Are you engaging a property agent to purchase or sell your house? Here are 4 things to consider before you engage one!
1) Check if your agent is registered
All property agents are to be registered with the Council for Estate Agencies (CEA) through a licensed property agency and each of them is given a unique registration number. It is important to verify your property agent as it is an offence for any individual to carry out estate agency work without a valid registration.
2) Negotiate on the commission before starting work
Commission rates are not fixed and therefore, it is essential to negotiate on all fees, expenses as well as the terms before work is commenced. And… honour the fees when work is completed!
3) Ensure your agent only represents YOU
An agent cannot be appointed by both seller and buyer for the same transaction. Ensure that your agent acts only in your best interest.
4) Make sure you have these 2 very important documents signed
- CEA’s prescribed estate agency agreement which is a binding contract between you and the property agency to protect the interests of both parties.
- Customer’s particulars form which is one of the measure agents have to take in to prevent money laundering and counter terrorism financing in Singapore.
Last but not least, an update from the Multi-Ministry Taskforce (MTF) announced that from 16 May 2021 to 13 June 2021:
- The permissible group size will be further reduced from five to two persons.
- The maximum number of distinct visitors allowed per household per day will similarly be reduced from five to two persons.
Be patient with your agent during this pandemic situation and we hope you get to sell or buy your home soon!