Singapore legislation
Regulation 6
Regulation 6
Payment in of conveyancing money
Subregulation 1
Where any land is the subject of a conveyancing transaction, and any conveyancing money payable pursuant to the conveyancing transaction is to be deposited with the Academy, the vendor or purchaser of the land, or the solicitor for the vendor or purchaser, may pay the conveyancing money to the Academy —
by cheque, cashier’s order or bank draft made payable to the Academy; or
by electronic fund transfer through such branch of a bank, into such bank account and using such deposit slip (if any) as the Academy may specify.
Subregulation 2
Every payment of conveyancing money to the Academy shall be accompanied by —
a duly completed pay-in form signed by such authorised signatory as the Academy may determine; and
such fee as the Academy may determine.
Subregulation 3
The conveyancing money shall be paid, and the pay-in form referred to in paragraph (2) shall be given, to the Academy not less than 14 days before the date the Academy is required to pay out any part of the conveyancing money to any payee specified in a pay-out form or variation pay-out form.
Subregulation 4
Where any conveyancing money is paid to the Academy in accordance with paragraph (2), the vendor, purchaser or solicitor making the payment shall give written notice to the person identified in the pay-in form referred to in paragraph (2) as the person who is authorised to countersign a pay-out form for the withdrawal of the conveyancing money, that the conveyancing money has been deposited with the Academy.
Subregulation 5
The validation mark of the branch of the bank on the deposit slip showing the exact sum of money actually paid to the Academy, or the confirmation by the bank (of the electronic fund transfer) showing the exact sum of money actually paid to the Academy, shall, as between the vendor and the purchaser, be sufficient evidence of receipt by the Academy of the conveyancing money.
Subregulation 6
Where any conveyancing money is paid to the Academy under paragraph (1) by electronic fund transfer, the vendor, purchaser or solicitor making the payment shall be responsible for all bank and other charges incurred in connection with the payment.