Singapore legislation
Regulation 7
Regulation 7
Payment out of conveyancing money
Subregulation 1
Subject to paragraph (3), where any land is the subject of a conveyancing transaction, and any conveyancing money payable pursuant to the conveyancing transaction is deposited with the Academy as a stakeholding deposit, the vendor of the land, or the solicitor of the vendor, who deposited the money shall, not later than 3 working days before the date on which any payment is to be made from the stakeholding deposit, serve on the Academy a duly completed pay-out form or variation pay-out form that —
specifies such particulars of the payee and the sum payable to that payee as are necessary to effect payment; and
has been signed in accordance with the Schedule.
Subregulation 2
Subject to paragraph (3), where any conveyancing money payable pursuant to the conveyancing transaction (other than a stakeholding deposit) is deposited with the Academy, the depositor shall, not later than 3 working days before the date on which any payment is to be made from the conveyancing money, serve on the Academy a duly completed pay-out form or variation pay-out form that —
specifies such particulars of the payee and the sum payable to that payee as are necessary to effect payment; and
has been signed —
if the payee is a Category A payee, by at least one authorised signatory of the depositor; or
if the payee is a Category B payee or Category C payee, in accordance with the Schedule.
Subregulation 3
For the purposes of paragraphs (1) and (2), a person shall serve on the Academy a variation pay-out form if —
a pay-out form or variation pay-out form has been served on the Academy; and
there is any change to any particulars specified in that pay-out form or variation pay-out form.
Subregulation 4
Where an individual who acts in person is required to countersign a pay-out form or variation pay-out form to enable any conveyancing money deposited with the Academy to be paid to any Category B payee or Category C payee, he shall do so —
in the presence of an authorised officer of the Academy; or
in such other manner as may be agreed between him and the Academy.
Subregulation 5
Where an entity which acts in person is required to countersign a pay-out form or variation pay-out form to enable any conveyancing money deposited with the Academy to be paid to any Category B payee or Category C payee, the pay-out form or variation pay-out form, as the case may be, shall be signed by an authorised signatory of the entity —
in the presence of an authorised officer of the Academy; or
in such other manner as may be agreed between the entity and the Academy.
Subregulation 6
The Academy shall make payment to a payee specified in a pay-out form or variation pay-out form on the later of the following dates:
the expected date of collection stated in the pay-out form or variation pay-out form, if that date is a working day, or, if that date is not a working day, the date of the next working day; or
the date which is 3 working days after the day on which the pay-out form or variation pay-out form is served on the Academy.
Subregulation 7
Notwithstanding paragraph (6), the Academy may, in its discretion and on such terms as it may determine, make payment to a payee specified in a pay-out form or variation pay-out form on a date which is earlier than 3 working days after the day on which the pay-out form or variation pay-out form is served on the Academy, if —
that date is a working day that does not fall on the eve of New Year, Chinese New Year or Christmas; and
the pay-out form or variation pay-out form is served on the Academy before 12.30 p.m. on that date.
Subregulation 8
Subject to this rule and rules 8 and 9, where the Academy is served with a pay-out form or variation pay-out form under paragraph (1) or (2), the Academy shall make payment in accordance with the pay-out form or variation pay-out form by issuing a cheque in favour of payee specified in the pay-out form or variation pay-out form.
Subregulation 9
Where the Academy is served with a pay-out form or variation pay-out form under paragraph (1) or (2), and the payee specified in the pay-out form or variation pay-out form is an existing mortgagee of the land which is the subject of the conveyancing transaction pursuant to which the conveyancing money is payable, the Academy shall, upon being paid such fee as the Academy may determine, make payment in accordance with the pay-out form or variation pay-out form by way of a cashier’s order issued in favour of the specified payee.
Subregulation 10
The Academy may, at the request of the vendor or the purchaser of the land which is the subject of the conveyancing transaction pursuant to which any conveyancing money is payable, and upon being paid such fee as the Academy may determine, arrange to cancel any cheque or cashier’s order issued under paragraph (8) or (9) in respect of the conveyancing money or any part thereof.
Subregulation 11
If any cheque or cashier’s order issued under paragraph (8) or (9) in respect of any conveyancing money or any part thereof is lost or damaged, the Academy may, at the request of the vendor or the purchaser of the land which is the subject of the conveyancing transaction pursuant to which the conveyancing money is payable, and upon being paid such fee as the Academy may determine, arrange to stop payment on the cheque or cashier’s order.
Subregulation 12
Every cheque or cashier’s order issued under paragraph (8) or (9) in favour of a payee specified in a pay-out form or variation pay-out form shall be available for collection by such party and at such times as the Academy may determine.
Subregulation 13
A cheque or cashier’s order issued under paragraph (8) or (9) shall be released to a solicitor on the solicitor’s undertaking not to release the cheque or cashier’s order pending the completion of the conveyancing transaction.
Subregulation 14
The Academy may make a payment in accordance with this rule without inquiring into —
the reasons for the payment; or
whether those reasons have been satisfied.