Singapore legislation
Regulation 6
of Conveyancing and Law of Property (Conveyancing) Rules 2011
Regulation 6
Payment of conveyancing money into conveyancing account or conveyancing (CPF) account
Subregulation 1
Subject to paragraphs (1A) and (2), any party to a conveyancing transaction may pay conveyancing money into a solicitor’s conveyancing account by cheque or bank draft made payable to the title of that account, or by electronic fund transfer or telegraphic transfer.
Subregulation 1A
The Central Provident Fund Board and the Housing and Development Board may pay conveyancing money into a solicitor’s conveyancing account by inter-bank GIRO.
Subregulation 2
The Central Provident Fund Board may pay conveyancing money withdrawn from the Central Provident Fund into a solicitor’s conveyancing (CPF) account by inter-bank GIRO.
Subregulation 3
Subject to paragraph (4) and rule 11(2), every payment of conveyancing money into a solicitor’s conveyancing account shall be accompanied by a duly completed pay-in form that has been signed by any authorised signatory of the solicitor.
Subregulation 4
Where any conveyancing money is paid into a solicitor’s conveyancing account by electronic fund transfer or telegraphic transfer, the solicitor shall, as soon as practicable, serve on the appointed bank with which the conveyancing account is maintained a duly completed pay-in form that has been signed by any authorised signatory of the solicitor.
Subregulation 5
Subject to rule 11(2), every payment of conveyancing money into a solicitor’s conveyancing (CPF) account shall be accompanied by a written instruction from the Central Provident Fund Board, or by a duly completed pay-in form that has been signed by any authorised signatory of the solicitor, relating to the payment.
Subregulation 6
Where any conveyancing money is paid into a solicitor’s conveyancing account in accordance with paragraph (3) or (4), or into a solicitor’s conveyancing (CPF) account in accordance with paragraph (5), the solicitor shall give written notice to the person identified in the pay-in form referred to in paragraph (3), (4) or (5), or in the written instruction referred to in paragraph (5), 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 received.