Disclaimer






"I am a BLOGGER NOT an expert. This is a BLOG not a 'go-to' website for official information. I represent no one's view save my own. I have neither legal nor financial training, nor do I have anything to do with the real estate industry. My understanding of the Collective Sale Process is from a layman's position only. My calculations, computations and tables are homespun and may contain errors. Please note that nothing in this blog constitutes any legal or financial advice to anyone reading it. You should refer to your lawyer, CSC or financial adviser for expert advice before making any decision. This disclaimer is applicable to every post and comment on the blog. Read at your own risk."
Drop Down MenusCSS Drop Down MenuPure CSS Dropdown Menu
There is one thing worse than an Enbloc ----- and that is an Enbloc done badly. Since the majority have the necessary mandate to sell, then they owe it to all SPs to make a success of it. Minority SPs can only watch and wait, if they sell then lets pray it's at a price we can move on with, if they don't sell, then we are happy to stay for a few more years.

Property Agents

Seller can try mystery caller test to check on their property agent
Straits Times: 14 Oct 2009

Meanwhile, we would offer her suggestion of a ‘mystery caller test’ to sellers who have appointed estate agents to represent them in their HDB resale transactions. Sellers can administer this test to ferret out instances when their appointed agents refuse to e
ntertain offers presented by prospective buyers who do not intend to use the latter’s services.
CEO of Singapore Accredited Estate Agencies.
.
Move to ban 'one agent for buyer and seller' under study
Straits Times: 13 Oct 2009
.
Commissions and property agents
Straits Times: 13 Oct 2009
.
People should just advertise on their own and find a buyer without any agent involvement. How difficult can it be! Agents will always have a vested interest in seeing the property sold quickly and not necessarily at the highest price. That way, you will know all the bids and not wonder whether your agent is holding back on a higher offer that doesn't come with an extra 1% commission. Either that or put in a few bogus offers and see what he does.
The proposals include setting up an independent body to ensure compulsory accreditation for all property agents, introducing a demerit point system to penalise errant agents and agencies and having a public central registry which lists agents’ qualifications, employment history and track record.

Mr Lim added: “Licensing seems to be more serious, something which the individual agents would be more careful of because now they carry an individual license and if they don’t meet the service standards or if they don’t perform or if they do something wrong, then their license may be suspended and they may not be allowed to practice.”

Property agents to be regulated
Straits Times – 5 Oct 2009


'The Straits Times understands that an independent body will be set up and chaired by a neutral party appointed by the Government. It will also house a dispute resolution centre to mediate between agents and consumers.'

'There are also suggestions that agents will have to buy indemnity insurance protecting customers for losses resulting from negligent or unethical conduct.'
.
Perhaps this a new avenue Owners can utilize if errant property agents harass or peddle mis-information during en bloc. I thought property agencies already had this kind of professional insurance, but obviously not. Proving negligence or unethical conduct is difficult but if you have everything documented or transcribed; it becomes a lot easier.
.

See my other post 'Indemnity' in which I spoke about indemnifying yourself against the sales committee and any liability or legal obligations they might create in their eagerness to close the deal. You could extrapolate that to include property agents and en bloc lawyers for damages resulting from their negligent or unethical conduct.

It seems perverse that owners willingly indemnify these 'professionals' and fellow neighbours without thought to their own position. It is only when they are left high and dry do they realise the depth of their folly.

No comments:

Post a Comment