgage lender, if there is a mortgage on the property.
- Purchaser’s Solicitors: Legal representatives of the buyer.
- Purchaser’s Charging CPF Chargee’s Solicitors: Lawyers representing the CPF Board, if the buyer is using their CPF funds for part of the purchase.
- Purchaser’s Mortgagee’s Solicitors: Lawyers representing the mortgage lender, if the buyer is getting a mortgage to finance the purchase.
Where Legal Completion Takes Place
- Property subject to CPF Charge: Vendor’s discharging CPF Chargee’s Solicitor’s office.
- Property subject to Mortgage w/o CPF Charge: Vendor’s discharging Mortgagee’s Solicitor’s office.
- Property not subject to CPF Charge or Mortgage: Vendor’s Solicitor’s office.
- Property’s title not yet fully issued: Developer’s Solicitor’s office.
Preparations for Legal Completion - Vendor
- Sign all necessary documents.
- Provide proof of payment of all property taxes and maintenance fees.
- Hand over the tenancy agreement and spare keys to their solicitors.
Preparations for Legal Completion - Vendor’s Discharging CPF Chargee’s Solicitors
- Sign the Digital Application to Notify Total Discharge of Charge to the CPF Board.
- Issue their legal fees invoice.
- Prepare a notification letter to the Vendor’s Solicitors.
Preparations for Legal Completion - Vendor’s Discharging Mortgagee’s Solicitors
- Obtain the signed Digital Total Discharge of Mortgage and Authorization Form (if applicable).
- Issue their legal fees invoice.
- Obtain an updated redemption statement on the morning of legal completion.
- Prepare a notification letter to the Vendor’s Solicitors.
Preparations for Legal Completion - Vendor’s Solicitors
- Arrange to release stakeholder monies from the Conveyancing ("CVY") Account.
- Prepare letters to the Management Corporation, tenant, and draft a Notice of Transfer to IRAS.
- Issue checks to pay legal fees of discharging CPF Board’s and mortgagee’s solicitors, as well as registration fees for discharging documents.
- Prepare notification letters to the Purchaser’s Solicitors, and both discharging solicitors.
Preparations for Legal Completion - Purchaser
- Sign all necessary documents.
- Either deliver the required cashier's order to their solicitor or pay cash difference to their CVY account.
Preparations for Legal Completion - Purchaser’s Discharging CPF Chargee’s Solicitors
- Sign the Digital Application to Notify Charge.
- Arrange for release of the purchaser’s CPF monies via cashier’s orders form their CVY account.
- Conduct updated searches for the title.
- Prepare notification letters to the Purchaser’s Solicitors.
Preparations for Legal Completion - Purchaser’s Discharging Mortgagee’s Solicitors
- Ensure both the purchaser and the mortgagee sign the mortgage document.
- Arrange for release of the mortgage loan and collect cashier’s orders from the mortgagee’s office.
- Conduct updated searches for the title.
- Prepare notification letters to the Purchaser’s Solicitors.
Preparations for Legal Completion - Purchaser’s Solicitors
- Arrange for the release of cashier's orders from the CVY account if the buyer paid the cash difference into the CVY account, otherwise, they will collect them from the buyer directly.
- Prepare a check to pay the registration fee for the transfer and the stamp fee for the mortgage.
- Prepare letters to: Vendor’s Solicitors, Purchaser’s CPF Chargee's and Mortgagee’s Solicitors.
- Prepare checks to pay the legal fees of the CPF Chargee’s and Mortgagee’s Solicitors.
- Conduct updated searches for the title.
Follow up after Legal Completion - Purchaser’s Solicitors
- Arrange to collect cashier’s orders from Purchaser’s Charging CPFB’s Solicitors (this is required to obtain a mortgage loan from a bank).
- Provide the cashier’s orders to the Vendor’s solicitors.
- Advise the Purchaser on applying to IRAS for owner occupier tax status, when they can move in and start living in the property.
- Send a letter to, and countersign it from the Management Corporation.
- Send copies of the Notice of Transfer and the title deed to the Purchaser when obtained.
- Inform the CPF Board’s Charging Solicitors when the monthly instalment repayment to the Mortgagee should start.
Follow up after Legal Completion - Vendor
- Collect all necessary cashier’s orders, checks, and copies of documents from their solicitors.
- Provide the cashier's order that is due to the CPF Board to the Vendor's discharging CPF Board's solicitors, in exchange for the discharge documents.
- Provide the other cashier's order to the bank's discharging solicitors in exchange for the mortgage discharging documents.
- Return the documents to the purchaser’s solicitors.
Follow up after Legal Completion - Vendor’s Solicitors
- Ensure all discharging documents are encrypted and access is granted to the Purchaser’s Charging CPF Board’s Solicitors.
- Electronically file the Notice of Transfer to IRAS.
- Send a letter to the Tenant.
- Hand over all cashier’s orders, checks, and copies of documents to the Vendor.
- Inform the Vendor, CPF Chargee & Mortgagee about the final registration of the discharge documents.
Follow up after Legal Completion - Vendor’s Discharging CPF Board’s Solicitors
- Deliver the cashier’s order to the CPF Board the next business day after completion.
Follow up after Legal Completion - Vendor’s Discharging Mortgagee’s Solicitors
- Deliver the cashier’s order to the Mortgagee by 10:00am the next business day following completion.
- Obtain confirmation of the registration of the discharge document and inform the Mortgagee.
Follow up after Legal Completion - Purchaser
- Collect the tenancy agreement, spare keys, and copies of documents from their solicitors.
Follow up after Legal Completion - Purchaser’s Charging CPF Chargee’s Solicitors
- Stamp the Mortgage and register all discharging documents, Transfer, Application to Notify CPF Charge & Mortgage at the Singapore Land Authority.
- After registration, deliver the Mortgage and a copy of the electronic title deed to the Purchaser’s Mortgagee’s Solicitors for delivery to Mortgagees for safe-keeping purposes.
Follow up after Legal Completion - Purchaser’s Mortgagee’s Solicitors
- Encrypt the Mortgage and grant access to the CPF Chargee’s Solicitors to register.
- Obtain confirmation of the registration of the Mortgage and send a Completion Report to the Mortgagee.
- Upon receipt of the Mortgage and a copy of the electronic title deed, deliver to the Mortgagee for safe-keeping.
- Obtain the legal subsidy (if applicable) and deliver it to the Purchaser’s Solicitors.
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Description
This quiz explores the process of legal completion in property transactions, including the final transfer of ownership and the roles of various participants involved. Understand the responsibilities of solicitors for both vendors and purchasers, as well as the impact of CPF charges and mortgages on the completion process.
