New guides for real estate industry to safeguard consumer interests

Singaporeans can expect more information and clarity in the real estate industry with the launch of two new guides.

These spell out the do’s and don’ts for both consumers and salespersons.

The Guide on Sale, Purchase and Rental of Properties, a brochure for consumers, highlights important considerations in the transaction process, complaints and disputes.

It also includes a section on buying foreign properties.

The guide is jointly produced by the Consumers Association of Singapore (CASE) and the Council for Estate Agencies (CEA).

A new set of practice guidelines by the CEA for salespersons is also now available; it sets out the responsibilities and duties of real estate service.

The guidelines include restricting the current practice of collecting blank cheques and requiring salespersons to provide current and accurate data on property prices. They are also required to exercise extra care when dealing with vulnerable customers, like those who are illiterate or face financial problems.

Speaking at a consumer conference where the guides were launched, Acting Minister for Manpower and Senior Minister of State for National Development Tan Chuan-Jin said the guidelines will promote fair and honest practices in the industry, and in turn better safeguard consumer interests.

Source : CNA – 27 Apr 2013