I REFER to Ms Kwok Yoke Pui’s letter yesterday, ‘Agents shouldn’t take on dual roles‘. The practice of sellers paying 2 per cent and buyers 1 per cent of the transaction price of an HDB resale flat arose because the distinction between a seller and a buyer is unclear.
By representing both the seller and the buyer, an agent will be unable to show that he got the best price for either party, which is his fundamental duty.
The agent can offer only to perform an administrative service to handle the documentation, but that service should not be tied to the transacted price, because no matter at what price the flat is sold, the amount of administrative work would be the same. Furthermore, this offer of administrative service cannot be forced on the buyer.
The HDB conducts seminars on resale transactions in English and Mandarin for both sellers and buyers. Anyone interested to attend can register at HDB’s website.
Source : Straits Time – 9 Oct 2009
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