From deciding on commission fees to dealing with property management issues, these guidelines by the Council for Estate Agencies can prevent disputes and friction between different parties. Read more at straitstimes.com.
As the property scene gets increasingly complex with new cooling measures and rising interest rates, one way home buyers and sellers, and even landlords and tenants, can better navigate the fast-changing landscape would be to engage a trusted agent who is registered with the Council for Estate Agencies .Here are some guidelines on how you can better protect yourself, prevent disputes and make your home buying, selling or renting experience a pleasant one.
For rental transactions involving HDB and private properties, the property agent has fulfilled his or her role once the tenancy agreement is signed and the property is handed over to the tenant. It is therefore important to be responsible for your own finances. Make payments directly to the other party in the transaction through verifiable payment means, which include crossed cheques and bank transfers.
“The agreement protects the interests of both parties by bringing clarity to details in the property transaction, including stipulating the duties of property agencies and agents, and requiring the disclosure of any potential conflict of interest,” says a CEA spokesperson. In one case, Agent B charged the tenant a fee for securing the lease, and did not inform the tenant that he was already representing the owners.
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