THE Law Ministry had made several recommendations to protect monies entrusted to lawyers by buyers and sellers of properties.
On Tuesday, it proposed that all payments for property deals will, in future, be held by the Singapore Academy of Law or commercial banks, and not law firms.
The general details of how this will work were released by the Law Ministry, as it sought public feedback on a final solution to the longstanding problem of some lawyers running off with their clients’ money.
Among other proposals, the ministry suggested that the academy take over the role of the law firm in holding the deposit, which it pays out in due course. Clients do not have to deal with the academy directly. Property buyers and sellers will also not be inconvenienced.
The ministry is in talks with local banks such as UOB, OCBC and DBS to provide the service.
Source : Straits Times – 14 Aug 2009
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