Tag Archives: MND

Move to ban ‘one agent for buyer and seller’ under study

Posted on 13 Oct 2009 | Comments Off on Move to ban ‘one agent for buyer and seller’ under study

THE Government is contemplating a move to ban property agents from engaging in the widespread practice of representing both the seller and buyer of an HDB flat in the same transaction.

The idea is set to get the thumbs up from home buyers and sellers, but could leave some agents unhappy at a potential loss of commission income.

The proposal was released yesterday by the Ministry of National Development (MND) to raise industry standards. The move would ensure that agents are ‘not in a conflict-of-interest position’, it said.

Currently, many disputes arise because an agent represents both buyer and seller in the same HDB resale transaction.

The practice means the seller’s agent often gets a commission from the buyer as well and may refuse to sell to a certain buyer if no commission can be made.

In other words, the agent may not be trying his best to achieve the best price. Continue reading →

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Tribunal for real estate sales rows?

Posted on 13 Oct 2009 | Comments Off on Tribunal for real estate sales rows?

It’s among several proposals mooted to protect consumers

A SPECIAL tribunal might be set up to resolve disputes over residential real estate transactions – replacing the current bewildering hotch potch of options.

This is one of a wide-ranging set of proposals aimed at protecting consumers and lifting standards in the largely fragmented and self-regulating property industry.

Others include: Accrediting all agents, setting up a central registry and instituting a common entrance examination for agents.

The Ministry of National Development (MND) will launch a public consultation exercise for one month from today.

It has just conducted extensive industry consultations on the proposed shake-up. A key impetus for the review, the Government said, has been the high number of complaints in recent years. Continue reading →

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