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Tuesday, December 13, 2011

All you need to know about Estate Agents

The following information is extracted from Today online.

"From how to identify a registered property agent to how such agents should handle transaction monies, such tips have been handily summed up in a brochure rolled out yesterday by the Council for Estate Agencies (CEA).

The brochure is part of the CEA’s outreach efforts to equip consumers with essential knowledge for a smooth property transaction.

For instance, it highlighted that dual representation — where a property agent represents both the buyer and the seller, and collects commission from both parties — is an offence. It is also an offence for a property agent — also referred to as salespersons — or agency to introduce or refer a buyer to any moneylender.

Property agents and agencies are also prohibited from handling money on behalf of any party in the sale or purchase of any property here.

The brochure also advised consumers to not respond to publicity flyers where a salesperson has not provided a registration or licence number. All licensed agencies and property agents can be found on the CEA’s website.

A list of the responsibilities of a salesperson is also provided, such as how a property agent should explain to consumers all relevant forms and documents in a binding agreement.

It also lays out a list of what consumers need to be aware of on their part, such as providing one’s terms and requirements clearly o their property agent, as well as what to do when a dispute arises.

The consumer guide is available from the CEA and for public download at"

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