Real Estate Practice Completion Process PDF

Real Estate Practice Completion Process Focus Completion Processes  What is legal completion? Kilner v France 2 AER 83 “It is an expression which usually refers to the complete conveyance and final settlement of business.” per Stable J...

Real Estate Practice Completion Process Focus Completion Processes  What is legal completion? Kilner v France 2 AER 83 “It is an expression which usually refers to the complete conveyance and final settlement of business.” per Stable J.  Who attends legal completion? Where the property is subject to CPF Charge and mortgage, purchaser is using CPF monies & loan: 1. Vendor’s Solicitors 2. Vendor’s discharging CPF Chargee’s Solicitors 3. Vendor’s discharging Mortgagee’s Solicitors 4. Purchaser’s Solicitors 5. Purchaser’s charging CPF Chargee’s Solicitors 6. Purchaser’s Mortgagee’s Solicitors  Where to complete? 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 any CPF Charge or Mortgage @ Vendor’s Solicitor’s office Where to complete? Property’s title not issued yet @ Developer’s Solicitor’s office Preparations for legal completion Vendor has to: Sign documents Provide evidence of payment of property tax and maintenance fees Handover to Vendor’s Solicitors the tenancy agreement & spare keys Preparations for legal completion Vendor’s Discharging CPFB Chargee’s solicitors have to: Sign the Digital Application to Notify Total Discharge of Charge on behalf of the CPF Board Issue invoice for legal fees Prepare letter to Vendor’s Solicitors Preparations for legal completion Vendor’s Discharging Mortgagee’s solicitors have to: Obtain signed Digital Total Discharge of Mortgage and Authorisation Form – Suppressed Title (if applicable) Issue invoice for legal fees Obtain updated redemption statement on morning of legal completion Prepare letter to Vendor’s Solicitors Preparations for legal completion Vendor’s solicitors have to:  Arrange release of stakeholder monies from Conveyancing (“CVY”) Account  Prepare letter to Management Corporation, Tenant & draft Notice of Transfer to IRAS  Issue cheques to pay legal fees of discharging CPF Board’s and mortgagee’s solicitors & registration fees of discharging documents  Prepare letter to Purchaser’s Solicitors & both discharging Solicitors Preparations for legal completion Purchaser has to: Sign documents Either purchase the cashier’s orders and hand to the Purchaser’s Solicitor or pay into Purchaser’s Solicitor’s CVY account the cash difference Preparations for legal completion Purchaser’s Charging CPFB’s Solicitors have to: Sign the Digital Application to Notify Charge on behalf of the CPF Board Arrange for release of Purchaser’s CPF monies via cashier’s orders from CVY account Conduct updated searches Prepare letters to Purchaser’s Solicitors Preparations for legal completion Purchaser’s Mortgagee’s Solicitors have to:  Ensure Purchaser and Mortgagee sign the Mortgage document  Arrange for release of mortgage loan and collect cashier’s orders from Mortgagee’s office  Conduct updated searches  Prepare letters to Purchaser’s Solicitors Preparations for legal completion Purchaser’s Solicitors have to:  Arrange for release of cashier’s orders from CVY account if Purchaser paid cash difference into CVY account or collect from Purchaser  Prepare a cheque to pay registration fee of Transfer and stamp fee on Mortgage  Prepare letters to Vendor’s Solicitors, Purchaser’s CPF Chargee’s and Mortgagee’s Solicitors  Prepare cheques to pay legal fees of CPF Chargee’s and Mortgagee’s Solicitors  Conduct updated searches Follow up after legal completion Purchaser’s Solicitors have to:  Arrange for collection of cashier’s orders from Purchaser’s Chargng CPFB’s Solicitors  The Purchaser can then obtain a mortgage loan from the bank (i.e., two cashier’s orders).  Provide the cashier’s orders to the vendor’s solicitors Follow up after legal completion Vendor  Collect cashier’s orders, cheque and copies of documents from the Vendor’s Solicitors  Provides the cashier’s order which is due to the CPF Board to the Vendor’s discharging CPF Board’s Solicitors, in exchange for the discharge documents  Provides the other cashier’s order to the bank’s discharging solicitors in exchange for the discharging mortgage documents, etc  Return the documents to the purchaser’s solicitors Follow up after legal completion Purchaser’s Solicitors have to:  Hand original documents to CPF Board’s solicitors for registration:  Documents  Title deed;  Application to discharge the CPF charge;  Total discharge of mortgage;  Transfer; and  Fresh application to notify CPF charge and the mortgage. Follow up after legal completion Vendor  Collect monies Follow up after legal completion Vendor’s solicitors  Ensure discharging documents are encrypted and access granted to Purchaser’s Charging CPF Board’s Solicitors  E-file Notice of Transfer to IRAS  Send letter to Tenant  Handover cashier’s orders, cheque and copies of documents to Vendor  Inform final registration of discharge documents to Vendor, CPF Chargee & Mortgagee Follow up after legal completion Vendor’s Discharging CPF Board’s Solicitors  Deliver cashier’s order to CPF Board the next working day after completion Follow up after legal completion Vendor’s Discharging Mortgagee’s Solicitors  Deliver cashier’s order to the Mortgagee by 10 a.m. the working day following completion  Obtain confirmation of registration of discharge document and inform Mortgagee Follow up after legal completion Purchaser  Collect tenancy agreement, spare keys and copies of documents from Purchaser’s Solicitors Follow up after legal completion Purchaser’s Charging CPF Chargee’s Solicitors  Stamp the Mortgage  Register discharging documents, Transfer, Application to Notify CPF Charge & Mortgage at Singapore Land Authority  After registration, deliver the Mortgage and a copy of the electronic title deed to Purchaser’s Mortgagee’s Solicitors for delivery to Mortgagees for safe-keeping Follow up after legal completion Purchaser’s Mortgagee’s Solicitors  Encrypt the Mortgage and grant access to CPF Chargee’s Solicitors to register  Obtain confirmation of registration of Mortgage and send Completion Report to Mortgagee  Upon receipt of the Mortgage and a copy of the electronic title deed, deliver to Mortgagee for safe- keeping  Obtain legal subsidy (if any) and deliver to Purchaser’s Solicitors  Follow up after legal completion Purchaser’s Solicitors  Encrypt the Transfer and grant access to CPF Board’s Charging Solicitors to register.  Hand tenancy agreement, spare keys and copies of documents to Purchaser.  Advise Purchaser to apply to IRAS for owner occupier tax status when able to move in to stay.  Countersign letter to Management Corporation and send to them.  Send copies of Notice of Transfer & title deed to the Purchaser when obtained.  Inform CPF Board’s Charging Solicitors when to start monthly instalment repayment to Mortgagee. Notice Copyright © 2024, Singapore Institute of Legal Education. 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