The Law Society of Singapore’s Conditions of Sale 2012
CONDITIONS OF SALE 2012
- The Law Society of Singapore’s Conditions of Sale 2012 (the “2012 Conditions”) which was launched on 19 January 2012 updates the Law Society of Singapore’s Conditions of Sale 1999 (the “1999 Conditions”). The Law Society’s Conditions of Sale are a set of standard terms and conditions which the buyer and seller may wish to incorporate by reference into contracts for sale and purchase of immovable properties. Parties may however contract out of the 2012 Conditions or any particular Condition by providing their own terms and conditions in the contracts, where appropriate, to meet the particular circumstances of their transaction.
- Besides bringing the 2012 Conditions up to date with modern conveyancing practice, the 2012 Conditions will introduce new provisions in line with recent legislative and regulatory amendments, such as the new measures to safeguard conveyancing money implemented from 1 August 2011. These include new Conditions on payments to be made to solicitors’ conveyancing accounts and the obligations for both the vendor and purchaser towards payment of additional stamp duty.
- Taking into account existing market interest rates, the rate for interest payable on late completion due to the default of a party has also been revised from 10% per annum to 8% per annum after extensive consultation with conveyancing practitioners and other interested stakeholders. It is considered that the reduced rate would be adequate compensation for the non-defaulting party, be it the purchaser or the vendor.
- The 2012 Conditions have also addressed certain prevailing conveyancing practices to balance the rights and interests of the vendor and purchaser. For instance, the vendor is obliged to represent and warrant to the purchaser that the vendor has not carried out any unauthorised additions or alterations to the property and that the property has not been the subject of any transaction at an undervalue (including a gift)
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