If you are buying, selling or renting a property in Singapore, working with a certified property agent would eliminate a lot of headache, especially the disputes or even scams you can face during the process. But you need to make it sure that your friendly property agent is licensed and have a non-conflicting interest to serve you. Two ensure these points for example, (a) you should always check the property agents CEA (Council for Estate Agencies) license number and never engage with one who does not have a license number at all (it is illegal in Singapore to work as a property agent without this license number) (b) and be sure that the property agent works only for you and does not represent seller and buyer at the same time (dual representation is prohibited
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So there are some points like this in the checklist which will ensure a reliable property transaction. But what are those things to check? CEA, Council of Estate Agencies, has recently released an educational brochure named "Consumer Tips for Engaging a Real Estate Salesperson" which provides guidelines for people planning to engage a property agent. CEA is a statutory board set up under the Estate Agents Act to administer framework for the real estate agency industry. Its principle function is to license Estate Agents and register sales persons. This is CEA's first educational brochure on the topic and "provides introductory information and practical tips to consumers who wish to engage the services of real estate salespersons in property transactions. The guide is part of CEA's public outreach efforts to equip consumers with essential knowledge that would help them experience a smooth property transaction."[1]
To download the guide (which is in PDF format) go to http://www.cea.gov.sg and select Consumers --> Consumer Resources from main menu. These are very helpful tips to follow since property scams still exist and it is your responsibility to check everything and know the steps of the transaction. For example, you should pay agent's commission only after the property transaction is completed.
For example if a dispute arises between you and the property agent and if you cannot solve the issue with the salesperson you can use CEA's Dispute Resolution Scheme if you have signed for one of the prescribed Estate Agency Agreement. There are some other useful tips like this and see the guide for the details.
[1] - CEA Web Site
).
So there are some points like this in the checklist which will ensure a reliable property transaction. But what are those things to check? CEA, Council of Estate Agencies, has recently released an educational brochure named "Consumer Tips for Engaging a Real Estate Salesperson" which provides guidelines for people planning to engage a property agent. CEA is a statutory board set up under the Estate Agents Act to administer framework for the real estate agency industry. Its principle function is to license Estate Agents and register sales persons. This is CEA's first educational brochure on the topic and "provides introductory information and practical tips to consumers who wish to engage the services of real estate salespersons in property transactions. The guide is part of CEA's public outreach efforts to equip consumers with essential knowledge that would help them experience a smooth property transaction."[1]
To download the guide (which is in PDF format) go to http://www.cea.gov.sg and select Consumers --> Consumer Resources from main menu. These are very helpful tips to follow since property scams still exist and it is your responsibility to check everything and know the steps of the transaction. For example, you should pay agent's commission only after the property transaction is completed.
For example if a dispute arises between you and the property agent and if you cannot solve the issue with the salesperson you can use CEA's Dispute Resolution Scheme if you have signed for one of the prescribed Estate Agency Agreement. There are some other useful tips like this and see the guide for the details.
[1] - CEA Web Site
Thank you for the Great post and information you shared here with us. As an Singapore real estate agent Such knowledgeable thing you get while surfing is really helpful.
ReplyDeleteThanks :)