Singapore’s real estate is clearer now. The new guides can safeguard and protect the interests of Singaporeans or those that are considering real estate. Real estate is a broad term that usually refers to land (everything made part of it) and the level of one’s interest in them. Real estate may be obtained, owned and transferred by individuals, business corporations, religious, educational, charitable and other stakeholders. Generally, real estate is obtained by purchase, descent or by gift.
In Singapore, the government is advising the consumers to be knowledgeable about the real estate industry. The government therefore released guidelines for consumers and agents. Some of the guidelines issued by the Council for Estate Agencies (CEA) include:
No more “blank “cheques
There is a practice in Singapore when consumers release “blank” cheques to reserve private properties before the launching. Property agents are now prohibited to collect “blank” cheques unless the developer requests it through writing. With this, many contemplated that it will reduce the impulsiveness of the consumers to buy.
Professional service manual
The manual discusses the conduct of agents when it comes to dealing with consumers or customers especially those who are financially unstable or uneducated. Practices of agents are highlighted in the manual. If agents ignore the manual, they are bound to pay up to S$75000 and suspension of their license.
Agents should help the consumer decide not just think of the commission.
Consumers are encouraged to attend a seminar to educate them on their responsibilities. There are brochures given to help consumers judge better. Transactions will be easier and clearer of consumers know some basics.