Homepage
PR Newswire
11-05-2014, 11:43 AM
(This post was last modified: 11-05-2014, 11:44 AM by Temperament.)
In Singapore your escrow money used to be retained by the Law Firm(you engaged) as stakeholder in your property transaction. But there are so many cases of escrow money into the $millions absconded by the lawyer in the past that now who is actually the stakeholder of our real estate escrow money?
Regarding the NZ case:-
But the law firm countered that there was no stakeholder provision in the option to purchase agreement, and it was not privy to the marketing materials used in Singapore, apart from its trust account being used for deposits.
So the moral of the story is who is your "stakeholder" in your option to purchase is very important. And under what terms or conditions before your escrow money can be released.
This is layman's (me) understanding.
Anyone like to add more in terms of actual practice in Singapore and other countries?
Just curious!
Regarding the NZ case:-
But the law firm countered that there was no stakeholder provision in the option to purchase agreement, and it was not privy to the marketing materials used in Singapore, apart from its trust account being used for deposits.
So the moral of the story is who is your "stakeholder" in your option to purchase is very important. And under what terms or conditions before your escrow money can be released.
This is layman's (me) understanding.
Anyone like to add more in terms of actual practice in Singapore and other countries?
Just curious!
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.