Conveyancing is the transfer of legal ownership of property from one person to another. While buying a property is an exciting — and expensive — decision, home buyers in Singapore must ensure that they devote sufficient attention to what’s no doubt the drier aspects of it: maintenance fees (for condos), property tax, stamp duty and the conveyancing process.
Once you have decided on the location, price and type of property you wish to purchase, the immediate next step is to find a good, responsible and reliable lawyer (i.e. one you can easily approach and contact in case of any doubts or queries). Considering that most private properties in Singapore are now above $1,000,000, it would be wise to pay a little above average in legal cost for a reliable and responsible lawyer. Otherwise, you may end up talking to the answering machine most of the time as the lawyer or his secretary would be too swamped with numerous conveyancing files to answer your queries. As mastermind investor Warren Buffett pointed out: ‘’Price is what you pay. Value is what you get”.
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