Daily Archives: 23 Sep 2009

Law Society removes fee guidelines for property transaction deals

Posted on 23 Sep 2009 | Comments Off on Law Society removes fee guidelines for property transaction deals

From October 1, the Law Society will do away with fee guidelines for lawyers when processing property deals.

This means that lawyers and their clients will be free to negotiate their transaction fees, based on the type of work done, and the value of the property.

This will apply for all conveyancing deals entered into on or after October 1.

The guidelines were issued as a temporary measure after fixed fee structures were abolished in 2003.

But the Society now said they are unnecessary, as it believes all fees should be decided solely between the lawyer and his client.

It added that lawyers are barred from overcharging under under Rule 38 of the Legal Profession (Professional Conduct) Rules.

Source : Channel NewsAsia – 22 Sep 2009

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Posted in Conveyancing / Legal

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Some ‘flippers’ took big hit in sub-sale deals

Posted on 23 Sep 2009 | Comments Off on Some ‘flippers’ took big hit in sub-sale deals

They were caught out earlier this year when prices fell as awarding of projects’ TOP neared

PROPERTY speculators have been in the firing line of late, but the hefty losses some suffered earlier this year suggest they might be deserving of some sympathy.

A number seem to have been caught out when prices fell as the awarding of a project’s temporary occupation permit (TOP) neared.

RELATED LINKS    TOP 10 SUB-SALE PROJECTS

Instead of flipping the property for a gain, some speculators were caught out and took a hit when they offloaded some of the popular sub-sale projects, according to Savills Singapore.

While the data showed that sub-sale deals typically rise in projects nearing completion, sellers may not always gain.

Take Casa Merah in Tanah Merah. There were 71 sub-sale deals done this year with 16 resulting in losses averaging $30,601. One seller suffered a loss of $142,790.

Most sellers made gains at Rivergate, which was completed in the first quarter of the year, but 10 suffered hefty losses. One ‘flipper’ took a massive hit of $985,000, with the average loser suffering red ink to the tune of $371,355.

At popular projects like The Sail @ Marina Bay, eight out of 19 sub-sale deals this year were done at an average loss of $949,343. Continue reading →

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Posted in Property Market / Real Estate

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