Podcast
Questions and Answers
What is the fundamental concept of legal completion?
What is the fundamental concept of legal completion?
- The process of negotiating the sale terms
- The final decree of property ownership from the court
- The exchange of keys and title deeds for payment (correct)
- The transfer of property ownership based solely on contract
Who typically attends a legal completion involving CPF and mortgage?
Who typically attends a legal completion involving CPF and mortgage?
- Only the vendor's solicitor and two representatives from the banks
- An unlimited number of parties depending on the complexity of the sale
- Only the vendor and purchaser
- A maximum of six distinct parties including solicitors (correct)
Where is legal completion typically held if the property has only a CPF charge?
Where is legal completion typically held if the property has only a CPF charge?
- At the purchaser's solicitor's office
- At the developer's solicitor's office
- At the vendor's discharging CPF board solicitor's office (correct)
- At the vendor’s solicitor's office
What timing is most typical for completing legal transactions?
What timing is most typical for completing legal transactions?
What essential document does the vendor need to sign during the completion process?
What essential document does the vendor need to sign during the completion process?
If a property is not subject to any CPF charge or mortgage, where does completion take place?
If a property is not subject to any CPF charge or mortgage, where does completion take place?
Which role can solicitors take during the completion process?
Which role can solicitors take during the completion process?
What assumption is made about the completion parties in a typical legal completion scenario?
What assumption is made about the completion parties in a typical legal completion scenario?
What must the vendor provide to prove everything is in order before legal completion?
What must the vendor provide to prove everything is in order before legal completion?
What document do the vendors discharging CPF board solicitors need to obtain?
What document do the vendors discharging CPF board solicitors need to obtain?
What is necessary for vendors discharging ModGagee solicitors on completion day?
What is necessary for vendors discharging ModGagee solicitors on completion day?
What is a responsibility of the vendor solicitors regarding stakeholder monies?
What is a responsibility of the vendor solicitors regarding stakeholder monies?
What must purchasers accomplish in the property transaction process?
What must purchasers accomplish in the property transaction process?
What is included in the responsibilities of purchasers charging CPF board solicitors?
What is included in the responsibilities of purchasers charging CPF board solicitors?
Which document is essential to discharge the charge on the property?
Which document is essential to discharge the charge on the property?
What do vendor solicitors need to issue checks for during the completion process?
What do vendor solicitors need to issue checks for during the completion process?
What does the purchaser's cash order or cash difference need to be paid into?
What does the purchaser's cash order or cash difference need to be paid into?
Which step is necessary for vendors discharging ModGagee solicitors related to bank funds?
Which step is necessary for vendors discharging ModGagee solicitors related to bank funds?
What is one of the responsibilities of the purchaser's charging CPF solicitors after completion?
What is one of the responsibilities of the purchaser's charging CPF solicitors after completion?
Who is responsible for delivering the title deed to the purchaser's mortgagee solicitor?
Who is responsible for delivering the title deed to the purchaser's mortgagee solicitor?
What must the purchaser's solicitors do after receiving the necessary documentation?
What must the purchaser's solicitors do after receiving the necessary documentation?
What item must the new landlord collect from their purchaser solicitor's office?
What item must the new landlord collect from their purchaser solicitor's office?
Which document is NOT mentioned as part of the responsibilities during completion?
Which document is NOT mentioned as part of the responsibilities during completion?
What is the first action usually performed by the purchaser's solicitors during legal completion?
What is the first action usually performed by the purchaser's solicitors during legal completion?
Which document must the vendor provide after receiving the cashier's orders from the purchaser?
Which document must the vendor provide after receiving the cashier's orders from the purchaser?
What must the purchaser's solicitors prepare regarding fees during the transaction?
What must the purchaser's solicitors prepare regarding fees during the transaction?
What is necessary for the purchaser before acquiring the mortgage loan?
What is necessary for the purchaser before acquiring the mortgage loan?
Who is responsible for conducting updated searches to ensure the title is in order?
Who is responsible for conducting updated searches to ensure the title is in order?
What is the primary function of the vendor's solicitors during the completion process?
What is the primary function of the vendor's solicitors during the completion process?
What amount is indicated as the mortgage loan given to the purchaser?
What amount is indicated as the mortgage loan given to the purchaser?
Which actions are NOT performed by the purchaser's solicitors in this transaction?
Which actions are NOT performed by the purchaser's solicitors in this transaction?
What are solicitors instructed to prepare for the CPF board and bank's lawyers?
What are solicitors instructed to prepare for the CPF board and bank's lawyers?
What is the final action taken by the vendor after receiving the cashier's orders?
What is the final action taken by the vendor after receiving the cashier's orders?
What is the vendor required to collect the day after completion?
What is the vendor required to collect the day after completion?
What must the vendor solicitor do regarding the discharging documents?
What must the vendor solicitor do regarding the discharging documents?
What should happen to the letters sent to the tenant?
What should happen to the letters sent to the tenant?
When must the vendor's discharging ModGagee solicitors deliver the cashier's orders?
When must the vendor's discharging ModGagee solicitors deliver the cashier's orders?
What is the role of the CPF Board Solicitors after completion?
What is the role of the CPF Board Solicitors after completion?
What does the purchaser's solicitor do with the original documents?
What does the purchaser's solicitor do with the original documents?
What must happen after the documents are registered?
What must happen after the documents are registered?
What is included in the pile of documents the vendor receives?
What is included in the pile of documents the vendor receives?
Who is responsible for informing the final registration of discharge documents?
Who is responsible for informing the final registration of discharge documents?
What type of documents does the vendor solicitor have to e-file after completion?
What type of documents does the vendor solicitor have to e-file after completion?
Flashcards
Legal Completion
Legal Completion
The final step in a property transaction, involving the exchange of ownership and payment.
Parties Attending Completion
Parties Attending Completion
Different parties involved in the property transaction, including vendor solicitors, vendors, and purchasers.
Completion Location
Completion Location
The location for the legal exchange of title documents and payment for the property. Location depends on charges like CPF and mortgages.
Vendor's Role in Completion
Vendor's Role in Completion
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Time of Completion
Time of Completion
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CPF Charge
CPF Charge
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Mortgage
Mortgage
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Solicitors' Role
Solicitors' Role
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Property Tax Payment Proof
Property Tax Payment Proof
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Discharge of Charge Documents
Discharge of Charge Documents
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Redemption Statement (Updated)
Redemption Statement (Updated)
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Stakeholder Monies Release
Stakeholder Monies Release
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Inland Revenue Notification
Inland Revenue Notification
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Mortgage Document Signing (Purchaser)
Mortgage Document Signing (Purchaser)
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Cashers Order or Payment
Cashers Order or Payment
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CPF Board Charge Application
CPF Board Charge Application
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Discharge Document Registration Fee
Discharge Document Registration Fee
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Obtain Signed Discharge Application
Obtain Signed Discharge Application
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CPF Monies Release
CPF Monies Release
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Cashier's Orders
Cashier's Orders
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Updated Title Searches
Updated Title Searches
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Mortgage Documents
Mortgage Documents
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Mortgage Loan Release
Mortgage Loan Release
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Purchaser's Solicitor Role
Purchaser's Solicitor Role
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Discharge Documents
Discharge Documents
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Registration Fees
Registration Fees
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Who gets the tenancy agreement?
Who gets the tenancy agreement?
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What does the vendor's solicitor collect on completion?
What does the vendor's solicitor collect on completion?
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What does the CPF solicitor do?
What does the CPF solicitor do?
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What does the mortgagee solicitor do?
What does the mortgagee solicitor do?
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What does the purchaser's solicitor do?
What does the purchaser's solicitor do?
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Vendor's Post-Completion Duty
Vendor's Post-Completion Duty
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Vendor Solicitor's Post-Completion Tasks
Vendor Solicitor's Post-Completion Tasks
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CPF Board Solicitor Role
CPF Board Solicitor Role
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Vendor's CPF Solicitor Duty
Vendor's CPF Solicitor Duty
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Vendor's ModGage Solicitor Duty
Vendor's ModGage Solicitor Duty
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Purchaser Solicitor's Post-Completion Tasks
Purchaser Solicitor's Post-Completion Tasks
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Post-Completion Document Delivery
Post-Completion Document Delivery
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What is the vendor's priority?
What is the vendor's priority?
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Why is the ModGage solicitor's duty urgent?
Why is the ModGage solicitor's duty urgent?
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What is electronic filing?
What is electronic filing?
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Study Notes
Legal Completion Process
- Legal completion is the final settlement of a business transaction, such as conveying property. This involves exchanging keys, title deeds, and the agreed-upon sum of money.
- Legal completion involves multiple parties when a property is subject to a CPF charge and mortgage (6 parties). These parties could be represented by fewer solicitors, depending on the individual circumstances.
- Completing the transaction at the vendor's discharging CPF board solicitor's office is required if the property only has a CPF charge.
- Completing at the vendor's discharging mortgage solicitor's office is required if the property is subject only to a mortgage.
- If the property has neither a CPF charge or a mortgage, the completion occurs at the vendor solicitor's office.
- If the title is not yet issued by the developer, completion is at the developer solicitor's office.
- Completion typically occurs during the late afternoon between 3 pm and 6 pm, although both parties must agree as to the exact time.
- Vendors, CPF board solicitors, mortgage solicitors, and purchasers all have specific tasks to complete before and during the completion process.
- The completion process typically involves numerous documents and payments, including but not limited to, payment of property tax and transfer of the property.
- Updated searches and bankruptcy checks are completed to verify the title's order and that neither party is bankrupt.
Parties Involved
- Vendor solicitors (can act for others)
- Vendor discharging CPF board solicitors
- Vendor discharging mortgage solicitors
- Purchaser solicitors (can act for others)
- Purchaser charging CPF board solicitors
- Purchaser mortgage solicitors
- Developer solicitors (If applicable)
Preparations for Legal Completion
- Vendors must sign the transfer documents, provide payment for property tax and other fees, and provide any related tenancy agreements.
- Vendor CPF charge solicitors issue invoices, prepare a letter to the vendor solicitors, and obtain a discharge document.
- Vendor Mortgage solicitors need an updated redemption statement, and issue invoices for legal fees and prepare a letter too.
- Purchasers must sign the mortgage documents (if applicable), and make cash payment to the purchaser's solicitor, who may hand over the amount or issue a cashier's order to the purchaser.
Purchasers' solicitors tasks
- Obtain confirmation/registration, and give necessary documents to the CPFboard solicitors.
- Hand over the documents to the CPF board solicitors, who register them.
- Obtain the tenancy agreement.
Vendor's solicitors tasks
- Sign necessary documents
- Receive payment for the property (e.g. various cashier’s orders)
- Deliver title documents to purchaser's solicitors.
- Notify, in writing, the change of ownership to the inland revenue.
Completion Procedures
Each party has a set of tasks to complete, including receiving, signing and delivering documents, and arranging the release of funds. All parties in the transaction must agree on a single completion date.
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Description
This quiz explores the legal completion process involved in property transactions. It covers key aspects such as the roles of different parties, completion locations based on financial arrangements, and timing of the completion. Test your understanding of how legal completions are conducted in real estate.
