Authorised body to manage escrow accounts

A lawyer went missing after mismanaging an escrow account. The control in the lawyer firm is lax.

It is better to set up a public body to manage escrow accounts for a fee. With a large organization, it is easier to ensure that the escrow agreement is properly drafted and that all payments from the escrow account are properly authorized.

Alternatively, a few large organizations can be appointed to manage the escrow accounts for a regulated fee.

There will be a big demand for this service, as the money involved in many large transactions, e.g. property and share purchases, have to be kept in an escrow account pending completion of the legal agreements.

Do you agree with the setting up of a separate body to manage the escrow accounts?

 

Tan Kin Lian

 

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9 Responses to “Authorised body to manage escrow accounts”

  • patriot of TUMASIK:

    An escrow account is a Private matter between two parties with some confidential information only meant for trusted people you KNOW…too bad if the trusted one turns out to be a Rogue which can be found even in Public Institutions and Cabinets too most likely HUSHED and swept under the carpet…

    So Tan Ahhh!!! don’t step out of line leh!!!

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  • Dbs bank kena use:

    The lawyers should have check and balances. Not because they r smart they freedom to do war they want. This is the result of PAP overzealous of educated ppl, doctor and lawyer lol. Dbs bank transaction surveillance unit TSU kena use by ppl. Lol

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  • Stupidity Uncle:

    So you think a big and authorized organization is more trusted and reliable?
    We already have a big escrow organization that deals with your retirement money.

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  • rukidding:

    Soon, those 70% will become like those victims who “lost” those $$$ by “over trusting” that Lawyer !

    What “Check & Balance” do these 70% have ???….almost “non existing check”.

    The only “checker” cannot even “have the means to check anything properly” because the “Ones being Checked” have the “whole Organized Mafia team behind” to “frustrate and bankrupt” this only,..one and only checker !

    I only hope that these same 70% GET SCREWED HARD by the same way at end of their day !

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  • TruBlu:

    Who cares?
    THEY tru$t each other.
    THEY even *$crew* each other.
    Let the RICH look after themselves.
    TKL,just try n take care of the poor n needy n weak sgs.

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  • nihon:

    this happened many times, but no action taken.

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  • Ds:

    Manage pollution 1st.

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  • Python 5:

    Big organisation to manage escrow accounts?? PAP?? Temasek Holdings?? GIC??

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  • Harder Truths:

    Either the lawyer is competent or he is not.

    By creating another level of oversight you are not solving the problem – you are admitting it cannot be solved.

    Again – who polices the police? Who is to assure us that the oversight body is good enough to do the job? This then needs another oversight body above it?

    Does your doctor need an oversight body to check every action and decision? Why not?

    The problem is not oversight – the problem is to keep to standards if practice. Corruption on the other hand can be dealt with by courts. This needs transparency.

    In $G we have no transparency – so we cannot make a qualified decision as to how to rate the various people claiming to be professionals. This is the problem.

    Create a transparent system and most problems are solved. But since this will never happen under the current government expect to be screwed by the system.

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