Singapore legislation

Regulation 9

of Singapore Academy of Law (Conveyancing Money) Rules 2011

Regulation 9

Uncompleted or disputed conveyancing transaction

Subregulation 1

Where, before the Academy has received any pay-out form for the payment of any conveyancing money in relation to a conveyancing transaction, the Academy receives a written notice that there is a dispute between the parties to the transaction, or that the transaction is aborted, the Academy shall not pay any conveyancing money relating to the transaction, unless the Academy —

(a)

receives, after the date on which it received the written notice, a pay-out form, for the payment of the conveyancing money to such person as may be specified in that form, that has been signed in accordance with the Schedule; or

(b)

receives an order of court authorising it to pay the conveyancing money to such person as may be specified in that order.

Subregulation 2

Where, after the Academy has received a pay-out form or variation pay-out form for the payment of any conveyancing money relating to a conveyancing transaction, the Academy receives a written notice that there is a dispute between the parties to the transaction, or that the transaction is aborted, the Academy shall not pay any conveyancing money relating to the transaction, unless the Academy —

(a)

receives, after the date on which it received the written notice, a variation pay-out form, for the payment of the conveyancing money to such person as may be specified in that form, that has been signed in accordance with the Schedule; or

(b)

receives an order of court authorising it to pay the conveyancing money to such person as may be specified in that order.

Subregulation 3

The Academy shall pay the amount of the conveyancing money that is the subject of the dispute referred to in paragraph (1) or (2) —

(a)

within 3 working days after the date of receipt of the pay-out form referred to in paragraph (1)(a), the variation pay-out form referred to in paragraph (2)(a), or the order of court referred to in paragraph (1)(b) or (2)(b), as the case may be; and

(b)

in accordance with that pay-out form, variation pay-out form or order of court.

Read in full context — Singapore Academy of Law (Conveyancing Money) Rules 2011 →