It doesn’t matter if you are dealing with an estate partition, real property sale, auction, or action to quiet ownership of a property; you need a credible and experienced real property lawyer to help you out. Despite their blatant need for experienced legal counsel, some people opt to hire lawyers who charge below the standard rate thinking that these people can get them what they aim for. Others often choose to represent themselves in fear of being charged capriciously.
You see, the fee of property lawyers in Singapore and most states are regulated by every country’s legal association to avoid ambulance chasing and other forms of inequalities in accessing legal services. However, some lawyers also charge higher than these standard rates because of experience and expertise in their chosen field of specialization. For example, an experienced, seasoned 10-year litigation lawyer who represents clients in testate proceedings often charges higher than a lawyer who just started his litigation career. Here, you’re paying not only for the service but the likelihood that your lawyer will win the case in your favor.
What Is The Reasonable Rate For Different Kinds Of Real Property Cases In Singapore?
Those who have tried litigating cases involving lands and titles know that when it comes to private properties being resold or purchased, the reasonable legal fee would be somewhere between $2,500 to $3,000. If the case involves the sale of a private property that is classified as Building Under Construction, the lawyer’s fee is pegged between $2,500 to $3,200. On the other hand, if the case involves a private property sale, the lawyer’s rate is somewhere between $2,500 to $2,800.
If the property involved in the case is purchased under the Housing and Development Board (HDB), expect the lawyer to charge a flat rate of $1,800 to $2,500. If it’s a refinanced HBD property involved in the transaction, expect the professional fee to go higher by $200.
Here is a breakdown of all the costs that are usually covered in the lawyer’s fees:
• Bank’s fee for Cashier’s Order issuance
• CPF lawyer expenses and fees
• Lodgement of purchaser and bank caveat for mortgage and transfer
• MCST certification
• Mortgage registration
• Mortgage stamping
• Professional fees of the lawyer
• Road Line Plan
• Solvency or Bankruptcy Searches
• Title Searches
• Transfer Registration
• URA-payable legal requisitions
What Do You Get In Exchange For Higher Fees?
The reality with property cases, especially those involving conveyances, is that lawyers and law firms only earn enough to break even. Because the fees mostly go to government agencies and other property-regulating bodies, the firm couldn’t allocate as many resources as they would want. Being a business venture, it is normal for these law firms to allocate more workforce in cases that offer them more significant incentives. In exchange for the expensive fees paid by their clients, they also go above and beyond to deliver outstanding service.
For example, in conveyance cases, deadlines are always very crucial to the outcome of the case. If more people from the firm are helping the leading counsel out, these deadlines are nothing but a piece of cake for them. Also, more seasoned lawyers charge higher for their time because they earned it. They have won many cases, and your case is another one that would benefit from their stellar track record.
In anything and everything, high-quality almost always comes with a price. Though you will be shelling out more money for experienced and excellent real property lawyers, in return, you will also have better chances at winning a case or sealing a deal seamlessly. At the end of the day, you still get exactly what you paid for.
