Singapore Property By Mark Tan R032504C -Expat Relocation Agent-CONDO/HDB/Buy/Sell/Rent/Mgmt

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When property agents advertise without permission …

Posted by Singapore Property Match on September 25, 2011

TODAYonline | Voices | When property agents advertise without permission ….

My experience seems like a case study for why “Fake property ads still vex despite measures” (Sept 2).

Two months ago, I tried to sell my Housing and Development Board flat via three of my friends who are property agents. I was told the importance of getting a sole agent, but I thought fair competition was necessary since all three friends were dear to me.

Then, other agents learned about my unit being on sale and offered to bring buyers to see my flat. The competition was welcomed, on the condition that they could not advertise. But they did, online.

The Council for Estate Agencies said I had no case, for two reasons.

One, the agents did not mention which unit they were advertising. Hence, they could be advertising for another unit. Two, the agents used generic photographs, which did not show the interior of my unit.

The reasons are valid. However, CEA could not respond to my request for documented proof that the agents had permission to advertise for any of the units in my HDB block.

In my view, infringement of property advertising guidelines will remain an issue if the agency in charge is unwilling to enforce the rules. I look forward to more serious enforcement to raise the professional standards of property agents in the future.

 

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NTUC-IEA Singapore reaches out with U Associate Programme

Posted by Singapore Property Match on August 8, 2011

NTUC reaches out to Professionals, Managers and Executives
through U Associate Programme

NTUC-IEA Partnership Agreement

The National Trades Union Congress (NTUC) and the Institute of Estate Agents (IEA), Singapore signed a Partnership Agreement today as part of the Labour Movement’s efforts to reach out and serve more professionals, managers and executives (PMEs). Mr Patrick Tay, Director (PMEs & Legal Services), NTUC and MP for Nee Soon GRC, was the Guest-of-Honor at the signing ceremony.

The agreement, signed by Mr Herman Yeo, Chairperson (Membership) of IEA and Mr Vivek Kumar, Director (Membership) of NTUC, and witnessed by NTUC Secretary General Lim Swee Say, marks the beginning of a close partnership between the Labour Movement and the IEA. Close to 1800 IEA members can now enjoy the convenience of dual privileges offered by the Labour Movement and IEA under this program, with just one membership!

U Associate Programme

The U Associate programme was launched in March 2011 to extend the Labour Movement’s reach to PMEs through existing industry associations, alumni clubs, etc. U Associate program is designed to help our partner associations grow.

The first U Associate partner was Nanyang Technological University Alumni Club (NTU AC). Today, over 3,000 NTU Alumni Club members are enjoying the U Advantage of NTUC Membership under the U Associate Programme. Under the U Associate Programme, members can also look forward to special engagement activities specially crafted to meet their lifestyle needs. For example, NTUC & NTU Alumni Club co-hosted a U Family Night Out event on 15 July 2011 for U Associate members to enjoy an evening of plays, skits, and pure family fun!

Upcoming U Privileges for IEA Members

Vivek Kumar noted, “Council for Estate Agencies (CEA) now requires Real Estate professionals to continually up-skill themselves. NTUC-IEA U Associate members can now tap into UTAP (Union Training Assistance Program), a training subsidy of $250 offered by NTUC to all its members for identified courses on co-sharing basis. We are pleased to announce that UTAP has been extended to three IEA training programmes, namely the RES (Real Estate Salesperson Course), REA (Real Estate Agency Course) and CPD Activities (Continuing Professional Development) are compulsory courses that IEA members and all registered practitioners have to attend annually to ensure skills competency and professionalism across the real estate agency industry. Completing these courses are a requirement for renewal of registration or licensing by CEA.”

Mr Mohamed Ismail said, “With 30,000 estate agents in the industry, IEA and NTUC believe it is important to reach out to them through a holistic framework that includes supporting them not only in life and at play, but with their career development too.”

PMEs Outreach

Speaking on the occasion, Guest-of-Honor Mr Patrick Tay said, “The number of PMEs is expected to rise in the near future as better educated and younger residents join the workforce. We wish to build a community for PMEs where they can enjoy the privileges relevant to them, and more importantly, voice their opinions and concerns as part of the community. We will raise these at relevant forums so they can get a career mobility that would make them feel enriched, and a lifestyle they’d like to enjoy. IEA and NTU Alumni Club members would form a critical part of this PME Community.”

Conclusion

U Associate program is a new way for NTUC to intensify its outreach to PMEs through existing professional associations & clubs. NTUC will strive to work towards achieving sustainable growth for a stronger economy and inclusive growth for an inclusive workforce, so as to help working people of all collars, ages and nationalities live a better life through better skills, better jobs and better pay.

Aug 05, 2011 – By: NTUC-IEA

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Koon Holdings on Friday announced it has acquired a 51 per cent stake in Singapore-based real estate agency GA Property Management (GAPM) for S$3 million.

Posted by Singapore Property Match on July 2, 2011

Koon Holdings acquires 51% stake in GA Property Management

SINGAPORE : Koon Holdings on Friday announced it has acquired a 51 per cent stake in Singapore-based real estate agency GA Property Management (GAPM) for S$3 million.GAPM is an investment holding firm that owns real estate agency Global Property Strategic Alliance, which is involved in a range of real estate services including corporate leasing services, investment sales and en-bloc sales.

Managing director and CEO of Koon, Tan Thiam Hee, said GAPM’s business activities are a valuable addition to its enhanced business model, and would further support its overall growth plan.

The founders of GAPM, Jeffrey Hong and Dennis Yong, who are veterans in Singapore’s real estate, said they are confident of the long-term growth prospects and the business opportunities from this latest acquisition.

GAPM is an
investment holding firm that owns real estate agency Global Property
Strategic Alliance, which is involved in a range of real estate services
including corporate leasing services, investment sales and en-bloc
sales.

- CNA/ms

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The Estate Agents Act 2010, which was announced, requires property agents to comply with the Code of Ethics and Professional Client Care

Posted by Singapore Property Match on November 4, 2010

1S644/2010 FirstpublishedintheGovernmentGazette,ElectronicEdition,on29thOctober2010at5:00pm. NO.S644 ESTATEAGENTSACT2010 (ACT25OF2010) ESTATEAGENTS (ESTATEAGENCYWORK) REGULATIONS2010 ARRANGEMENTOFREGULATIONS PARTI PRELIMINARY Regulation 1.Citationandcommencement 2.Definitions PARTII CODESGOVERNINGPROFESSIONAL PRACTICE,ETHICSANDCONDUCT 3.CodeofEthicsandProfessionalClientCare 4.CodeofPracticeforEstateAgents PARTIII REGULATIONOF ESTATEAGENCYWORK 5.Nodualrepresentation 6.Noreferralstomoneylenders 7.Noholdingoftransactionmonies 8.UseofCouncilsymbolsandrepresentations 9.Displayofestateagentcard PARTIV PRESCRIBEDESTATEAGENCY AGREEMENTS 10.Prescribedestateagencyagreements 11.Exclusionfromscopeofsection44 S644/20102 Regulation 12.Clienttobeinformedofinabilitytopeformagreement PARTV PROFESSIONALINDEMNITYINSURANCE 13.Professionalindemnityinsurancerequirements 14.Estateagencyworknottobeperformedwithoutinsurancecover PARTVI CONTINUINGPROFESSIONALDEVELOPMENT 15.Continuingprofessionaldevelopmentprogrammes 16.Minimumcontinuingprofessionaldevelopmentrequirements TheSchedules Inexerciseofthepowersconferredbysections42,44and72of theEstateAgentsAct2010,theCouncilforEstateAgencies,with theapprovaloftheMinisterforNationalDevelopment,herebymakes thefollowingRegulations: PARTI PRELIMINARY Citationandcommencement 1.—(1)TheseRegulationsmaybecitedastheEstateAgents (EstateAgencyWork)Regulations2010andshall,withtheexception ofregulation9andPartsIV,VandVI,comeintooperationon 15thNovember2010. (2)PartsIV,VandVIshallcomeintooperationon1stJanuary 2011. (3)Regulation9shallcomeintooperationon1stMarch2011. Definitions 2.IntheseRegulations,unlessthecontextotherwiserequires— ‘‘commercialorindustrialproperty’’meanspropertyotherthan residentialproperty; 3S644/2010 ‘‘developer’’meansanypersonwhoconstructsorcausestobe constructedpropertyforsaleorleasetootherpersons; ‘‘HDBproperty’’meansanypropertywhichwassoldorleased bytheHousingandDevelopmentBoardundertheHousing andDevelopmentAct(Cap.129); ‘‘lease’’includesanagreementforalease; ‘‘residentialproperty’’hasthesamemeaningassignedtoitin theResidentialPropertyAct(Cap.274). PARTII CODESGOVERNINGPROFESSIONAL PRACTICE,ETHICSANDCONDUCT CodeofEthicsandProfessionalClientCare 3.Everylicensedestateagentandeveryregisteredsalesperson shallobserveandcomplywiththeCodeofEthicsandProfessional ClientCaresetoutintheFirstSchedule. CodeofPracticeforEstateAgents 4.Everylicensedestateagentshallobserveandcomplywiththe CodeofPracticeforEstateAgentssetoutintheSecondSchedule. PARTIII REGULATIONOF ESTATEAGENCYWORK Nodualrepresentation 5.—(1)Nosalespersonorestateagentwhoisanaturalperson shall,inrespectofthesameproperty,haveasclientsbothvendorand purchaserorbothlandlordandtenant. (2)Paragraph(1)appliesregardlessoftheconsentoragreementof theclientorofanyorallthepartiestotherelevanttransaction. (3)Anypersonwhocontravenesparagraph(1)shallbeguiltyof anoffenceandshallbeliableonconvictiontoafinenotexceeding $25,000ortoimprisonmentforatermnotexceeding12monthsor toboth. S644/20104 Noreferralstomoneylenders 6.—(1)Noestateagentorsalespersonshall— (a)introduce,referorrecommendaclienttoanymoneylenderor otherwisesuggesttheuseoftheservicesofanymoneylender; or (b)receiveanycommission,reward,fee,paymentorother benefitwhatsoeverfromanymoneylenderinrespectofany moneylendingtransaction. (2)Anypersonwhocontravenesparagraph(1)shallbeguiltyof anoffenceandshallbeliableonconvictiontoafinenotexceeding $25,000ortoimprisonmentforatermnotexceeding12monthsor toboth. Noholdingoftransactionmonies 7.—(1)Noestateagentorsalespersonshallholdorhandleany moneyfororonbehalfofanypartyinrelationtoanyofthefollowing propertytransactions: (a)thesaleorpurchaseofanypropertysituatedinSingapore; and (b)theleaseofHDBproperty. (2)Paragraph(1)shallnotpreventanyestateagentorsalesperson from— (a)deliveringonbehalfofanypartyacrossedaccountpayee chequeorcashier’sorderdrawninfavourofanotherpartyto thetransaction;or (b)receivingsuchremunerationorreimbursementinrelationto themanagement,repairorrenovationofthepropertyas theestateagentorsalespersonmaybeentitledtounder awrittencontractorauthorisation. (3)Anypersonwhocontravenesparagraph(1)shallbeguiltyof anoffenceandshallbeliableonconvictiontoafinenotexceeding $10,000ortoimprisonmentforatermnotexceeding6monthsorto bothand,inthecaseofacontinuingoffence,toafurtherfinenot exceeding$500foreverydayorpartthereofduringwhichtheoffence continuesafterconviction. 5S644/2010 UseofCouncilsymbolsandrepresentations 8.—(1)Noestateagent,salespersonoranyotherpersonshall, exceptwiththeexpresswrittenpermissionoftheCouncil— (a)useanyname,symbol,markorrepresentationthatisidentical toorwhichincorporatesorresemblesthatoftheCouncil;or (b)useInternetdomainnames,WorldWideWebaddresses oremailaddressesthatincorporatecharacters,initialsor representationsoftheCouncilwhichmaydeceiveorcause confusion. (2)Anypersonwhocontravenesparagraph(1)shallbeguiltyof anoffenceandshallbeliableonconvictiontoafinenotexceeding $10,000ortoimprisonmentforatermnotexceeding6monthsor tobothand,inthecaseofacontinuingoffence,toafurtherfinenot exceeding$500foreverydayorpartthereofduringwhichtheoffence continuesafterconviction. Displayofestateagentcard 9.—(1)Salespersonsandestateagentswhoarenaturalpersonsmust displayuponthemselvestheestateagentcardissuedbytheestateagent thattheyrepresentatalltimeswhencarryingoutestateagencywork. (2)Thepersondisplayingtheestateagentcardunderparagraph(1) shallshowthecardtoanypersonwhomayreasonablyrequesttosee thecardandallowsuchpersontorecordanyinformationfromthecard. (3)Anypersonwhocontravenesparagraph(1)or(2)shallbeguilty ofanoffenceandshallbeliableonconvictiontoafinenotexceeding $10,000ortoimprisonmentforatermnotexceeding6monthsor toboth. PARTIV PRESCRIBEDESTATEAGENCY AGREEMENTS Prescribedestateagencyagreements 10.—(1)Thefollowingagreementsareprescribedforthepurposes ofsection44oftheActinrespectofestateagencyworkforthesale, S644/20106 purchaseorleaseofresidentialpropertyinSingaporeonanon- exclusivebasis: (a)Estateagencyagreementforthesaleofresidentialproperty (Form1); (b)Estateagencyagreementforthepurchaseofresidential property(Form2); (c)Estateagencyagreementfortheleaseofresidentialproperty byalandlord(Form3);and (d)Estateagencyagreementfortheleaseofresidentialproperty byatenant(Form4). (2)Thefollowingagreementsareprescribedforthepurposesof section44oftheActinrespectofestateagencyworkforthesale, purchaseorleaseofresidentialpropertyinSingaporeonanexclusive basis: (a)Exclusiveestateagencyagreementforthesaleofresidential property(Form5); (b)Exclusiveestateagencyagreementforthepurchaseof residentialproperty(Form6); (c)Exclusiveestateagencyagreementfortheleaseofresidential propertybyalandlord(Form7);and (d)Exclusiveestateagencyagreementfortheleaseofresidential propertybyatenant(Form8). (3)Theformsfortheprescribedagreementsinparagraphs(1)and (2)aresetoutintheThirdScheduleasForms1to8. (4)Forthepurposesofparagraphs(1)and(2),‘‘residential property’’includesanypropertycomprisingresidentialpropertyand propertyotherthanresidentialproperty. Exclusionfromscopeofsection44 11.Section44(1)and(2)oftheActshallnotapplytoanyestate agencywork— (a)inrespectofpropertysituatedoutsideSingapore; (b)inrespectofcommercialorindustrialproperty; (c)inrespectofanyactualorproposedcollectivesaleof propertyundertheprovisionsofPartVAoftheLandTitles (Strata)Act(Cap.158); 7S644/2010 (d)inrespectofanyactualorproposedsalebyadeveloperof propertydevelopedbythedeveloperpursuanttoalicence issuedundertheHousingDevelopers(ControlandLicensing) Act(Cap.130);and (e)whichisnotexpresslyexcludedbyparagraphs(a)to(d) andforwhichthereisnoprescribedagreementunder regulation10. Clienttobeinformedofinabilitytoperformagreement 12.Anestateagentorasalespersonwhoisunableforanyreason toperformtheestateagencyagreementshallinformtheclient immediately. PARTV PROFESSIONALINDEMNITYINSURANCE Professionalindemnityinsurancerequirements 13.—(1)Everyestateagentshalltakeoutandmaintaininforceat alltimesduringtheperiodinwhichitcarriesoutestateagencywork (whetherdirectlyorthroughsalespersons)suchinsuranceasisreferred toinparagraph(2)thatisofsuchminimumamountasisreferredto inparagraph(3). (2)Theinsuranceshallbeinrespectofcivilliabilityfornegligence intheperformanceofestateagencywork. (3)Subjecttoparagraph(4),theminimumamountofinsurance covershallbe— (a)$100,000foranestateagentwhoisasoleproprietorand whodoesnotemployorengageanysalesperson; (b)$200,000forestateagentswith2to10representatives; (c)$300,000forestateagentswith11to30representatives; (d)$400,000forestateagentswith31to50representatives; (e)$600,000forestateagentswith51to500representatives;and (f)$1,000,000forestateagentswithmorethan500 representatives. (4)Forthepurposesofparagraph(3)— (a)‘‘representative’’meansanynaturalpersonwhoundertakes ormayundertakeestateagencywork; S644/20108 (b)theinsurancecovermaybesubjecttolimitationsonthe coverageorliabilityinrespectofanyparticularrepresentative onlyifthelimitisnotlessthan$100,000; (c)theamountofinsurancecoveragemayincludethecostsand expensesincurredinthedefenceorsettlementofanyinsured claim;and (d)anydeductiblethatmaybeapplicableinrespectofanyclaim againstasalespersonshallnotexceed$5,000andanyclaim againstanestateagentshallnotexceed— (i)$5,000forestateagentswithnotmorethan50 representatives; (ii)$10,000forestateagentswithmorethan50butnot morethan500representatives;and (iii)$20,000forestateagentswithmorethan500 representatives. Estateagencyworknottobeperformedwithoutinsurancecover 14.Nopersonshallundertakeanyestateagencyworkwithout theinsurancecoveragespecifiedunderregulation13. PARTVI CONTINUINGPROFESSIONALDEVELOPMENT Continuingprofessionaldevelopmentprogrammes 15.—(1)TheCouncilshall,forthepurposeofpromoting professionaldevelopment,designateandmaintainalistofactivities, coursesandprogrammesthatarerelevanttoestateagencywork. (2)Eachiteminthelistmaintainedunderparagraph(1)shallbe assignedacorrespondingcontinuingprofessionaldevelopmentcredit intheformofhoursearnedonsuccessfulcompletion. (3)TheCouncilmaycategoriseitemsinthelistanddesignate specificitemsforvariousclassesordescriptionsofpersons. Minimumcontinuingprofessionaldevelopmentrequirements 16.—(1)Everyindividualwhoundertakesestateagencyworkshall participateintheactivities,coursesandprogrammeslistedunder 9S644/2010 regulation15andshallcompletesuchactivities,coursesorprogrammes soastoearnaminimumof6hoursofcreditseachcalendaryear. (2)Everyestateagentshallensurethatitskeyexecutiveofficer participatesintheactivities,coursesandprogrammeslistedunder regulation15andcompletessuchactivities,coursesorprogrammes soastoearnaminimumof6hoursofcreditseachcalendaryear. FIRSTSCHEDULE Regulation3 ESTATEAGENTSACT2010 CODEOFETHICSANDPROFESSIONALCLIENTCARE ApplicationofCodetoestateagentsandsalespersons 1.—(1)ThisCodeshallbeknownastheCodeofEthicsandProfessionalClient Careandshallapplytoeverylicensedestateagentandeveryregisteredsalesperson. (2)ThisCodesetsthestandardofperformancerequiredofestateagentsand salespersonsintheirdealingswithclientsandthepublicwhilecarryingoutestate agencywork. (3)ThisCodemustbereadinconjunctionwiththeEstateAgentsAct2010 (‘‘theAct’’)andpracticecircularsorguidelinesissuedbytheCouncilforEstate Agencies(‘‘theCouncil’’)fromtimetotime. (4)AfailuretoobservethisCodeoranylawapplicabletoestateagentsand salespersonsmayconstituteunsatisfactoryprofessionalconductorprofessional misconduct. (5)Anoffer,attempt,inducementorinstigationtodoanythingthatwould constituteabreachofthisCodeiffullyexecutedorcompletedisalsoabreachof thisCode. Definitions 2.InthisCode,unlessthecontextotherwiserequires— ‘‘clients’’includesprospectiveclientsorcustomers; ‘‘practicecircularsorguidelines’’meanspracticecircularsorguidelines inrelationtoestateagencyworkwhichtheCouncilmayissuefromtime totime. ViolationofCode 3.—(1)EstateagentsandsalespersonswhobreachanyprovisionofthisCode maybesubjecttodisciplinaryactionbeforeaDisciplinaryCommitteeformedunder theAct. (2)AbreachofanyprovisionofthisCodemayresultintheimpositionof sanctionsincludingfinancialpenalties,demeritpointsandthesuspensionor revocationofalicenceorregistrationundertheAct. S644/201010 FIRSTSCHEDULE—continued Knowledgeofandcompliancewithapplicablelaws,practicecircularsandguidelines 4.—(1)Estateagentsandsalespersonsmustperformtheirworkinaccordance withapplicablelawsandmustnotperformestateagencyworkunlesstheyhave therelevantknowledgetoperformtheworkthattheyareengagedtoperform. (2)Sub-paragraph(1)means,amongotherthings,thatestateagentsand salespersons— (a)mustbefullyconversantandcomplywiththeAct,theregulationsmade undertheAct(includingthisCodeandinthecaseofestateagents,the CodeofPracticeforEstateAgents),andthepolicies,practicecirculars andguidelinesoftheCouncil; (b)mustbefullyconversantandcomplywithrelevantlaws,regulationsand rulesthatapplytopropertytransactions; (c)mustkeepthemselvesinformedofessentialorrelevantfactsand developmentsinthepropertymarketandmattersthatcouldaffectany aspectofpropertytransactions; (d)mustbefamiliarwiththeproceduresforpropertytransactions,and thecontentsoftheformsused;and (e)mustnotundertakeestateagencyworkinrespectofHousingand DevelopmentBoardflatsunlesstheyarefullyconversantandcomply withtheapplicablelaws,regulations,rulesandproceduresthatapplyto transactionsinvolvingsuchflats. Duediligenceandcompliancewithlawandstatutoryrequirements 5.—(1)Estateagentsandsalespersonsshallconducttheirbusinessandwork withduediligence,despatchandcare,andincompliancewithalllawsincluding statutoryandregulatoryrequirements,andpracticecircularsandguidelines. (2)Sub-paragraph(1)means,amongotherthings,thatestateagentsand salespersons,inconductingestateagencybusinessorwork— (a)mustcomplywithandshallnotdoorattempttodoanythingthat infringes,orwhichmaydirectlyorindirectlyleadtotheinfringementby anypersonofanylaw;and (b)musttakeallreasonableprecautionsanddoallreasonableactstoensure thatnolawisinfringedbyanyperson. Generaldutytoclientsandpublic 6.—(1)Estateagentsandsalespersonsshallrenderprofessionaland conscientiousservicetotheirclientsandshallactwithhonesty,fidelityandintegrity. (2)Sub-paragraph(1)means,amongotherthings,thatestateagentsand salespersons— (a)mustactaccordingtotheinstructionsoftheclientandprotectand promotetheinterestsoftheclient,unaffectedbytheinterestsoftheestate agent,salespersonoranyotherperson; 11S644/2010 FIRSTSCHEDULE—continued (b)mustnotmisleadtheclientorprovideanyfalseinformationor misrepresentanyrelevantlaworfacttotheclient; (c)mustkeeptheclientinformedofanymaterialorrelevantdevelopment orissueinrespectofthepropertyoftheclient; (d)mustnotwithholdanyrelevantfactorinformationfromtheclient;and (e)mustnotactagainsttheinterestsoftheclientinanymanner,including collaboratinginanyformormannerwithanyotherperson. (3)Intheconductofestateagencyworkonbehalfoftheclient,theestate agentorsalespersonmustactethically,honestly,fairlyandinareasonablemanner towardsallotherpersons. (4)Sub-paragraph(3)means,amongotherthings,thatestateagentsand salespersons— (a)mustnotcollaboratewithorinduceorattempttoinducetheclientor anyotherpersontoengageinillegal,dishonestorunethicalpractices; (b)mustnotoverstateorconveyafalseimpressionofanyrelevant information;and (c)mustnotmisleadorprovideanyfalseinformationormisrepresent anyrelevantlaworfact. Nottobringdiscreditordisreputetorealestateindustry 7.—(1)Estateagentsandsalespersonsshallnotdoanythingthatmaybring discreditordisreputetotheestateagencytradeorindustry. (2)Sub-paragraph(1)means,amongotherthings,thatestateagentsand salespersons— (a)mustnotdoanythingthatmaybefraudulent,dishonest,deceitfulor misleading; (b)mustnotengageintouting;and (c)mustnotusethreateningorharassingtacticsorapplyunreasonableor improperpressure. (3)Anyopinionthatisrenderedbyanestateagentorasalespersontothe clientoranyotherpersonshallbejustifiablebyreferencetoverifiablefactsand shallbegivenwithstrictprofessionalintegrity,objectivityandcourtesy. (4)Estateagentsandsalespersonsmustnotsolicitforthepaymentofany reward,commissionorfeefromanypersonwhodidnotengagetheirservices. Dutytoclientsinrelationtosigningofdocuments 8.—(1)Estateagentsandsalespersonsmustgivetheclientsufficienttime toreadanyformordocumentbeforeaskingorallowingtheclienttosigntheform ordocument. S644/201012 FIRSTSCHEDULE—continued (2)Beforeaskingorallowingaclienttosignanyformordocument,estate agentsandsalespersonsmustexplainthemeaningandconsequencesoftheprovisions oftheformordocument. (3)Anestateagentorsalespersonwithanydoubtinrelationtoanyformor documentmustinformtheclientaccordinglyandadvisetheclienttoseekadvice fromappropriateprofessionals. (4)Theclientmustbegivenacopyofanyformordocumentthathesigns eitherimmediatelyorassoonaspossibleaftersigning. Obligationsinrespectofagreements 9.—(1)Estateagentsandsalespersonsmustensurethatallagreements concerningfinancialobligationsandcommitmentsinrespectofanytransactionare inwriting,andrecordtheexactagreementbetweenthepartiesconcerned. (2)Estateagentsandsalespersonsshallalsocomplywiththefollowing requirements: (a)theymustprocuresignaturesofalljointvendorsorlandlordsforthesale orleaseofproperty,andthoseofalljointbuyersortenantsforthe purchaseorrentalofproperty; (b)theymustensurethatacopyoftheagreementisgiventoeveryperson whosignstheagreement,eitherimmediatelyorassoonaspossibleafter signing; (c)theymustallowanypartyreasonabletimetoreadtheagreementbefore signingit,andtoseekappropriateadviceifheorshesodesires;and (d)theymustnotaskorprocureanyonetosignanagreementinwhich essentialormaterialtermsorinformationsuchasthepropertyaddress, price,dates,names,andcommissionpayablehavebeenomittedor therelevantspaceforsuchtermsorinformationisleftblankorunfilled. Conveyingoffers,counteroffers,etc. 10.Anestateagentorsalespersonshallsubmiteveryoffer,counter-offer, proposalorexpressionofinterestreceivedtohisclientaccurately,objectivelyand assoonaspossibleafterreceivingit. Interpretationortranslationifnecessary 11.Anestateagentorsalespersonshallensurethatanyinformationor explanationisconveyedtotheclientinthelanguageordialectthattheclient understands. Dutiesinrespectofadvertisements 12.—(1)Estateagentsandsalespersonsmustensurethattheyarecorrectly andclearlyidentifiedin— (a)alltheiradvertisementsandpromotionalmaterials;and 13S644/2010 FIRSTSCHEDULE—continued (b)theircorrespondence,emailsignatures,letterheads,notepapersandname, callingoranyothercards. (2)Sub-paragraph(1)means,amongotherthings,thatthefollowing informationmustbecorrectlyandclearlystated— (a)thenameandcontactnumberoftheestateagentandsalespersonas registeredwiththeCouncil;and (b)thelicenceandregistrationnumbersoftheestateagentandsalesperson. (3)Whereadvertisementsareintheformofclassifiedadvertisementsprinted innewspapers,theestateagentorsalespersonmustusethenameandcontact numbersthatareregisteredwiththeCouncilbutneednotstatethelicenceor registrationnumberoftheestateagentorsalesperson. (4)Estateagentsandsalespersonsmustalsocomplywiththefollowing requirementsinrespectofanyformofadvertisingincludingname,callingorany othercards: (a)theymustnotcauseorallowtobemadeanyadvertisementthatcontains anyoffer,proposal,statement,representation,claimorinformationthat isinaccurate,falseormisleading; (b)theymustensurethatallmaterialsthatadvertiseorpromoteaproperty accuratelydescribetheproperty; (c)anyclaimsofexpertise,specialisationorsuccessratecanbesubstantiated byverifiablefactsandrecords; (d)theymustobtaintheprioragreementoftheclientbeforeadvertising anypropertyoftheclientforanypurpose,includingsaleorrental; (e)theymustnotadvertiseanypropertyatapriceoronotherterms,orin anymanner,differentfromthoseinstructedbytheclient; (f)theadvertisementshallnotincludeanytransactioninformationabout anyspecificproperty(includingthenameoftheparties,thesaleand purchaseprice,rentpayableandanyothertermsofthetransaction), withouttheconsentinwritingofallthepartiestothetransaction, regardlessofwhetherthesalespersonorestateagenthadbeeninvolved inthetransaction; (g)theadvertisementanditsplacementshallnotdirectlyorindirectly infringeanylaworlegalrights;and (h)theymustremovealladvertisementsinrelationtoapropertyonce thepropertyisnolongeravailableforsaleorrentalforwhateverreason, oraftertheterminationoftheestateagencyagreementinrespectof theproperty. Dutytoavoidconflictofinterests 13.—(1)Estateagentsandsalespersonsmustnotacceptanappointmentby orcontinuetoactonbehalfofaclientwheretodosowouldplacetheagent’s orsalesperson’sinterestsinconflictorpotentialconflictwiththoseoftheclient. S644/201014 FIRSTSCHEDULE—continued (2)Sub-paragraph(1)means,amongotherthings,that— (a)estateagentsandsalespersonsmust,assoonaspossible,declareinwriting totheclientanyinterestwhichmayariseatanytimeandbeindirector indirectconflictwiththatoftheclient; (b)if,onthegroundsofconfidentialityorforanyotherreason,anestate agentorsalespersonisunabletomakeadeclarationofconflictor potentialconflict,theestateagentorsalespersonshalldeclinetoactfor orwithdrawfromactingfortheclient; (c)unlesstheclientbeingfullyinformedofanyconflictorpotentialconflict, consentstotheestateagentandsalespersonactingorcontinuingtoact forhim,theestateagentandsalespersonshalldeclinetoactforor withdrawfromactingfortheclient; (d)estateagentsandsalespersonsmustnotacquiredirectlyorindirectly,the propertyoftheclientoranyrightorinterestinthepropertyoftheclient, withouttheexpressknowledgeandconsentoftheclient;and (e)subjecttoanywrittenlaw,estateagentsandsalespersonsmustnotdirectly orindirectlyacceptanyfee,reward,commission,rebateorotherpayment forthereferralofanyservicesrenderedortoberenderedbythirdparties totheclientoranyotherparty,inconnectionwithatransactioninvolving theclient,withouttheexpressknowledgeandpriorconsentinwritingof theclient. (3)Sub-paragraph(2)(e)means,amongotherthings,thattheestateagentor salesperson,asthecasemaybe,mustdiscloseinadvance,andinwriting,boththe factandquantumofsuchfee,reward,commission,rebateorotherpayment. (4)Estateagentsandsalespersonsmustnotengageinanybusiness,workor professionalactivitywheresuchbusiness,workoractivitywould,orcouldreasonably beexpectedto,compromisethedischargeoftheirobligationstotheirclients. Recommendingprofessionaladvicewhereappropriate 14.Estateagentsandsalespersonsshalladviseandencouragethepartiesto atransactionorproposedtransactiontoseektheadviceofappropriateprofessionals, includingbutnotlimitedtosolicitors,taxadvisers,appraisersandvaluers,where thereisanymaterialmatterorissuethatisbeyondtheirknowledgeorexpertise. Safeguardingconfidentialinformation 15.—(1)Estateagentsandsalespersonsshallnotdiscloseorotherwiseuseany confidentialinformationoforrelatingtotheclientthatisobtainedfromtheclient orobtainedinthecourseofactingfortheclientunlessthedisclosureoruseismade withtheconsentoftheclient,orisotherwiserequiredorallowedbythelaw. (2)Disclosureundersub-paragraph(1)maybemadeonlytotheappropriate personandonlytotheextentauthorisedandextentnecessaryforthepermitted purpose. 15S644/2010 SECONDSCHEDULE Regulation4 ESTATEAGENTSACT2010 CODEOFPRACTICEFORESTATEAGENTS ApplicationofCodetoestateagents 1.—(1)ThisCodeshallbeknownastheCodeofPracticeforEstateAgents andshallapplytoeverylicensedestateagent. (2)ThisCodemustbereadinconjunctionwiththeEstateAgentsAct2010 (‘‘theAct’’)andpracticecircularsorguidelinesissuedbytheCouncilforEstate Agencies(‘‘theCouncil’’)fromtimetotime. (3)AfailuretoobservethisCodeoranylawapplicabletoestateagentsmay constituteunsatisfactoryprofessionalconductorprofessionalmisconduct. (4)Anoffer,attempt,inducementorinstigationtodoanythingthatwould constituteabreachofthisCodeiffullyexecutedorcompletedisalsoabreachof thisCode. Definitions 2.InthisCode,unlessthecontextotherwiserequires— ‘‘clients’’includesprospectiveclientsorcustomers; ‘‘CodeofEthicsandProfessionalClientCare’’meanstheCodeofEthics andProfessionalClientCareprescribedbytheCouncilthatappliesto estateagentsandsalespersons; ‘‘practicecircularsorguidelines’’meanspracticecircularsorguidelinesin relationtoestateagencyworkwhichtheCouncilmayissuefromtime totime. ViolationofCode 3.—(1)EstateagentswhobreachanyprovisionofthisCodemaybesubject todisciplinaryactionbeforeaDisciplinaryCommitteeformedundertheAct. (2)AbreachofanyprovisionofthisCodemayresultintheimpositionof sanctionsincludingfinancialpenalties,demeritpointsandthesuspensionor revocationofalicenceundertheAct. Managementandsupervision 4.—(1)Estateagentsshallhaveinplaceanddocumentinwritingproper systemsandprocesses— (a)toensurethattheirsalespersonsacquireandhavetheestateagency workknowledgereferredtoinparagraph4oftheCodeofEthicsand ProfessionalClientCare;and (b)forthemanagementandsupervisionoftheirbusinessandsalespersons. S644/201016 SECONDSCHEDULE—continued (2)Estateagentsshallmanageandsupervisetheirsalespersonstoensurethat theirsalespersons— (a)complywiththelawsorlegalobligationsorrequirementsstatedin paragraph5oftheCodeofEthicsandProfessionalClientCare; (b)conducttheirestateagencyworkinaprofessionalandreasonablemanner andinaccordancewiththelaw;and (c)avoidrepeatingtheconductofanysalespersonorotherpersonemployed orengagedbytheestateagentwhichresultedinabreachofthelawor disciplinaryaction. (3)Estateagentsshallvetallpublicityandadvertisingmaterialsoftheir salespersonspriortopublication. Estateagentcard 5.—(1)Estateagentsmustissueanidentificationcardlabelledasanestateagent cardtoeachandeveryoneoftheirsalespersonsandpartnersorthesoleproprietor, ifapplicable. (2)Theestateagentcardshallbeinsuchformandofsuchspecificationsas theCouncilmayrequire. (3)Theestateagentcardshallincludethefollowinginformation: (a)thenameandlicencenumberoftheestateagent; (b)thenameandregistrationnumberoftheholderofthecard; (c)arecentimageoftheholderofthecard; (d)acontactnumberoremailaddressforthemakingofinquiriesor complaintstotheestateagent;and (e)theexpirydateofthelicenceorregistrationoftheholderofthecard. (4)Nopersonshallbeissuedwithorholdmorethanoneestateagentcardat anytime. (5)Noestateagentcardshallbereplacedunlessthepersonseeking areplacementmakesanapplicationtotheestateagentinwritingwiththereason forthereplacement. (6)Theestateagentmustmaintainproperrecordsofallestateagentcards issued,whichmustincludethefollowinginformation: (a)theholder’spersonalparticulars; (b)thelicenceorregistrationnumberoftheholder; (c)thedateofissueofthecardandtheexpirydateofthelicenceor registration;and (d)thereasonfortheissueofanyreplacementcard. 17S644/2010 SECONDSCHEDULE—continued (7)Theestateagentshallrecoverthecardissuedtoaholderinthefollowing circumstances: (a)whentheholderceasestobeengagedoremployedby,orotherwisepart of,theestateagent; (b)whenthelicenceorregistrationoftheholderexpires,isnotrenewed, orissuspendedorcancelled;or (c)whentheholderappliesforareplacementestateagentcard. (8)Thenameoftheholderintheestateagentcardshallbe— (a)thenameoftheholderasprintedintheholder’sidentitycardissued undertheNationalRegistrationAct(Cap.201);or (b)iftheholderhasnotbeenissuedwithanidentitycardundertheNational RegistrationAct,theholder’snameasstatedintheholder’spassportor anyotherofficialidentificationdocument,whichshouldbeprecededby descriptivewordsthatidentifytheauthorityissuingtheidentification document. (9)Anybusinessorothernameoftheholderthatisstatedintheestate agentcardshallbeprintedwithinbracketsbelowthenameasspecifiedinsub- paragraph(8). Claimsandcomplaints 6.—(1)Estateagentsmusthaveinplaceasystemwithsuitableprocessesfor thereceiptandinvestigationofclaimsandcomplaintsagainsttheestateagentor anyoftheirsalespersons. (2)Thesystemandprocessesmustbedocumentedinwriting. (3)Allclaimsandcomplaintsagainsttheestateagentoranyofitssalespersons mustbeinvestigated. (4)Anyinvestigationunderparagraph(3)mustbecompletedwithin2weeks ofthereceiptofaclaimorcomplaint,orsuchlongertimeastheCouncilmayallow. (5)Wherethecomplainantismakingaclaimagainsttheestateagentor asalesperson,theestateagentshallmeetwiththecomplainanttoexplorethe possibilityofanamicableresolution. (6)Thecomplainantmustbeexpeditiouslyinformedoftheoutcomeofthe investigation. (7)OntherequestoftheCouncilinanyparticularcase,theestateagentshall furnishtheCouncil,within2weeksoftherequestorsuchlongertimeastheCouncil mayallow,withareportontheinvestigationofthecaseanddetailsofsuchaction asmayhavebeentakenbytheestateagentandsalesperson,andtheoutcome thereof. S644/201018 SECONDSCHEDULE—continued Retentionofdocumentsandrecords 7.—(1)ForthepurposesoftheAct,anestateagentshallretaintheoriginals orkeepcopiesofthefollowingdocumentsforatleast3years: (a)allapplicationstotheCouncilinrespectofestateagent’slicenceandthe registrationofsalespersonsundertheAct,includingsupporting documents; (b)allestateagentandsalespersonagreements; (c)allestateagencyagreements; (d)alldocumentsrelatingtopropertytransactions,including— (i)saleandpurchaseagreements,andoptionstopurchase; (ii)leaseandleaseagreements,andlettersofintenttolease; (iii)HousingandDevelopmentBoarddocumentsandforms,including ResaleChecklistsandapprovalsforthesub-lettingofHousingand DevelopmentBoardflats; (iv)documentsevidencingthereceiptandpaymentoftransaction monies; (v)powersofattorneyandlettersofauthorisation;and (vi)declarationsmadebyestateagentsorsalespersonsofanyconflict orpotentialconflictofinterests;and (e)alldocumentsandcorrespondenceinrespectofclaimsorcomplaints, includingtheresultofinvestigationsandanyactiontaken. (2)Copiesofdocumentsretainedforthepurposesofparagraph(1)maybe inelectronicform. (3)Paragraphs(1)and(2)donotaffectanystatutoryobligationorrequirement thatmayrequiretheretentionofdocumentsorrecordsforotherpurposesorfor adifferentperiodoftime. 19S644/2010 THIRDSCHEDULE Regulation10 ESTATEAGENTSACT2010 PRESCRIBEDESTATEAGENCYAGREEMENTS Form1 ESTATEAGENCYAGREEMENTFOR THESALEOFRESIDENTIALPROPERTY ThisformisprescribedbytheCouncilforEstateAgencies(‘‘CEA’’)under theEstateAgentsAct2010forusewhenanestateagentisauthorisedorengaged (2) byaprospectivesellertointroduceabuyerofresidentialpropertyinSingapore. (1) Note:Whereanumberinbrackets(e.g.)appearsinthisAgreement,please readtheexplanatorynotethatbearsthecorrespondingnumberinSchedule1to thisAgreement.Whereanyspaceprovidedbelowisinsufficient,therelevant particularsshouldbewrittenonaseparatesheetandattachedtothisAgreement. 1.PartiestoAgreement AgreementDate:hh/hh/hhhh(dd/mm/yyyy) (3) Seller(1)Name:_______________________NRICNo.:________________ Address:___________________________________________________________ (3) Seller(2)Name:_______________________NRICNo.:________________ Address:___________________________________________________________ (4) NameofEstateAgent:_______________LicenceNo.:________________ Address:___________________________________________________________ 2.AppointmentofEstateAgentbySeller Theaboveseller(s)(collectivelycalled‘‘Seller’’)herebyauthorisesandengages (5) theEstateAgent,subjecttoandinaccordancewiththetermsofthis (6)(7) Agreement,tointroducetohimaBuyerofthefollowingProperty: _____________________________________________________________________ _____________________________________________________________________ _________________________________________________________(‘‘Property’’) CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form1 S644/201020 THIRDSCHEDULE—continued 3.ScopeofAgencyandDutiesofEstateAgent TheEstateAgent’sdutiesshallbeassetoutinSchedule2tothisAgreement, inadditiontothedutiesplacedontheEstateAgentbytheothertermsin thisAgreementandanywrittenlaw. 4.Commission (8) (a)IftheSellerentersintoabindingagreementforthesaleandpurchaseof thePropertywithaBuyerintroducedbytheEstateAgent,theSellershall paytheEstateAgentcommissionof*S$____________/attherateof (1)(9) ____%ofthetransactedpriceofthePropertyatthetimeofcompletion ofthePropertytransactionpursuanttotheagreementforsaleandpurchase. GSTispayableuponthecommission:hYeshNo (1) IfYes,thecommissionspecifiedis*inclusive/exclusiveofGST. Note:IfaBuyerintroducedbytheEstateAgenthasenteredintoasale andpurchaseagreementwiththeSellerinrespectoftheProperty, thenameandaddressoftheBuyerandthedateofthesaleand purchaseagreementmayberecordedasfollows:______________ __________________________________________________________ (b)TheSellershallhavenoobligationtopayanycommissiontotheEstate AgentifcompletionofthePropertytransactionfallsthroughwithoutfault onthepartoftheSeller. (c)InthecaseofHDBproperty,ifcompletionofthePropertytransaction fallsthroughbyreasonoftheSeller’sineligibilitytosellunderHDBrules orregulations,theSellershallhavenoobligationtopayanycommission totheEstateAgent. 5.DisclosureRequirements (a)TheEstateAgentorSalesperson*has/doesnothaveaconflictor (1)(10) potentialconflictofinterestinactingfortheSeller.IftheEstate AgentorSalespersonhasaconflictorpotentialconflictofinterest,the detailsareasfollows: _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form1 21S644/2010 THIRDSCHEDULE—continued (b)IftheEstateAgentorSalespersonhasdeclaredthatthereisnoconflictor potentialconflictofinterestbutaconflictorpotentialconflictofinterest onlyarises(orhebecomesawareoftheconflictorpotentialconflictof interest)aftertheexecutionofthisAgreement,theconflictorpotential conflictofinterestmustbeimmediatelydisclosedinwritingtotheSeller. Uponsuchdisclosure,theEstateAgentandSalespersonmaycontinueto actfortheSelleronlyiftheSeller,beingfullyinformed,consentsinwriting totheEstateAgentandSalespersoncontinuingtoactforhim. 6.PropertyInspectionandCo-broking (a)TheSelleragreestoallowtheEstateAgenttoshowthepropertyto potentialBuyer(s)(includingtheiragents)atmutuallyagreeabletime(s). (1) (b)TheEstateAgent*may/maynotco-operateorco-brokewithanother EstateAgenttosecureBuyersfortheProperty. (c)Ifco-brokingisallowed,thecommissionmaybesharedbetweenthe EstateAgentandaco-brokingagentinsuchamountsasmaybeagreed betweenthembuttheSellerisnotliabletopayanycommissiontothe co-brokingagent. 7.WarrantybySeller (1) TheSellerwarrantsthatheis*theownerof/dulyauthorisedtosellthe Property. 8.SchedulesandNotes TheSchedulesandNotestoorinthisAgreementformpartofthisAgreement. 9.ApplicableLawandDisputeResolution (a)ThisAgreementshallbegovernedbythelawsofSingapore. (b)AnydisputebetweentheSellerandtheEstateAgentarisingoutoforin connectionwiththisAgreement(includinganyquestionregardingits existence,validityortermination)shallfirstberesolvedinthefollowing manner: MediationFirst (i)Thepartiesshallproceedtomediationunderthemediationscheme prescribedbytheCEAunlesstheSellerelectsinwritingnotto mediate. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form1 S644/201022 THIRDSCHEDULE—continued (ii)TheEstateAgentmayasktheSellerinwritingwhetherheelectsto mediateornot.IftheSellerdoesnotreplyormakeanyelection withinthreeweeksofreceiptofsuchenquiry,heshallbedeemedto haveelectedinwritingnottoproceedtomediation. Arbitration (iii)Ifthedisputeremainsoutstanding(i.e.theSellerhaselectednotto mediateorthedisputeisnotresolvedbymediation),thedisputeshall bereferredtoandfinallyresolvedbyarbitrationinSingaporeunder thearbitrationschemeprescribedbytheCEA,inaccordancewith suchrulesasmaybeprescribed,unlesstheSellerelectsinwritingnot toarbitrate. (iv)TheEstateAgentmayasktheSellerinwritingwhetherheelectsto resolvethedisputebyarbitrationornot.IftheSellerdoesnotreply orexpresslymakeanyelectionwithinthreeweeksofreceiptofsuch enquiry,heshallbedeemedtohaveelectedinwritingnottoresolve thedisputebyarbitrationandneitherpartyshallbeboundtoproceed toarbitration. 10.AdditionalTerms Note:TheprintedtermsprescribedinthisformofAgreementcannotbe deletedorvaried.Ifthepartieswishatanytimetoagreetooraddonany otherterms,theymustbeinwriting,dated,insertedasAdditionalTerms belowandinitialedbytheparties.Ifthespacebelowisinsufficient,the AdditionalTermsaretobewritten/printedinblackinkonaseparatesheetof paperwhichmustbepinkincolorandinafontnotsmallerthanthefontof theaboveterms. TheAdditionalTermscannotconflictwith,varyorotherwiselimitthe (11) prescribedtermsofthisAgreement. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form1 23S644/2010 THIRDSCHEDULE—continued SignedbytheSeller(s)andtheEstateAgent Note:ThepartiesaretoinitialeverypageofthisAgreementincludingtheSchedules andanyattachments. __________________________________ SignedbySeller(1) *Throughtheinterpretationof______Signedbyinterpreter______________ (3) Date:Interpreter’sNRICNo.: Date: __________________________________ SignedbySeller(2) *Throughtheinterpretationof______Signedbyinterpreter______________ (3) Date:Interpreter’sNRICNo.: Date: ________________________________________________________________________ (1)(12) Signedby*SalespersonforandonbehalfoftheEstateAgent/EstateAgent (1) Nameof*Salesperson/EstateAgent: (3) NRICNo.: Address: (1) *SalespersonRegistration/EstateAgentLicenceNo.: Telephonenumber: Date: CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form1 S644/201024 THIRDSCHEDULE—continued SCHEDULE1 EXPLANATORYNOTES (1)*meansdeleteifnotapplicable.AlldeletionsmustbeinitialedbytheSellerat thetimetheyaremade. (2)Thisformofagreementisonlyapplicableifallorpartofthepropertytobe soldcomprisesresidentialpropertyinSingapore. (3)IfthereisnoNRICNo.,pleasewriteanothernumbersuchasFIN,passport orcompanyincorporation/registrationNo.,asthecasemaybe. (4)ToinsertfullnameoftheEstateAgent. (5)TheEstateAgentisnotanexclusiveagentandtheSellermayalsosellthe Propertyhimselforthroughanotheragent. (6)BuyerincludesapotentialBuyer. (7)IfthereismorethanoneProperty,therelevantaddressesmayberecordedon aseparatesheetandattachedtothisAgreement.Alternatively,aseparate agreementmaybeusedforeachProperty. (8)Anagreementforsaleandpurchasemaytaketheformofanexecutedsale andpurchaseagreementoranoptiontopurchasewhichhasbeenexercisedby theBuyer. (9)TheamountorrateofcommissionisnegotiablebetweentheSellerand theEstateAgent. (10)TheCodeofEthicsandProfessionalClientCareprescribestheEstateAgent’s andSalesperson’sdutytodiscloseandavoidanypotentialoractualconflictof interest. (11)Wherethepartieshavemadeanychoiceabove,theymaysubsequentlyvary suchchoiceinwritingbutsuchvariationmustbedatedandinitialedbythe parties.Thepartiesmayalsovarythenon-prescribedAdditionalTermsbut suchvariationmustbeinwriting,datedandinitialedbytheparties. (12)IfthereisaSalespersonrepresentingtheEstateAgentintheproposedsaleof theProperty,theSalespersonshallsignandfillinhisparticulars.Otherwise, iftheEstateAgentactingintheproposedsaleofthePropertyisanatural person,heshallsignandfillinhisparticulars.Ifthereismorethanonesuch SalespersonorEstateAgentwhoisanaturalpersonactingintheproposed saleoftheProperty,theirname(s)andparticular(s)shallalsobewritten,if necessary,onaseparatesheetandattachedtothisAgreement. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form1 25S644/2010 THIRDSCHEDULE—continued SCHEDULE2 DUTIESOFESTATEAGENT TheEstateAgentshall: (a)providereasonableassistanceandadvicetotheSellerthroughouttheprocess ofsaleoftheProperty. (b)representtheSellerinnegotiationswithanyprospectiveBuyerinaccordance withhisinstructions. (c)promptlyforwardtotheSelleralloffers,proposalsorexpressionsofinterest frompotentialBuyersortheiragents. (d)advancetheSeller’sinterestunaffectedbyanyinterestoftheEstateAgent, Salespersonoranyotherperson. (e)assisttheSellertoenterintoabindingagreementforsaleandpurchasewiththe BuyerandreasonablyexplaintotheSellerallrelevantformsanddocuments. However,iftheEstateAgentisindoubtonanymatter,heshallstatehisdoubt andadvisetheSellertoseekadvicefromappropriateprofessionals. (f)complywithallreasonableinstructionsandrequestsoftheSellerinrelationto thetransaction. Note:ThefollowingarealsoapplicableinthecaseofHDBproperty (g)advisetheSellerontheeligibilityoftheSellertosellhisHDBflat. (h)explainandgothroughtheresalechecklistwiththeSelleroftheHDBflatand checkwiththeSelleronwhethertherenovationsmadeweredulyauthorised. (i)assisttheSelleroftheHDBflattosubmitsuchforms,documentsand/or informationasmayberequiredbyHDBtoprocesstheapplicationforsale. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form1 S644/201026 THIRDSCHEDULE—continued Form2 ESTATEAGENCYAGREEMENTFOR THEPURCHASEOFRESIDENTIALPROPERTY ThisformisprescribedbytheCouncilforEstateAgencies(‘‘CEA’’)underthe EstateAgentsAct2010forusewhenanestateagentisauthorisedorengagedby (2) aprospectivebuyertointroduceasellerofresidentialpropertyinSingapore. (1) Note:Whereanumberinbrackets(e.g.)appearsinthisAgreement,please readtheexplanatorynotethatbearsthecorrespondingnumberinSchedule1to thisAgreement.Whereanyspaceprovidedbelowisinsufficient,therelevant particularsshallbewrittenonaseparatesheetandattachedtothisAgreement. 1.PartiestoAgreement AgreementDate:hh/hh/hhhh(dd/mm/yyyy) (3) Buyer(1)Name:______________________NRICNo.:________________ Address:___________________________________________________________ (3) Buyer(2)Name:______________________NRICNo.:________________ Address:___________________________________________________________ (4) NameofEstateAgent:_______________LicenceNo.:________________ Address:___________________________________________________________ 2.AppointmentofEstateAgentbyBuyer Theabovebuyer(s)(collectivelycalled‘‘Buyer’’)herebyauthorisesand (5) engagestheEstateAgent,subjecttoandinaccordancewiththetermsof (6)(7) thisAgreement,tointroducetohimaSellerofthefollowingProperty: ___________________________________________________________________ ___________________________________________________________________ _______________________________________________________(‘‘Property’’) 3.ScopeofAgencyandDutiesofEstateAgent TheEstateAgent’sdutiesshallbeassetoutinSchedule2tothisAgreement, inadditiontothedutiesplacedontheEstateAgentbytheothertermsin thisAgreementandanywrittenlaw. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form2 27S644/2010 THIRDSCHEDULE—continued 4.Commission (8) (a)IftheBuyerentersintoabindingagreementforsaleandpurchaseof thePropertywithaSellerintroducedbytheEstateAgent,theBuyershall paytheEstateAgentcommissionof*S$____________/attherateof (1)(9) ____%ofthetransactedpriceofthePropertyatthetimeof completionofthePropertytransactionpursuanttotheagreementforsale andpurchase. GSTispayableuponthecommission:hYeshNo (1) IfYes,thecommissionspecifiedis*inclusive/exclusiveofGST. Note:IfaSellerintroducedbytheEstateAgenthasenteredintoasale andpurchaseagreementwiththeBuyerinrespectoftheProperty, thenameandaddressoftheSellerandthedateofthesaleand purchaseagreementmayberecordedasfollows:______________ __________________________________________________________ (b)TheBuyershallhavenoobligationtopayanycommissiontotheEstate AgentifcompletionofthePropertytransactionfallsthroughwithoutfault onthepartoftheBuyer. (c)InthecaseofHDBproperty,ifcompletionofthePropertytransaction fallsthroughbyreasonoftheBuyer’sineligibilitytobuyunderHDBrules orregulations,theBuyershallhavenoobligationtopayanycommission totheEstateAgent. 5.DisclosureRequirements (a)TheEstateAgentorSalesperson*has/doesnothaveaconflictorpotential (1)(10) conflictofinterestinactingfortheBuyer.IftheEstateAgentor Salespersonhasaconflictorpotentialconflictofinterest,thedetailsare asfollows: _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ (b)IftheEstateAgentorSalespersonhasdeclaredthatthereisnoconflictor potentialconflictofinterestbutaconflictorpotentialconflictofinterest onlyarises(orhebecomesawareoftheconflictorpotentialconflictof interest)aftertheexecutionofthisAgreement,theconflictorpotential conflictofinterestmustbeimmediatelydisclosedinwritingtotheBuyer. Uponsuchdisclosure,theEstateAgentandSalespersonmaycontinue toactfortheBuyeronlyiftheBuyer,beingfullyinformed,consentsin writingtotheEstateAgentandSalespersoncontinuingtoactforhim. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form2 S644/201028 THIRDSCHEDULE—continued 6.Co-broking (1) (a)TheEstateAgent*may/maynotco-operateorco-brokewithanother EstateAgenttosecureSellersfortheProperty. (b)Ifco-brokingisallowed,thecommissionmaybesharedbetweenthe EstateAgentandaco-brokingagentinsuchamountsasmaybeagreed betweenthembuttheBuyerisnotliabletopayanycommissionto theco-brokingagent. 7.SchedulesandNotes TheSchedulesandNotestoorinthisAgreementformpartofthisAgreement. 8.ApplicableLawandDisputeResolution (a)ThisAgreementshallbegovernedbythelawsofSingapore. (b)AnydisputebetweentheBuyerandtheEstateAgentarisingoutoforin connectionwiththisAgreement(includinganyquestionregardingits existence,validityortermination)shallfirstberesolvedinthefollowing manner: MediationFirst (i)Thepartiesshallproceedtomediationunderthemediationscheme prescribedbytheCEAunlesstheBuyerelectsinwritingnotto mediate. (ii)TheEstateAgentmayasktheBuyerinwritingwhetherheelectsto mediateornot.IftheBuyerdoesnotreplyormakeanyelection withinthreeweeksofreceiptofsuchenquiry,heshallbedeemedto haveelectedinwritingnottoproceedtomediation. Arbitration (iii)Ifthedisputeremainsoutstanding(i.e.theBuyerhaselectednotto mediateorthedisputeisnotresolvedbymediation),thedisputeshall bereferredtoandfinallyresolvedbyarbitrationinSingaporeunder thearbitrationschemeprescribedbytheCEA,inaccordancewith suchrulesasmaybeprescribed,unlesstheBuyerelectsinwritingnot toarbitrate. (iv)TheEstateAgentmayasktheBuyerinwritingwhetherheelectsto resolvethedisputebyarbitrationornot.IftheBuyerdoesnotreply orexpresslymakeanyelectionwithinthreeweeksofreceiptofsuch enquiry,heshallbedeemedtohaveelectedinwritingnottoresolve thedisputebyarbitrationandneitherpartyshallbeboundtoproceed toarbitration. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form2 29S644/2010 THIRDSCHEDULE—continued 9.AdditionalTerms Note:TheprintedtermsprescribedinthisformofAgreementcannotbe deletedorvaried.Ifthepartieswishatanytimetoagreetooraddonany otherterms,theymustbeinwriting,dated,insertedasAdditionalTerms belowandinitialedbytheparties.Ifthespacebelowisinsufficient,the AdditionalTermsaretobewritten/printedinblackinkonaseparatesheetof paperwhichmustbepinkincolorandinafontnotsmallerthanthefontof theaboveterms. TheAdditionalTermscannotconflictwith,varyorotherwiselimitthe (11) prescribedtermsofthisAgreement. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form2 S644/201030 THIRDSCHEDULE—continued SignedbytheBuyer(s)andtheEstateAgent Note:ThepartiesaretoinitialeverypageofthisAgreementincludingtheSchedules andanyattachments. __________________________________ SignedbyBuyer(1) *Throughtheinterpretationof______Signedbyinterpreter______________ (3) Date:Interpreter’sNRICNo.: Date: __________________________________ SignedbyBuyer(2) *Throughtheinterpretationof______Signedbyinterpreter______________ (3) Date:Interpreter’sNRICNo.: Date: ________________________________________________________________________ (1)(12) Signedby*SalespersonforandonbehalfoftheEstateAgent/EstateAgent (1) Nameof*Salesperson/EstateAgent: (3) NRICNo.: Address: (1) *SalespersonRegistration/EstateAgentLicenceNo.: Telephonenumber: Date: Note:TheEstateAgentmustprovidetheoriginaloracopyofthisAgreementto theBuyerimmediatelyuponsigning. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form2 31S644/2010 THIRDSCHEDULE—continued SCHEDULE1 EXPLANATORYNOTES (1)*meansdeleteifnotapplicable.AlldeletionsmustbeinitialedbytheBuyer. (2)Thisformofagreementisonlyapplicableifallorpartofthepropertytobe purchasedcomprisesresidentialpropertyinSingapore. (3)IfthereisnoNRICNo.,pleasewriteanothernumbersuchasFIN,passport orcompanyincorporation/registrationNo.,asthecasemaybe. (4)ToinsertfullnameoftheEstateAgent. (5)TheEstateAgentisnotanexclusiveagentandtheBuyermaypurchase thePropertyhimselforthroughanotheragent. (6)SellerincludesapotentialSeller. (7)TostatedescriptionofPropertytobepurchasede.g.type,localityandprice range.IfthereismorethanoneProperty,therelevantdescriptionsmaybe recordedonaseparatesheetandattachedtothisAgreement.Alternatively, aseparateagreementmaybeusedforeachProperty. (8)Anagreementforsaleandpurchasemaytaketheformofanexecutedsale andpurchaseagreementoranoptiontopurchasewhichhasbeenexercisedby theBuyer. (9)TheamountorrateofcommissionisnegotiablebetweentheBuyerand theEstateAgent. (10)TheCodeofEthicsandProfessionalClientCareprescribestheEstateAgent’s andSalesperson’sdutytodiscloseandavoidanypotentialoractualconflictof interest. (11)Wherethepartieshavemadeanychoiceabove,theymaysubsequentlyvary suchchoiceinwritingbutsuchvariationmustbedatedandinitialedbythe parties.Thepartiesmayalsovarythenon-prescribedAdditionalTermsbut suchvariationmustbeinwriting,datedandinitialedbytheparties. (12)IfthereisaSalespersonrepresentingtheEstateAgentintheproposedsaleof theProperty,theSalespersonshallsignandfillinhisparticulars.Otherwise, iftheEstateAgentactingintheproposedpurchaseofthePropertyisanatural person,heshallsignandfillinhisparticulars.Ifthereismorethanonesuch SalespersonorEstateAgentwhoisanaturalpersonactingintheproposed purchaseoftheProperty,theirname(s)andparticular(s)shallalsobewritten, ifnecessary,onaseparatesheetandattachedtothisAgreement. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form2 S644/201032 THIRDSCHEDULE—continued SCHEDULE2 DUTIESOFESTATEAGENT TheEstateAgentshall: (a)providereasonableassistanceandadvicetotheBuyerthroughouttheprocess ofpurchaseoftheProperty. (b)representtheBuyerinnegotiationswithanypotentialSellerinaccordancewith hisinstructions. (c)promptlyforwardtotheBuyeralloffers,proposalsorexpressionsofinterest frompotentialSellersortheiragents. (d)advancetheBuyer’sinterestunaffectedbyanyinterestoftheEstateAgent, Salespersonoranyotherperson. (e)assisttheBuyertoenterintoabindingagreementforsaleandpurchasewiththe SellerandreasonablyexplaintotheBuyerallrelevantformsanddocuments. However,iftheEstateAgentisindoubtonanymatter,heshallstatehisdoubt andadvisetheBuyertoseekadvicefromappropriateprofessionals. (f)complywithallreasonableinstructionsandrequestsoftheBuyerinrelationto thetransaction. Note:ThefollowingarealsoapplicableinthecaseofHDBproperty (g)advisetheBuyerontheeligibilityoftheBuyertobuytheHDBflat. (h)explainandgothroughtheresalechecklistwiththeBuyerandexplainto theBuyertheimplicationsiftherenovationsmadetotheHDBflatwerenot dulyauthorised. (i)assisttheBuyeroftheHDBflattosubmitsuchforms,documentsand/or informationasmayberequiredbyHDBtoprocesstheapplicationforpurchase. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form2 33S644/2010 THIRDSCHEDULE—continued Form3 ESTATEAGENCYAGREEMENTFOR THELEASEOFRESIDENTIALPROPERTY BYALANDLORD ThisformisprescribedbytheCouncilforEstateAgencies(‘‘CEA’’)underthe EstateAgentsAct2010forusewhenanestateagentisauthorisedorengagedby (2) aprospectivelandlordtointroduceatenantofresidentialpropertyinSingapore. (1) Note:Whereanumberinbrackets(e.g.)appearsinthisAgreement,please readtheexplanatorynotethatbearsthecorrespondingnumberinSchedule1to thisAgreement.Whereanyspaceprovidedbelowisinsufficient,therelevant particularsshallbewrittenonaseparatesheetandattachedtothisAgreement. 1.PartiestoAgreement AgreementDate:hh/hh/hhhh(dd/mm/yyyy) (3) Landlord(1)Name:____________________NRICNo.:________________ Address:___________________________________________________________ (3) Landlord(2)Name:____________________NRICNo.:________________ Address:___________________________________________________________ (4) NameofEstateAgent:_______________LicenceNo.:________________ Address:___________________________________________________________ 2.AppointmentofEstateAgentbyLandlord Theabovelandlord(s)(collectivelycalled‘‘Landlord’’)herebyauthorisesand (5) engagestheEstateAgent,subjecttoandinaccordancewiththetermsof (6)(7) thisAgreement,tointroducetohimaTenantofthefollowingProperty: ___________________________________________________________________ ___________________________________________________________________ _______________________________________________________(‘‘Property’’) 3.ScopeofAgencyandDutiesofEstateAgent TheEstateAgent’sdutiesshallbeassetoutinSchedule2tothisAgreement, inadditiontothedutiesplacedontheEstateAgentbytheothertermsin thisAgreementandanywrittenlaw. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form3 S644/201034 THIRDSCHEDULE—continued 4.Commission (8) (a)IftheLandlordentersintoabindingleaseofthePropertywithaTenant (9) introducedbytheEstateAgentfor____________,theLandlordshall (1)(9) paytheEstateAgentcommissionof*S$____________/____________ rent. GSTispayableuponthecommission:hYeshNo (1) IfYes,thecommissionspecifiedis*inclusive/exclusiveofGST. Note:IfaTenantintroducedbytheEstateAgenthasenteredinto abindingleasewiththeLandlordinrespectoftheProperty,the nameandaddressoftheTenantandthedateoftheleasemaybe recordedasfollows:________________________________________ __________________________________________________________ (b)TheLandlordshallhavenoobligationtopayanycommissiontothe EstateAgentiftheleasingofthePropertyfallsthroughwithoutfaulton thepartoftheLandlord. (c)InthecaseofHDBproperty,iftheleasingofthePropertyfallsthrough byreasonoftheLandlord’sineligibilitytoleaseunderHDBrulesor regulations,theLandlordshallhavenoobligationtopayanycommission totheEstateAgent. (10) (d)On__________________renewalofthelease,theLandlord*shall/shall (1) notbeliabletopayfurthercommissiontotheEstateAgent.Iffurther commissionispayableuponrenewal,suchcommissionshallamountto (1)(9) *S$____________/____________rentfor____________. 5.DisclosureRequirements (a)TheEstateAgentorSalesperson*has/doesnothaveaconflictorpotential (1)(11) conflictofinterestinactingfortheLandlord.IftheEstateAgentor Salespersonhasaconflictorpotentialconflictofinterest,thedetailsareas follows: _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form3 35S644/2010 THIRDSCHEDULE—continued (b)IftheEstateAgentorSalespersonhasdeclaredthatthereisnoconflictor potentialconflictofinterestbutaconflictorpotentialconflictofinterest onlyarises(orhebecomesawareoftheconflictorpotentialconflictof interest)aftertheexecutionofthisAgreement,theconflictorpotential conflictofinterestmustbeimmediatelydisclosedinwritingtotheLandlord. Uponsuchdisclosure,theEstateAgentandSalespersonmaycontinueto actfortheLandlordonlyiftheLandlord,beingfullyinformed,consentsin writingtotheEstateAgentandSalespersoncontinuingtoactforhim. 6.PropertyInspectionandCo-broking (a)TheLandlordagreestoallowtheEstateAgenttoshowthepropertyto potentialTenant(s)(includingtheiragents)atmutuallyagreeabletime(s). (1) (b)TheEstateAgent*may/maynotco-operateorco-brokewithanother EstateAgenttosecureTenantsfortheProperty. (c)Ifco-brokingisallowed,thecommissionmaybesharedbetweenthe EstateAgentandaco-brokingagentinsuchamountsasmaybeagreed betweenthembuttheLandlordisnotliabletopayanycommissionto theco-brokingagent. 7.WarrantybyLandlord (1) TheLandlordwarrantsthatheis*theownerof/dulyauthorisedtolease theProperty. 8.SchedulesandNotes TheSchedulesandNotestoorinthisAgreementformpartofthisAgreement. 9.ApplicableLawandDisputeResolution (a)ThisAgreementshallbegovernedbythelawsofSingapore. (b)AnydisputebetweentheLandlordandtheEstateAgentarisingoutofor inconnectionwiththisAgreement(includinganyquestionregardingits existence,validityortermination)shallfirstberesolvedinthefollowing manner: MediationFirst (i)Thepartiesshallproceedtomediationunderthemediationscheme prescribedbytheCEAunlesstheLandlordelectsinwritingnot tomediate. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form3 S644/201036 THIRDSCHEDULE—continued (ii)TheEstateAgentmayasktheLandlordinwritingwhetherheelectsto mediateornot.IftheLandlorddoesnotreplyormakeanyelection withinthreeweeksofreceiptofsuchenquiry,heshallbedeemed tohaveelectedinwritingnottoproceedtomediation. Arbitration (iii)Ifthedisputeremainsoutstanding(i.e.theLandlordhaselectednot tomediateorthedisputeisnotresolvedbymediation),thedispute shallbereferredtoandfinallyresolvedbyarbitrationinSingapore underthearbitrationschemeprescribedbytheCEA,inaccordance withsuchrulesasmaybeprescribed,unlesstheLandlordelectsin writingnottoarbitrate. (iv)TheEstateAgentmayasktheLandlordinwritingwhetherheelects toresolvethedisputebyarbitrationornot.IftheLandlorddoesnot replyorexpresslymakeanyelectionwithinthreeweeksofreceiptof suchenquiry,heshallbedeemedtohaveelectedinwritingnotto resolvethedisputebyarbitrationandneitherpartyshallbeboundto proceedtoarbitration. 10.AdditionalTerms Note:TheprintedtermsprescribedinthisformofAgreementcannotbe deletedorvaried.Ifthepartieswishatanytimetoagreetooraddonany otherterms,theymustbeinwriting,dated,insertedasAdditionalTerms belowandinitialedbytheparties.Ifthespacebelowisinsufficient,the AdditionalTermsaretobewritten/printedinblackinkonaseparatesheetof paperwhichmustbepinkincolorandinafontnotsmallerthanthefontof theaboveterms. TheAdditionalTermscannotconflictwith,varyorotherwiselimitthe (12) prescribedtermsofthisAgreement. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form3 37S644/2010 THIRDSCHEDULE—continued SignedbytheLandlord(s)andtheEstateAgent Note:ThepartiesaretoinitialeverypageofthisAgreementincludingtheSchedules andanyattachments. __________________________________ SignedbyLandlord(1) *Throughtheinterpretationof______Signedbyinterpreter______________ (3) Date:Interpreter’sNRICNo.: Date: __________________________________ SignedbyLandlord(2) *Throughtheinterpretationof______Signedbyinterpreter______________ (3) Date:Interpreter’sNRICNo.: Date: ______________________________________________________________________ (1)(13) Signedby*SalespersonforandonbehalfoftheEstateAgent/EstateAgent (1) Nameof*Salesperson/EstateAgent: (3) NRICNo.: Address: (1) *SalespersonRegistration/EstateAgentLicenceNo.: Telephonenumber: Date: Note:TheEstateAgentmustprovidetheoriginaloracopyofthisAgreementto theLandlordimmediatelyuponsigning. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form3 S644/201038 THIRDSCHEDULE—continued SCHEDULE1 EXPLANATORYNOTES (1)*meansdeleteifnotapplicable.AlldeletionsmustbeinitialedbytheLandlord. (2)Thisformofagreementisonlyapplicableifallorpartofthepropertyto beleasedcomprisesresidentialpropertyinSingapore. (3)IfthereisnoNRICNo.,pleasewriteanothernumbersuchasFIN,passport orcompanyincorporation/registrationNo.,asthecasemaybe. (4)ToinsertfullnameoftheEstateAgent. (5)TheEstateAgentisnotanexclusiveagentandtheLandlordmayalsolease thepropertyhimselforthroughanotheragent. (6)TenantincludesapotentialTenant. (7)IfthereismorethanoneProperty,therelevantaddressesmayberecordedon aseparatesheetandattachedtothisAgreement.Alternatively,aseparate agreementmaybeusedforeachProperty. (8)Aleaseincludesasubleaseandanagreementforleaseorsublease,under whatevername. (9)Therelevantperiodornumberofmonthsshouldbestated.Theamountor rateofcommissionisnegotiablebetweentheLandlordandtheEstateAgent. Inthecaseofrenewaloflease,whetherfurthercommissionispayableand, ifso,howmucharealsomattersthataresubjecttonegotiation. (10)Tostatewhichrenewale.g.1st,2ndor3rd,etc. (11)TheCodeofEthicsandProfessionalClientCareprescribestheEstateAgent’s andSalesperson’sdutytodiscloseandavoidanypotentialoractualconflictof interest. (12)Wherethepartieshavemadeanychoiceabove,theymaysubsequentlyvary suchchoiceinwritingbutsuchvariationmustbedatedandinitialedby theparties.Thepartiesmayalsovarythenon-prescribedAdditionalTerms butsuchvariationmustbeinwriting,datedandinitialedbytheparties. (13)IfthereisaSalespersonrepresentingtheEstateAgentintheproposedlease oftheProperty,theSalespersonshallsignandfillinhisparticulars.Otherwise, iftheEstateAgentactingintheproposedleaseofthePropertyisanatural person,heshallsignandfillinhisparticulars.Ifthereismorethanonesuch SalespersonorEstateAgentwhoisanaturalpersonactingintheproposed leaseoftheProperty,theirname(s)andparticular(s)shallalsobewritten, ifnecessary,onaseparatesheetandattachedtothisAgreement. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form3 39S644/2010 THIRDSCHEDULE—continued SCHEDULE2 DUTIESOFESTATEAGENT TheEstateAgentshall: (a)providereasonableassistanceandadvicetotheLandlordthroughouttheprocess ofleaseoftheProperty. (b)representtheLandlordinnegotiationswithanyprospectiveTenantin accordancewithhisinstructions. (c)promptlyforwardtotheLandlordalloffers,proposalsorexpressionsofinterest frompotentialTenantsortheiragents. (d)advancetheLandlord’sinterestunaffectedbyanyinterestoftheEstateAgent, Salespersonoranyotherperson. (e)assisttheLandlordtoenterintoabindingleasewiththeTenantandreasonably explaintotheLandlordallrelevantformsanddocuments.However,ifthe EstateAgentisindoubtonanymatter,heshallstatehisdoubtandadvise theLandlordtoseekadvicefromappropriateprofessionals. (f)complywithallreasonableinstructionsandrequestsoftheLandlordinrelation tothetransaction. Note:ThefollowingarealsoapplicableinthecaseofHDBproperty (g)advisetheLandlordontheeligibilityoftheLandlordtoleasehisHDBflat. (h)assisttheLandlordoftheHDBflattosubmitsuchforms,documentsand/or informationasmayberequiredbyHDB. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form3 S644/201040 THIRDSCHEDULE—continued Form4 ESTATEAGENCYAGREEMENTFOR THELEASEOFRESIDENTIALPROPERTY BYATENANT ThisformisprescribedbytheCouncilforEstateAgencies(‘‘CEA’’)underthe EstateAgentsAct2010forusewhenanestateagentisauthorisedorengagedby (2) aprospectivetenanttointroducealandlordofresidentialpropertyinSingapore. (1) Note:Whereanumberinbrackets(e.g.)appearsinthisAgreement,please readtheexplanatorynotethatbearsthecorrespondingnumberinSchedule1to thisAgreement.Whereanyspaceprovidedbelowisinsufficient,therelevant particularsshallbewrittenonaseparatesheetandattachedtothisAgreement. 1.PartiestoAgreement AgreementDate:hh/hh/hhhh(dd/mm/yyyy) (3) Tenant(1)Name:______________________NRICNo.:________________ Address:___________________________________________________________ (3) Tenant(2)Name:______________________NRICNo.:________________ Address:___________________________________________________________ (4) NameofEstateAgent:_______________LicenceNo.:________________ Address:___________________________________________________________ 2.AppointmentofEstateAgentbyTenant Theabovetenant(s)(collectivelycalled‘‘Tenant’’)herebyauthorisesand (5) engagestheEstateAgentsubjecttoandinaccordancewiththetermsofthis (6)(7) Agreement,tointroducetohimaLandlordofthefollowingProperty: ___________________________________________________________________ ___________________________________________________________________ _______________________________________________________(‘‘Property’’) 3.ScopeofAgencyandDutiesofEstateAgent TheEstateAgent’sdutiesshallbeassetoutinSchedule2tothisAgreement, inadditiontothedutiesplacedontheEstateAgentbytheothertermsin thisAgreementandanywrittenlaw. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form4 41S644/2010 THIRDSCHEDULE—continued 4.Commission (8) (a)IftheTenantentersintoabindingleaseofthePropertywithaLandlord (9) introducedbytheEstateAgentfor____________,theTenantshallpay (1)(9) theEstateAgentcommissionof*S$____________/____________ rent. GSTispayableuponthecommission:hYeshNo (1) IfYes,thecommissionspecifiedis*inclusive/exclusiveofGST. Note:IfaLandlordintroducedbytheEstateAgenthasenteredintoa bindingleasewiththeTenantinrespectoftheProperty,thename andaddressoftheLandlordandthedateoftheleasemaybe recordedasfollows:________________________________________ __________________________________________________________ (b)TheTenantshallhavenoobligationtopayanycommissiontotheEstate AgentiftheleasingofthePropertyfallsthroughwithoutfaultonthepart oftheTenant. (c)InthecaseofHDBproperty,iftheleasingofthePropertyfallsthrough byreasonoftheTenant’sineligibilitytoleaseunderHDBrulesor regulations,theTenantshallhavenoobligationtopayanycommissionto theEstateAgent. (10) (d)On__________________renewalofthelease,theLandlord*shall/shall (1) notbeliabletopayfurthercommissiontotheEstateAgent.Iffurther commissionispayableuponrenewal,suchcommissionshallamountto (1)(9) *S$____________/____________rentfor____________. 5.DisclosureRequirements (a)TheEstateAgentorSalesperson*has/doesnothaveaconflictorpotential (1)(11) conflictofinterestinactingfortheTenant.IftheEstateAgentor Salespersonhasaconflictorpotentialconflictofinterest,thedetailsareas follows: _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form4 S644/201042 THIRDSCHEDULE—continued (b)IftheEstateAgentorSalespersonhasdeclaredthatthereisnoconflictor potentialconflictofinterestbutaconflictorpotentialconflictofinterest onlyarises(orhebecomesawareoftheconflictorpotentialconflictof interest)aftertheexecutionofthisAgreement,theconflictorpotential conflictofinterestmustbeimmediatelydisclosedinwritingtotheTenant. Uponsuchdisclosure,theEstateAgentandSalespersonmaycontinueto actfortheTenantonlyiftheTenant,beingfullyinformed,consentsin writingtotheEstateAgentandSalespersoncontinuingtoactforhim. 6.Co-broking (1) (a)TheTenant*authorises/doesnotauthorisetheEstateAgentto co-operateorco-brokewithanotherEstateAgenttosecureLandlordsfor theProperty. (b)Ifco-brokingisallowed,thecommissionmaybesharedbetweenthe EstateAgentandaco-brokingagentinsuchamountsasmaybeagreed betweenthembuttheTenantisnotliabletopayanycommissionto theco-brokingagent. 7.SchedulesandNotes TheSchedulesandNotestoorinthisAgreementformpartofthisAgreement. 8.ApplicableLawandDisputeResolution (a)ThisAgreementshallbegovernedbythelawsofSingapore. (b)AnydisputebetweentheTenantandtheEstateAgentarisingoutoforin connectionwiththisAgreement(includinganyquestionregardingits existence,validityortermination)shallfirstberesolvedinthefollowing manner: MediationFirst (i)Thepartiesshallproceedtomediationunderthemediationscheme prescribedbytheCEAunlesstheTenantelectsinwritingnotto mediate. (ii)TheEstateAgentmayasktheTenantinwritingwhetherheelectsto mediateornot.IftheTenantdoesnotreplyormakeanyelection withinthreeweeksofreceiptofsuchenquiry,heshallbedeemedto haveelectedinwritingnottoproceedtomediation. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form4 43S644/2010 THIRDSCHEDULE—continued Arbitration (iii)Ifthedisputeremainsoutstanding(i.e.theTenanthaselectednotto mediateorthedisputeisnotresolvedbymediation),thedisputeshall bereferredtoandfinallyresolvedbyarbitrationinSingaporeunder thearbitrationschemeprescribedbytheCEA,inaccordancewith suchrulesasmaybeprescribed,unlesstheTenantelectsinwriting nottoarbitrate. (iv)TheEstateAgentmayasktheTenantinwritingwhetherheelectsto resolvethedisputebyarbitrationornot.IftheTenantdoesnotreply orexpresslymakeanyelectionwithinthreeweeksofreceiptofsuch enquiry,heshallbedeemedtohaveelectedinwritingnottoresolve thedisputebyarbitrationandneitherpartyshallbeboundtoproceed toarbitration. 9.AdditionalTerms Note:TheprintedtermsprescribedinthisformofAgreementcannotbe deletedorvaried.Ifthepartieswishatanytimetoagreetooraddonany otherterms,theymustbeinwriting,dated,insertedasAdditionalTerms belowandinitialedbytheparties.Ifthespacebelowisinsufficient,the AdditionalTermsaretobewritten/printedinblackinkonaseparatesheetof paperwhichmustbepinkincolorandinafontnotsmallerthanthefontof theaboveterms. TheAdditionalTermscannotconflictwith,varyorotherwiselimitthe (12) prescribedtermsofthisAgreement. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form4 S644/201044 THIRDSCHEDULE—continued SignedbytheTenant(s)andtheEstateAgent Note:ThepartiesaretoinitialeverypageofthisAgreementincludingtheSchedules andanyattachments. __________________________________ SignedbyTenant(1) *Throughtheinterpretationof______Signedbyinterpreter______________ (3) Date:Interpreter’sNRICNo.: Date: __________________________________ SignedbyTenant(2) *Throughtheinterpretationof______Signedbyinterpreter______________ (3) Date:Interpreter’sNRICNo.: Date: ________________________________________________________________________ (1)(13) Signedby*SalespersonforandonbehalfoftheEstateAgent/EstateAgent (1) Nameof*Salesperson/EstateAgent: (3) NRICNo.: Address: (1) *SalespersonRegistration/EstateAgentLicenceNo.: Telephonenumber: Date: Note:TheEstateAgentmustprovidetheoriginaloracopyofthisAgreementto theTenantimmediatelyuponsigning. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form4 45S644/2010 THIRDSCHEDULE—continued SCHEDULE1 EXPLANATORYNOTES (1)*meansdeleteifnotapplicable.AlldeletionsmustbeinitialedbytheTenant. (2)Thisformofagreementisonlyapplicableifallorpartofthepropertytobe leasedcomprisesresidentialpropertyinSingapore. (3)IfthereisnoNRICNo.,pleasewriteanothernumbersuchasFIN,passport orcompanyincorporation/registrationNo.,asthecasemaybe. (4)ToinsertfullnameoftheEstateAgent. (5)TheEstateAgentisnotanexclusiveagentandtheTenantmayalsolease propertyhimselforthroughanotheragent. (6)LandlordincludesapotentialLandlord. (7)TostatedescriptionofPropertytobeleasede.g.type,localityandrental range.IfthereismorethanoneProperty,therelevantdescriptionsmaybe recordedonaseparatesheetandattachedtothisAgreement.Alternatively, aseparateagreementmaybeusedforeachProperty. (8)Aleaseincludesasubleaseandanagreementforleaseorsublease,under whatevername. (9)Therelevantperiodornumberofmonthsshouldbestated.Theamountor rateofcommissionisnegotiablebetweentheTenantandtheEstateAgent.In thecaseofrenewaloflease,whetherfurthercommissionispayableand,ifso, howmucharealsomattersthataresubjecttonegotiation. (10)Tostatewhichrenewale.g.1st,2ndor3rd,etc. (11)TheCodeofEthicsandProfessionalClientCareprescribestheEstateAgent’s andSalesperson’sdutytodiscloseandavoidanypotentialoractualconflict ofinterest. (12)Wherethepartieshavemadeanychoiceabove,theymaysubsequentlyvary suchchoiceinwritingbutsuchvariationmustbedatedandinitialedbythe parties.Thepartiesmayalsovarythenon-prescribedAdditionalTermsbut suchvariationmustbeinwriting,datedandinitialedbytheparties. (13)IfthereisaSalespersonrepresentingtheEstateAgentintheproposedlease oftheProperty,theSalespersonshallsignandfillinhisparticulars.Otherwise, iftheEstateAgentactingintheproposedleaseofthePropertyisanatural person,heshallsignandfillinhisparticulars.Ifthereismorethanonesuch SalespersonorEstateAgentwhoisanaturalpersonactingintheproposed leaseoftheProperty,theirname(s)andparticular(s)shallalsobewritten,if necessary,onaseparatesheetandattachedtothisAgreement. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form4 S644/201046 THIRDSCHEDULE—continued SCHEDULE2 DUTIESOFESTATEAGENT TheEstateAgentshall: (a)providereasonableassistanceandadvicetotheTenantthroughouttheprocess ofleaseoftheProperty. (b)representtheTenantinnegotiationswithanyprospectiveLandlordin accordancewithhisinstructions. (c)promptlyforwardtotheTenantalloffers,proposalsorexpressionsofinterest frompotentialLandlordsortheiragents. (d)advancetheTenant’sinterestunaffectedbyanyinterestoftheEstateAgent, Salespersonoranyotherperson. (e)assisttheTenanttoenterintoabindingleasewiththeLandlordandreasonably explaintotheTenantallrelevantformsanddocuments.However,iftheEstate Agentisindoubtonanymatter,heshallstatehisdoubtandadvisetheTenant toseekadvicefromappropriateprofessionals. (f)complywithallreasonableinstructionsandrequestsoftheTenantinrelation tothetransaction. Note:ThefollowingarealsoapplicableinthecaseofHDBproperty (g)advisetheTenantontheeligibilityoftheTenanttoleasetheHDBflat. (h)assisttheTenantoftheHDBflattosubmitsuchforms,documentsand/or informationasmayberequiredbyHDB. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form4 47S644/2010 THIRDSCHEDULE—continued Form5 EXCLUSIVEESTATEAGENCYAGREEMENTFOR THESALEOFRESIDENTIALPROPERTY (1)(2) *ORIGINAL/____________RENEWALOFAGREEMENT ThisformisprescribedbytheCouncilforEstateAgencies(‘‘CEA’’)underthe EstateAgentsAct2010forusewhenanestateagentisexclusivelyauthorised (3) orengagedbyaprospectivesellertointroduceabuyerofresidentialpropertyin Singapore. (1) Note:Whereanumberinbrackets(e.g.)appearsinthisAgreement,please readtheexplanatorynotethatbearsthecorrespondingnumberinSchedule1to thisAgreement.Whereanyspaceprovidedbelowisinsufficient,therelevant particularsshallbewrittenonaseparatesheetandattachedtothisAgreement. 1.PartiestoAgreement AgreementDate:hh/hh/hhhh(dd/mm/yyyy) (4) Seller(1)Name:_______________________NRICNo.:________________ Address:___________________________________________________________ (4) Seller(2)Name:_______________________NRICNo.:________________ Address:___________________________________________________________ (5) NameofEstateAgent:_______________LicenceNo.:________________ Address:___________________________________________________________ 2.AppointmentofEstateAgentbySeller Theaboveseller(s)(collectivelycalled‘‘Seller’’)herebyauthorisesandengages theEstateAgent,subjecttoandinaccordancewiththetermsofthisAgreement, (6)(7) tointroducetohimaBuyerofthefollowingPropertyonanexclusivebasis (8): _____________________________________________________________________ _____________________________________________________________________ _________________________________________________________(‘‘Property’’) CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form5 S644/201048 THIRDSCHEDULE—continued 3.ValidityPeriod/Renewal (a)ThisAgreementshalltakeeffectonthe*AgreementDate/___________ (1) (‘‘CommencementDate’’)andshallexpireon____________________ (dd/mm/yyyy)or3calendarmonthsaftertheCommencementDate, whicheverdateisearlier(‘‘ExpiryDate’’).InthisAgreement,theperiod fromtheCommencementDatetotheExpiryDateshallbereferredtoas the‘‘ValidityPeriod’’. (b)ThisAgreementcanonlyberenewedorextendedinthesameprescribed Form(‘‘RenewalofAgreement’’),withthenecessarychangestothe CommencementDateandExpiryDate,andnotinanyothermanner.The partiesmayenterintoanynumberofsuchRenewalofAgreementsbutthe termofeachRenewalofAgreementshallnotexceed3calendarmonths. 4.ScopeofAgencyandDutiesofEstateAgent TheEstateAgent’sdutiesshallbeassetoutinSchedule2tothisAgreement, inadditiontothedutiesplacedontheEstateAgentbytheothertermsin thisAgreementandanywrittenlaw. 5.ExpectedSalePrice TheexpectedsalepriceshallbeSingaporeDollars______________________ (9) ($____________). 6.Commission (a)IfduringtheValidityPeriod,theSellerentersintoabindingagreementfor (10) saleandpurchasewithaBuyer,whethersuchBuyerisintroducedbythe EstateAgentornot,theSellershallpaytheEstateAgentcommissionof (1)(11) *S$____________/attherateof____%ofthetransactedpriceofthe PropertyatthetimeofcompletionofthePropertytransaction. GSTispayableuponthecommission:hYeshNo (1) IfYes,thecommissionspecifiedis*inclusive/exclusiveofGST. (b)IfthePropertyissoldaftertheValidityPeriodbutwithin3calendar monthsaftertheExpiryDate,theSellershallbeliabletopaycommission totheEstateAgentiftheBuyerisapersonwhomtheEstateAgenthad introducedtotheSellerduringtheValidityPeriod. (c)TheSellershallhavenoobligationtopayanycommissiontotheEstate AgentifcompletionofthePropertytransactionfallsthroughwithoutfault onthepartoftheSeller. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form5 49S644/2010 THIRDSCHEDULE—continued (d)InthecaseofHDBproperty,ifcompletionofthePropertytransaction fallsthroughbyreasonoftheSeller’sineligibilitytosellunderHDBrules orregulations,theSellershallhavenoobligationtopayanycommission totheEstateAgent. 7.DisclosureRequirements (a)TheEstateAgentorSalesperson*has/doesnothaveaconflictorpotential (1)(12) conflictofinterestinactingfortheSeller.IftheEstateAgentor Salespersonhasaconflictorpotentialconflictofinterest,thedetailsareas follows: _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ (b)IftheEstateAgentorSalespersonhasdeclaredthatthereisnoconflictor potentialconflictofinterestbutaconflictorpotentialconflictofinterest onlyarises(orhebecomesawareoftheconflictorpotentialconflictof interest)aftertheexecutionofthisAgreement,theconflictorpotential conflictofinterestmustbeimmediatelydisclosedinwritingtotheSeller. Uponsuchdisclosure,theEstateAgentandSalespersonmaycontinueto actfortheSelleronlyiftheSeller,beingfullyinformed,consentsin writingtotheEstateAgentandSalespersoncontinuingtoactforhim. 8.PropertyInspectionandCo-broking (a)TheSelleragreestoallowtheEstateAgenttoshowthepropertyto potentialBuyer(s)(includingtheiragents)atmutuallyagreeabletime(s). (1) (b)TheEstateAgent*may/maynotco-operateorco-brokewithanother EstateAgenttosecureBuyersfortheProperty. (c)Ifco-brokingisallowed,thecommissionmaybesharedbetweenthe EstateAgentandaco-brokingagentinsuchamountsasmaybeagreed betweenthembuttheSellerisnotliabletopayanycommissiontothe co-brokingagent. 9.WarrantybySeller (1) TheSellerwarrantsthatheis*theownerof/dulyauthorisedtosellthe Property. 10.SchedulesandNotes TheSchedulesandNotestoorinthisAgreementformpartofthisAgreement. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form5 S644/201050 THIRDSCHEDULE—continued 11.ApplicableLawandDisputeResolution (a)ThisAgreementshallbegovernedbythelawsofSingapore. (b)AnydisputebetweentheSellerandtheEstateAgentarisingoutoforin connectionwiththisAgreement(includinganyquestionregardingits existence,validityortermination)shallfirstberesolvedinthefollowing manner: MediationFirst (i)Thepartiesshallproceedtomediationunderthemediationscheme prescribedbytheCEAunlesstheSellerelectsinwritingnotto mediate. (ii)TheEstateAgentmayasktheSellerinwritingwhetherheelectsto mediateornot.IftheSellerdoesnotreplyormakeanyelection withinthreeweeksofreceiptofsuchenquiry,heshallbedeemedto haveelectedinwritingnottoproceedtomediation. Arbitration (iii)Ifthedisputeremainsoutstanding(i.e.theSellerhaselectednotto mediateorthedisputeisnotresolvedbymediation),thedisputeshall bereferredtoandfinallyresolvedbyarbitrationinSingaporeunder thearbitrationschemeprescribedbytheCEA,inaccordancewith suchrulesasmaybeprescribed,unlesstheSellerelectsinwritingnot toarbitrate. (iv)TheEstateAgentmayasktheSellerinwritingwhetherheelectsto resolvethedisputebyarbitrationornot.IftheSellerdoesnotreply orexpresslymakeanyelectionwithinthreeweeksofreceiptofsuch enquiry,heshallbedeemedtohaveelectedinwritingnottoresolve thedisputebyarbitrationandneitherpartyshallbeboundtoproceed toarbitration. 12.AdditionalTerms Note:TheprintedtermsprescribedinthisformofAgreementcannotbe deletedorvaried.Ifthepartieswishatanytimetoagreetooraddonany otherterms,theymustbeinwriting,dated,insertedasAdditionalTerms belowandinitialedbytheparties.Ifthespacebelowisinsufficient,the AdditionalTermsaretobewritten/printedinblackinkonaseparatesheetof paperwhichmustbepinkincolorandinafontnotsmallerthanthefontof theaboveterms. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form5 51S644/2010 THIRDSCHEDULE—continued TheAdditionalTermscannotconflictwith,varyorotherwiselimitthe (13) prescribedtermsofthisAgreement. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ SignedbytheSeller(s)andtheEstateAgent Note:ThepartiesaretoinitialeverypageofthisAgreementincludingtheSchedules andanyattachments. __________________________________ SignedbySeller(1) *Throughtheinterpretationof______Signedbyinterpreter______________ (4) Date:Interpreter’sNRICNo.: Date: __________________________________ SignedbySeller(2) *Throughtheinterpretationof______Signedbyinterpreter______________ (4) Date:Interpreter’sNRICNo.: Date: ________________________________________________________________________ (1)(14) Signedby*SalespersonforandonbehalfoftheEstateAgent/EstateAgent (1) Nameof*Salesperson/EstateAgent: (4) NRICNo.: Address: (1) *SalespersonRegistration/EstateAgentLicenceNo.: Telephonenumber: Date: Note:TheEstateAgentmustprovidetheoriginaloracopyofthisAgreementto theSellerimmediatelyuponsigning. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form5 S644/201052 THIRDSCHEDULE—continued SCHEDULE1 EXPLANATORYNOTES (1)*meansdeleteifnotapplicable.AlldeletionsmustbeinitialedbytheSeller. (2)Tostatewhichrenewale.g.1st,2ndor3rd,etc. (3)Thisformofagreementisonlyapplicableifallorpartofthepropertytobe soldcomprisesresidentialpropertyinSingapore. (4)IfthereisnoNRICNo.,pleasewriteanothernumbersuchasFIN,passport orcompanyincorporation/registrationNo.,asthecasemaybe. (5)ToinsertfullnameofEstateAgent. (6)BuyerincludesapotentialBuyer. (7)Inanexclusiveappointment,theSelleragreesnottoappointanyotheragent duringtheValidityPeriod.ShouldtheSellerfindhisownBuyerorsellthe Propertythroughanotheragent,hewouldbeliabletopaycommissionto theEstateAgent. (8)IfthereismorethanoneProperty,therelevantaddressesmayberecordedon aseparatesheetandattachedtothisAgreement.Alternatively,aseparate agreementmaybeusedforeachProperty. (9)TheSellerdoesnotconferupontheEstateAgent,byvirtueofthisclause, therighttomakeoracceptanofferonbehalfoftheSeller.Theexpected salepriceisforthepurposeoflistingoradvertisingonly. (10)Anagreementforsaleandpurchasemaytaketheformofanexecutedsale andpurchaseagreementoranoptiontopurchasewhichhasbeenexercisedby theBuyer. (11)TheamountorrateofcommissionisnegotiablebetweentheSellerandthe EstateAgent. (12)TheCodeofEthicsandProfessionalClientCareprescribestheEstateAgent’s andSalesperson’sdutytodiscloseandavoidanypotentialoractualconflictof interest. (13)Wherethepartieshavemadeanychoiceabove,theymaysubsequentlyvary suchchoiceinwritingbutsuchvariationmustbedatedandinitialedby theparties.Thepartiesmayalsovarythenon-prescribedAdditionalTerms butsuchvariationmustbeinwriting,datedandinitialedbytheparties. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form5 53S644/2010 THIRDSCHEDULE—continued (14)IfthereisaSalespersonrepresentingtheEstateAgentintheproposedsaleof theProperty,theSalespersonshallsignandfillinhisparticulars.Otherwise, iftheEstateAgentactingintheproposedsaleofthePropertyisanatural person,heshallsignandfillinhisparticulars.Ifthereismorethanonesuch SalespersonorEstateAgentwhoisanaturalpersonactingintheproposed saleoftheProperty,theirname(s)andparticular(s)shallalsobewritten,if necessary,onaseparatesheetandattachedtothisAgreement. SCHEDULE2 DUTIESOFESTATEAGENT TheEstateAgentshall: (a)obtaininformationinrelationtothePropertyfromtheSeller. (b)marketandpromotethePropertywithreasonablediligenceinaccordancewith theSeller’sreasonableinstructions.Unlessotherwiseagreedinwritingby theSeller,suchmarketingandpromotionshallbeattheEstateAgent’scost. (c)arrangeforpotentialBuyerstoviewtheProperty. (d)providereasonableassistanceandadvicetotheSellerthroughouttheprocess ofsaleoftheProperty. (e)representtheSellerinnegotiationswithanyprospectiveBuyerinaccordance withhisinstructions. (f)promptlyforwardtotheSelleralloffers,proposalsorexpressionsofinterest frompotentialBuyersortheiragents. (g)advancetheSeller’sinterestunaffectedbyanyinterestoftheEstateAgent, Salespersonoranyotherperson. (h)assisttheSellertoenterintoabindingagreementforsaleandpurchasewiththe BuyerandreasonablyexplaintotheSellerallrelevantformsanddocuments. However,iftheEstateAgentisindoubtonanymatter,heshallstatehisdoubt andadvisetheSellertoseekadvicefromappropriateprofessionals. (i)complywithallreasonableinstructionsandrequestsoftheSellerinrelationto thetransaction. Note:ThefollowingarealsoapplicableinthecaseofHDBproperty (j)advisetheSellerontheeligibilityoftheSellertosellhisHDBflat. (k)explainandgothroughtheresalechecklistwiththeSelleroftheHDBflatand checkwiththeSelleronwhethertherenovationsmadeweredulyauthorised. (l)assisttheSelleroftheHDBflattosubmitsuchforms,documentsand/or informationasmayberequiredbyHDBtoprocesstheapplicationforsale. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form5 S644/201054 THIRDSCHEDULE—continued Form6 EXCLUSIVEESTATEAGENCYAGREEMENT FORTHEPURCHASEOFRESIDENTIALPROPERTY (1)(2) *ORIGINAL/____________RENEWALOFAGREEMENT ThisformisprescribedbytheCouncilforEstateAgencies(‘‘CEA’’)under theEstateAgentsAct2010forusewhenanestateagentisexclusivelyauthorised (3) orengagedbyaprospectivebuyertointroduceasellerofresidentialproperty inSingapore. (1) Note:Whereanumberinbrackets(e.g.)appearsinthisAgreement,please readtheexplanatorynotethatbearsthecorrespondingnumberinSchedule1to thisAgreement.Whereanyspaceprovidedbelowisinsufficient,therelevant particularsshallbewrittenonaseparatesheetandattachedtothisAgreement. 1.PartiestoAgreement AgreementDate:hh/hh/hhhh(dd/mm/yyyy) (4) Buyer(1)Name:______________________NRICNo.:________________ Address:___________________________________________________________ (4) Buyer(2)Name:______________________NRICNo.:________________ Address:___________________________________________________________ (5) NameofEstateAgent:_______________LicenceNo.:________________ Address:___________________________________________________________ 2.AppointmentofEstateAgentbyBuyer Theabovebuyer(s)(collectivelycalled‘‘Buyer’’)herebyauthorisesandengages theEstateAgent,subjecttoandinaccordancewiththetermsofthisAgreement, (6)(7) tointroducetohimaSellerofthefollowingPropertyonanexclusivebasis (8): _____________________________________________________________________ _____________________________________________________________________ _________________________________________________________(‘‘Property’’) CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form6 55S644/2010 THIRDSCHEDULE—continued 3.ValidityPeriod/Renewal (a)ThisAgreementshalltakeeffectonthe*AgreementDate/__________ (1) (‘‘CommencementDate’’)andshallexpireon____________________ (dd/mm/yyyy)or3calendarmonthsaftertheCommencementDate, whicheverdateisearlier(‘‘ExpiryDate’’).InthisAgreement,theperiod fromtheCommencementDatetotheExpiryDateshallbereferredtoas the‘‘ValidityPeriod’’. (b)ThisAgreementcanonlyberenewedorextendedinthesameprescribed Form(‘‘RenewalofAgreement’’),withthenecessarychangestothe CommencementDateandExpiryDate,andnotinanyothermanner. ThepartiesmayenterintoanynumberofsuchRenewalofAgreements butthetermofeachRenewalofAgreementshallnotexceed3calendar months. 4.ScopeofAgencyandDutiesofEstateAgent TheEstateAgent’sdutiesshallbeassetoutinSchedule2tothisAgreement, inadditiontothedutiesplacedontheEstateAgentbytheothertermsin thisAgreementandanywrittenlaw. 5.Commission (a)IfduringtheValidityPeriod,theBuyerentersintoabindingagreement (9) forsaleandpurchasewithaSeller,whethersuchSellerisintroducedby theEstateAgentornot,theBuyershallpaytheEstateAgentcommission (1)(10) of*S$____________/attherateof____%ofthetransactedpriceof thePropertyatthetimeofcompletionofthePropertytransaction. GSTispayableuponthecommission:hYeshNo (1) IfYes,thecommissionspecifiedis*inclusive/exclusiveofGST. (b)IfthePropertyispurchasedbytheBuyeraftertheValidityPeriodbut within3calendarmonthsaftertheExpiryDate,theBuyershallbeliable topaycommissiontotheEstateAgentif,duringtheValidityPeriod,the availabilityofthePropertyforpurchasefromtheSellerwasmadeknown totheBuyerbytheEstateAgent. (c)TheBuyershallhavenoobligationtopayanycommissiontotheEstate AgentifcompletionofthePropertytransactionfallsthroughwithoutfault onthepartoftheBuyer. (d)InthecaseofHDBproperty,ifcompletionofthePropertytransaction fallsthroughbyreasonoftheBuyer’sineligibilitytobuyunderHDBrules orregulations,theBuyershallhavenoobligationtopayanycommission totheEstateAgent. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form6 S644/201056 THIRDSCHEDULE—continued 6.DisclosureRequirements (a)TheEstateAgentorSalesperson*has/doesnothaveaconflictorpotential (1)(11) conflictofinterestinactingfortheBuyer.IftheEstateAgentor Salespersonhasaconflictorpotentialconflictofinterest,thedetailsareas follows: _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ (b)IftheEstateAgentorSalespersonhasdeclaredthatthereisnoconflictor potentialconflictofinterestbutaconflictorpotentialconflictofinterest onlyarises(orhebecomesawareoftheconflictorpotentialconflictof interest)aftertheexecutionofthisAgreement,theconflictorpotential conflictofinterestmustbeimmediatelydisclosedinwritingtotheBuyer. Uponsuchdisclosure,theEstateAgentandSalespersonmaycontinueto actfortheBuyeronlyiftheBuyer,beingfullyinformed,consentsin writingtotheEstateAgentandSalespersoncontinuingtoactforhim. 7.Co-broking (1) (a)TheBuyer*authorises/doesnotauthorisetheEstateAgenttoco-operate orco-brokewithanotheragenttosecureSellersfortheProperty. (b)Ifco-brokingisallowed,thecommissionmaybesharedbetweenthe EstateAgentandaco-brokingagentinsuchamountsasmaybeagreed betweenthembuttheBuyerisnotliabletopayanycommissionto theco-brokingagent. 8.SchedulesandNotes TheSchedulesandNotestoorinthisAgreementformpartofthisAgreement. 9.ApplicableLawandDisputeResolution (a)ThisAgreementshallbegovernedbythelawsofSingapore. (b)AnydisputebetweentheBuyerandtheEstateAgentarisingoutofor inconnectionwiththisAgreement(includinganyquestionregardingits existence,validityortermination)shallfirstberesolvedinthefollowing manner: MediationFirst (i)Thepartiesshallproceedtomediationunderthemediationscheme prescribedbytheCEAunlesstheBuyerelectsinwritingnotto mediate. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form6 57S644/2010 THIRDSCHEDULE—continued (ii)TheEstateAgentmayasktheBuyerinwritingwhetherheelectsto mediateornot.IftheBuyerdoesnotreplyormakeanyelection withinthreeweeksofreceiptofsuchenquiry,heshallbedeemedto haveelectedinwritingnottoproceedtomediation. Arbitration (iii)Ifthedisputeremainsoutstanding(i.e.theBuyerhaselectednotto mediateorthedisputeisnotresolvedbymediation),thedisputeshall bereferredtoandfinallyresolvedbyarbitrationinSingaporeunder thearbitrationschemeprescribedbytheCEA,inaccordancewith suchrulesasmaybeprescribed,unlesstheBuyerelectsinwritingnot toarbitrate. (iv)TheEstateAgentmayasktheBuyerinwritingwhetherheelectsto resolvethedisputebyarbitrationornot.IftheBuyerdoesnotreply orexpresslymakeanyelectionwithinthreeweeksofreceiptofsuch enquiry,heshallbedeemedtohaveelectedinwritingnottoresolve thedisputebyarbitrationandneitherpartyshallbeboundtoproceed toarbitration. 11.AdditionalTerms Note:TheprintedtermsprescribedinthisformofAgreementcannotbe deletedorvaried.Ifthepartieswishatanytimetoagreetooraddonany otherterms,theymustbeinwriting,dated,insertedasAdditionalTerms belowandinitialedbytheparties.Ifthespacebelowisinsufficient,the AdditionalTermsaretobewritten/printedinblackinkonaseparatesheetof paperwhichmustbepinkincolorandinafontnotsmallerthanthefontof theaboveterms. TheAdditionalTermscannotconflictwith,varyorotherwiselimitthe (12) prescribedtermsofthisAgreement. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form6 S644/201058 THIRDSCHEDULE—continued SignedbytheBuyer(s)andtheEstateAgent Note:ThepartiesaretoinitialeverypageofthisAgreementincludingtheSchedules andanyattachments. __________________________________ SignedbyBuyer(1) *Throughtheinterpretationof______Signedbyinterpreter______________ (4) Date:Interpreter’sNRICNo.: Date: __________________________________ SignedbyBuyer(2) *Throughtheinterpretationof______Signedbyinterpreter______________ (4) Date:Interpreter’sNRICNo.: Date: ________________________________________________________________________ (1)(13) Signedby*SalespersonforandonbehalfoftheEstateAgent/EstateAgent (1) Nameof*Salesperson/EstateAgent: (4) NRICNo.: Address: (1) *SalespersonRegistration/EstateAgentLicenceNo.: Telephonenumber: Date: Note:TheEstateAgentmustprovidetheoriginaloracopyofthisAgreementto theBuyerimmediatelyuponsigning. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form6 59S644/2010 THIRDSCHEDULE—continued SCHEDULE1 EXPLANATORYNOTES (1)*meansdeleteifnotapplicable.AlldeletionsmustbeinitialedbytheBuyer. (2)Tostatewhichrenewale.g.1st,2ndor3rd,etc. (3)Thisformofagreementisonlyapplicableifallorpartofthepropertytobe purchasedcomprisesresidentialpropertyinSingapore. (4)IfthereisnoNRICNo.,pleasewriteanothernumbersuchasFIN,passport orcompanyincorporation/registrationNo.,asthecasemaybe. (5)ToinsertfullnameofEstateAgent. (6)SellerincludesapotentialSeller. (7)Inanexclusiveappointment,theBuyeragreesnottoappointanyotheragent duringtheValidityPeriod.ShouldtheBuyerbuythePropertyhimselfdirectly orthroughanotheragent,hewouldbeliabletopaycommissiontotheEstate Agent. (8)TostatedescriptionofPropertytobepurchasede.g.type,localityandprice range.IfthereismorethanoneProperty,therelevantdescriptionsmaybe recordedonaseparatesheetandattachedtothisAgreement.Alternatively, aseparateagreementmaybeusedforeachProperty. (9)Anagreementforsaleandpurchasemaytaketheformofanexecutedsale andpurchaseagreementoranoptiontopurchasewhichhasbeenexercisedby theBuyer. (10)TheamountorrateofcommissionisnegotiablebetweentheBuyerandthe EstateAgent. (11)TheCodeofEthicsandProfessionalClientCareprescribestheEstateAgent’s andSalesperson’sdutytodiscloseandavoidanypotentialoractualconflictof interest. (12)Wherethepartieshavemadeanychoiceabove,theymaysubsequentlyvary suchchoiceinwritingbutsuchvariationmustbedatedandinitialedbythe parties.Thepartiesmayalsovarythenon-prescribedAdditionalTermsbut suchvariationmustbeinwriting,datedandinitialedbytheparties. (13)IfthereisaSalespersonrepresentingtheEstateAgentintheproposedpurchase oftheProperty,theSalespersonshallsignandfillinhisparticulars.Otherwise, iftheEstateAgentactingintheproposedpurchaseofthePropertyisanatural person,heshallsignandfillinhisparticulars.Ifthereismorethanonesuch SalespersonorEstateAgentwhoisanaturalpersonactingintheproposed purchaseoftheProperty,theirname(s)andparticular(s)shallalsobewritten, ifnecessary,onaseparatesheetandattachedtothisAgreement. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form6 S644/201060 THIRDSCHEDULE—continued SCHEDULE2 DUTIESOFESTATEAGENT TheEstateAgentshall: (a)searchforandlocatesuitablepropertiesinaccordancewiththeBuyer’s instructionsforconsiderationorviewingbytheBuyer. (b)providereasonableassistanceandadvicetotheBuyerthroughouttheprocess ofpurchaseoftheProperty. (c)representtheBuyerinnegotiationswithanypotentialSellerinaccordancewith hisinstructions. (d)promptlyforwardtotheBuyeralloffers,proposalsorexpressionsofinterest frompotentialSellersortheiragents. (e)advancetheBuyer’sinterestunaffectedbyanyinterestoftheEstateAgent, Salespersonoranyotherperson. (f)assisttheBuyertoenterintoabindingagreementforsaleandpurchasewiththe SellerandreasonablyexplaintotheBuyerallrelevantformsanddocuments. However,iftheEstateAgentisindoubtonanymatter,heshallstatehisdoubt andadvisetheBuyertoseekadvicefromappropriateprofessionals. (g)complywithallreasonableinstructionsandrequestsoftheBuyerinrelationto thetransaction. Note:ThefollowingarealsoapplicableinthecaseofHDBproperty (h)advisetheBuyerontheeligibilityoftheBuyertobuytheHDBflat. (i)explainandgothroughtheresalechecklistwiththeBuyerandexplaintothe BuyertheimplicationsiftherenovationsmadetotheHDBflatwerenotduly authorised. (j)assisttheBuyeroftheHDBflattosubmitsuchforms,documentsand/or informationasmayberequiredbyHDBtoprocesstheapplicationforpurchase. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form6 61S644/2010 THIRDSCHEDULE—continued Form7 EXCLUSIVEESTATEAGENCYAGREEMENTFOR THELEASEOFRESIDENTIALPROPERTY BYALANDLORD (1)(2) *ORIGINAL/____________RENEWALOFAGREEMENT ThisformisprescribedbytheCouncilforEstateAgencies(‘‘CEA’’)underthe EstateAgentsAct2010forusewhenanestateagentisexclusivelyauthorisedor (3) engagedbyaprospectivelandlordtointroduceatenantofresidentialproperty inSingapore. (1) Note:Whereanumberinbrackets(e.g.)appearsinthisAgreement,please readtheexplanatorynotethatbearsthecorrespondingnumberinSchedule1to thisAgreement.Whereanyspaceprovidedbelowisinsufficient,therelevant particularsshallbewrittenonaseparatesheetandattachedtothisAgreement. 1.PartiestoAgreement AgreementDate:hh/hh/hhhh(dd/mm/yyyy) (4) Landlord(1)Name:____________________NRICNo.:________________ Address:___________________________________________________________ (4) Landlord(2)Name:____________________NRICNo.:________________ Address:___________________________________________________________ (5) NameofEstateAgent:_______________LicenceNo.:________________ Address:___________________________________________________________ 2.AppointmentofEstateAgentbyLandlord TheaboveLandlord(s)(collectivelycalled‘‘Landlord’’)herebyauthorisesand engagestheEstateAgent,subjecttoandinaccordancewiththetermsofthis (6) Agreement,tointroducetohimaTenantofthefollowingPropertyonan (7)(8) exclusivebasis: ___________________________________________________________________ ___________________________________________________________________ _______________________________________________________(‘‘Property’’) CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form7 S644/201062 THIRDSCHEDULE—continued 3.ValidityPeriod/Renewal (a)ThisAgreementshalltakeeffectonthe*AgreementDate/___________ (1) (‘‘CommencementDate’’)andshallexpireon____________________ (dd/mm/yyyy)or3calendarmonthsaftertheCommencementDate, whicheverdateisearlier(‘‘ExpiryDate’’).InthisAgreement,theperiod fromtheCommencementDatetotheExpiryDateshallbereferredtoas the‘‘ValidityPeriod’’. (b)ThisAgreementcanonlyberenewedorextendedinthesameprescribed Form(‘‘RenewalofAgreement’’),withthenecessarychangestothe CommencementDateandExpiryDate,andnotinanyothermanner. ThepartiesmayenterintoanynumberofsuchRenewalofAgreements butthetermofeachRenewalofAgreementshallnotexceed3calendar months. 4.ScopeofAgencyandDutiesofEstateAgent TheEstateAgent’sdutiesshallbeassetoutinSchedule2tothisAgreement, inadditiontothedutiesplacedontheEstateAgentbytheothertermsin thisAgreementandanywrittenlaw. 5.ExpectedRentalandCollectionofMoney TheexpectedrentalshallbeSingaporeDollars_________________________ (9) ($____________)per____________. 6.Commission (10) (a)IfduringtheValidityPeriod,theLandlordentersintoabindinglease (11) ofthePropertyfor_______________withaTenant,whethersuch TenantisintroducedbytheEstateAgentornot,theLandlordshallpay (1)(11) theEstateAgentcommissionof*S$____________/____________ rent. GSTispayableuponthecommission:hYeshNo (1) IfYes,thecommissionspecifiedis*inclusive/exclusiveofGST. (b)IfthePropertyisleasedaftertheValidityPeriodbutwithin3calendar monthsaftertheExpiryDate,theLandlordshallbeliabletopay commissiontotheEstateAgentiftheTenantisapersonwhomtheEstate AgenthadintroducedtotheLandlordduringtheValidityPeriod. (c)TheLandlordshallhavenoobligationtopayanycommissiontothe EstateAgentiftheleasingofthePropertyfallsthroughwithoutfaulton thepartoftheLandlord. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form7 63S644/2010 THIRDSCHEDULE—continued (d)InthecaseofHDBproperty,iftheleasingofthePropertyfallsthrough byreasonoftheLandlord’sineligibilitytoleaseunderHDBrulesor regulations,theLandlordshallhavenoobligationtopayanycommission totheEstateAgent. (2) (e)On__________________renewalofthelease,theLandlord*shall/shall (1) notbeliabletopayfurthercommissiontotheAgent.Iffurther commissionispayableuponrenewal,suchcommissionshallamountto (1)(11) *S$____________/____________rentfor____________. 7.DisclosureRequirements (a)TheEstateAgentorSalesperson*has/doesnothaveaconflictorpotential (1)(12) conflictofinterestinactingfortheLandlord.IftheEstateAgentor Salespersonhasaconflictorpotentialconflictofinterest,thedetailsare asfollows: _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ (b)IftheEstateAgentorSalespersonhasdeclaredthatthereisnoconflictor potentialconflictofinterestbutaconflictorpotentialconflictofinterest onlyarises(orhebecomesawareoftheconflictorpotentialconflictof interest)aftertheexecutionofthisAgreement,theconflictorpotential conflictofinterestmustbeimmediatelydisclosedinwritingtotheLandlord. Uponsuchdisclosure,theEstateAgentandSalespersonmaycontinueto actfortheLandlordonlyiftheLandlord,beingfullyinformed,consents inwritingtotheEstateAgentandSalespersoncontinuingtoactforhim. 8.PropertyInspectionandCo-broking (a)TheLandlordagreestoallowtheEstateAgenttoshowthepropertyto potentialTenant(s)(includingtheiragents)atmutuallyagreeabletime(s). (1) (b)TheEstateAgent*may/maynotco-operateorco-brokewithanother EstateAgenttosecureTenantsfortheProperty. (c)Ifco-brokingisallowed,thecommissionmaybesharedbetweenthe EstateAgentandaco-brokingagentinsuchamountsasmaybeagreed betweenthembuttheLandlordisnotliabletopayanycommissionto theco-brokingagent. 9.WarrantybyLandlord (1) TheLandlordwarrantsthatheis*theownerof/dulyauthorisedtolease theProperty. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form7 S644/201064 THIRDSCHEDULE—continued 10.SchedulesandNotes TheSchedulesandNotestoorinthisAgreementformpartofthisAgreement. 11.ApplicableLawandDisputeResolution (a)ThisAgreementshallbegovernedbythelawsofSingapore. (b)AnydisputebetweentheLandlordandtheEstateAgentarisingoutofor inconnectionwiththisAgreement(includinganyquestionregardingits existence,validityortermination)shallfirstberesolvedinthefollowing manner: MediationFirst (i)Thepartiesshallproceedtomediationunderthemediationscheme prescribedbytheCEAunlesstheLandlordelectsinwritingnotto mediate. (ii)TheEstateAgentmayasktheLandlordinwritingwhetherheelects tomediateornot.IftheLandlorddoesnotreplyormakeanyelection withinthreeweeksofreceiptofsuchenquiry,heshallbedeemed tohaveelectedinwritingnottoproceedtomediation. Arbitration (iii)Ifthedisputeremainsoutstanding(i.e.theLandlordhaselectednot tomediateorthedisputeisnotresolvedbymediation),thedispute shallbereferredtoandfinallyresolvedbyarbitrationinSingapore underthearbitrationschemeprescribedbytheCEA,inaccordance withsuchrulesasmaybeprescribed,unlesstheLandlordelectsin writingnottoarbitrate. (iv)TheEstateAgentmayasktheLandlordinwritingwhetherheelects toresolvethedisputebyarbitrationornot.IftheLandlorddoesnot replyorexpresslymakeanyelectionwithinthreeweeksofreceipt ofsuchenquiry,heshallbedeemedtohaveelectedinwritingnot toresolvethedisputebyarbitrationandneitherpartyshallbebound toproceedtoarbitration. 12.AdditionalTerms Note:TheprintedtermsprescribedinthisformofAgreementcannotbe deletedorvaried.Ifthepartieswishatanytimetoagreetooraddonanyother terms,theymustbeinwriting,dated,insertedasAdditionalTermsbelowand initialedbytheparties.Ifthespacebelowisinsufficient,theAdditionalTerms aretobewritten/printedinblackinkonaseparatesheetofpaperwhichmust bepinkincolorandinafontnotsmallerthanthefontoftheaboveterms. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form7 65S644/2010 THIRDSCHEDULE—continued TheAdditionalTermscannotconflictwith,varyorotherwiselimitthe (13) prescribedtermsofthisAgreement. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ SignedbytheLandlord(s)andtheEstateAgent Note:ThepartiesaretoinitialeverypageofthisAgreementincludingtheSchedules andanyattachments. __________________________________ SignedbyLandlord(1) *Throughtheinterpretationof______Signedbyinterpreter______________ (4) Date:Interpreter’sNRICNo.: Date: __________________________________ SignedbyLandlord(2) *Throughtheinterpretationof______Signedbyinterpreter______________ (4) Date:Interpreter’sNRICNo.: Date: ________________________________________________________________________ (1)(14) Signedby*SalespersonforandonbehalfoftheEstateAgent/EstateAgent (1) Nameof*Salesperson/EstateAgent: (4) NRICNo.: Address: (1) *SalespersonRegistration/EstateAgentLicenceNo.: Telephonenumber: Date: Note:TheEstateAgentmustprovidetheoriginaloracopyofthisAgreementto theLandlordimmediatelyuponsigning. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form7 S644/201066 THIRDSCHEDULE—continued SCHEDULE1 EXPLANATORYNOTES (1)*meansdeleteifnotapplicable.AlldeletionsmustbeinitialedbytheLandlord. (2)Tostatewhichrenewale.g.1st,2ndor3rd,etc. (3)Thisformofagreementisonlyapplicableifallorpartofthepropertytobe leasedcomprisesresidentialpropertyinSingapore. (4)IfthereisnoNRICNo.,pleasewriteanothernumbersuchasFIN,passport orcompanyincorporation/registrationNo.,asthecasemaybe. (5)ToinsertfullnameofEstateAgent. (6)TenantincludesapotentialTenant. (7)Inanexclusiveappointment,theLandlordagreesnottoappointanyotheragent duringtheValidityPeriod.ShouldtheLandlordleasethePropertyhimself directlyorthroughanotheragent,hewouldbeliabletopaycommissiontothe EstateAgent. (8)IfthereismorethanoneProperty,therelevantaddressesmayberecordedon aseparatesheetandattachedtothisAgreement.Alternatively,aseparate agreementmaybeusedforeachProperty. (9)TheLandlorddoesnotconferupontheEstateAgent,byvirtueofthisclause, therighttomakeoracceptanofferonbehalfoftheLandlord.Theexpected rentalisforthepurposeoflistingoradvertisingonly. (10)Aleaseincludesasubleaseandanagreementforleaseorsublease,under whatevername. (11)Therelevantperiodornumberofmonthsshouldbestated.Theamountor rateofcommissionisnegotiablebetweentheLandlordandtheEstateAgent. Inthecaseofrenewaloflease,whetherfurthercommissionispayableand, ifso,howmucharealsomattersthataresubjecttonegotiation. (12)TheCodeofEthicsandProfessionalClientCareprescribestheEstateAgent’s andSalesperson’sdutytodiscloseandavoidanypotentialoractualconflictof interest. (13)Wherethepartieshavemadeanychoiceabove,theymaysubsequentlyvary suchchoiceinwritingbutsuchvariationmustbedatedandinitialedby theparties.Thepartiesmayalsovarythenon-prescribedAdditionalTerms butsuchvariationmustbeinwriting,datedandinitialedbytheparties. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form7 67S644/2010 THIRDSCHEDULE—continued (14)IfthereisaSalespersonrepresentingtheEstateAgentintheproposedlease oftheProperty,theSalespersonshallsignandfillinhisparticulars.Otherwise, iftheEstateAgentactingintheproposedleaseofthePropertyisanatural person,heshallsignandfillinhisparticulars.Ifthereismorethanonesuch SalespersonorEstateAgentwhoisanaturalpersonactingintheproposed leaseoftheProperty,theirname(s)andparticular(s)shallalsobewritten,if necessary,onaseparatesheetandattachedtothisAgreement. SCHEDULE2 DUTIESOFESTATEAGENT TheEstateAgentshall: (a)obtaininformationinrelationtothePropertyfromtheLandlord. (b)marketandpromotethePropertywithreasonablediligenceinaccordancewith theLandlord’sreasonableinstructions.Unlessotherwiseagreedinwritingby theLandlord,suchmarketingandpromotionshallbeattheEstateAgent’scost. (c)arrangeforpotentialTenantstoviewtheProperty. (d)providereasonableassistanceandadvicetotheLandlordthroughouttheprocess ofleasingtheProperty. (e)representtheLandlordinnegotiationswithanyprospectiveTenantin accordancewithhisinstructions. (f)promptlyforwardtotheLandlordalloffers,proposalsorexpressionsof interestfrompotentialTenantsortheiragents. (g)advancetheLandlord’sinterestunaffectedbyanyinterestoftheEstateAgent, Salespersonoranyotherperson. (h)assisttheLandlordtoenterintoabindingleasewiththeTenantandreasonably explaintotheLandlordallrelevantformsanddocuments.However,if theEstateAgentisindoubtonanymatter,heshallstatehisdoubtandadvise theLandlordtoseekadvicefromappropriateprofessionals. (i)complywithallreasonableinstructionsandrequestsoftheLandlordinrelation tothetransaction. Note:ThefollowingarealsoapplicableinthecaseofHDBproperty (j)advisetheLandlordontheeligibilityoftheLandlordtoleasehisHDBflat. (k)assisttheLandlordoftheHDBflattosubmitsuchforms,documentsand/or informationasmayberequiredbyHDB. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form7 S644/201068 THIRDSCHEDULE—continued Form8 EXCLUSIVEESTATEAGENCYAGREEMENTFOR THELEASEOFRESIDENTIALPROPERTY BYATENANT (1)(2) *ORIGINAL/____________RENEWALAGREEMENT ThisformisprescribedbytheCouncilforEstateAgencies(‘‘CEA’’)underthe EstateAgentsAct2010forusewhenanestateagentisexclusivelyauthorisedor (3) engagedbyaprospectivetenanttointroducealandlordofresidentialproperty inSingapore. (1) Note:Whereanumberinbrackets(e.g.)appearsinthisAgreement,please readtheexplanatorynotethatbearsthecorrespondingnumberinSchedule1to thisAgreement.Whereanyspaceprovidedbelowisinsufficient,therelevant particularsshallbewrittenonaseparatesheetandattachedtothisAgreement. 1.PartiestoAgreement AgreementDate:hh/hh/hhhh(dd/mm/yyyy) (4) Tenant(1)Name:______________________NRICNo.:________________ Address:___________________________________________________________ (4) Tenant(2)Name:______________________NRICNo.:________________ Address:___________________________________________________________ (5) NameofEstateAgent:_______________LicenceNo.:________________ Address:___________________________________________________________ 2.AppointmentofEstateAgentbyTenant Theabovetenant(s)(collectivelycalled‘‘Tenant’’)herebyauthorisesand engagestheEstateAgent,subjecttoandinaccordancewiththetermsof (6) thisAgreement,tointroducetohimaLandlordofthefollowingPropertyon (7)(8) anexclusivebasis: ___________________________________________________________________ ___________________________________________________________________ _______________________________________________________(‘‘Property’’) CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form8 69S644/2010 THIRDSCHEDULE—continued 3.ValidityPeriod/Renewal (a)ThisAgreementshalltakeeffectonthe*AgreementDate/___________ (1) (‘‘CommencementDate’’)andshallexpireon____________________ (dd/mm/yyyy)or3calendarmonthsaftertheCommencementDate, whicheverdateisearlier(‘‘ExpiryDate’’).InthisAgreement,theperiod fromtheCommencementDatetotheExpiryDateshallbereferredtoas the‘‘ValidityPeriod’’. (b)ThisAgreementcanonlyberenewedorextendedinthesameprescribed Form(‘‘RenewalofAgreement’’),withthenecessarychangestothe CommencementDateandExpiryDate,andnotinanyothermanner.The partiesmayenterintoanynumberofsuchRenewalofAgreementsbutthe termofeachRenewalofAgreementshallnotexceed3calendarmonths. 4.ScopeofAgencyandDutiesofEstateAgent TheEstateAgent’sdutiesshallbeassetoutinSchedule2tothisAgreement, inadditiontothedutiesplacedontheEstateAgentbytheothertermsin thisAgreementandanywrittenlaw. 5.Commission (9) (a)IfduringtheValidityPeriod,theTenantentersintoabindingleaseof (10) thePropertyfor____________withaLandlord,whethersuchLandlord isintroducedbytheEstateAgentornot,theTenantshallpaytheEstate (1)(10) Agentcommissionof*S$____________/____________rent. GSTispayableuponthecommission:hYeshNo (1) IfYes,thecommissionspecifiedis*inclusive/exclusiveofGST. (b)IfthePropertyisleasedaftertheValidityPeriodbutwithin3calendar monthsaftertheExpiryDate,theTenantshallbeliabletopaycommission totheEstateAgentifduringtheValidityPeriod,theavailabilityofthe PropertyforleasefromtheLandlordwasmadeknowntotheTenantby theEstateAgent. (c)TheTenantshallhavenoobligationtopayanycommissiontotheEstate AgentiftheleasingofthePropertyfallsthroughwithoutfaultonthepart oftheTenant. (d)InthecaseofHDBproperty,iftheleasingfallsthroughbyreasonofthe Tenant’sineligibilitytoleaseunderHDBrulesorregulations,theTenant shallhavenoobligationtopayanycommissiontotheEstateAgent. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form8 S644/201070 THIRDSCHEDULE—continued (2) (e)On__________________renewalofthelease,theTenant*shall/shall (1) notbeliabletopayfurthercommissiontotheAgent.Iffurther commissionispayableuponrenewal,suchcommissionshallamountto (1)(10) *S$____________/____________rentfor____________. 6.DisclosureRequirements (a)TheEstateAgentorSalesperson*has/doesnothaveaconflictorpotential (1)(11) conflictofinterestinactingfortheTenant.IftheEstateAgentor Salespersonhasaconflictorpotentialconflictofinterest,thedetailsare asfollows: _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ (b)IftheEstateAgentorSalespersonhasdeclaredthatthereisnoconflictor potentialconflictofinterestbutaconflictorpotentialconflictofinterest onlyarises(orhebecomesawareoftheconflictorpotentialconflictof interest)aftertheexecutionofthisAgreement,theconflictorpotential conflictofinterestmustbeimmediatelydisclosedinwritingtotheTenant. Uponsuchdisclosure,theEstateAgentandSalespersonmaycontinue toactfortheTenantonlyiftheTenant,beingfullyinformed,consents inwritingtotheEstateAgentandSalespersoncontinuingtoactforhim. 7.Co-broking (1) (a)TheTenant*authorises/doesnotauthorisetheEstateAgentto co-operateorco-brokewithanotherEstateAgenttosecureLandlordsfor theProperty. (b)Ifco-brokingisallowed,thecommissionmaybesharedbetweenthe EstateAgentandaco-brokingagentinsuchamountsasmaybeagreed betweenthembuttheTenantisnotliabletopayanycommissionto theco-brokingagent. 8.SchedulesandNotes TheSchedulesandNotestoorinthisAgreementformpartofthisAgreement. 9.ApplicableLawandDisputeResolution (a)ThisAgreementshallbegovernedbythelawsofSingapore. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form8 71S644/2010 THIRDSCHEDULE—continued (b)AnydisputebetweentheTenantandtheEstateAgentarisingoutoforin connectionwiththisAgreement(includinganyquestionregardingits existence,validityortermination)shallfirstberesolvedinthefollowing manner: MediationFirst (i)Thepartiesshallproceedtomediationunderthemediationscheme prescribedbytheCEAunlesstheTenantelectsinwritingnotto mediate. (ii)TheEstateAgentmayasktheTenantinwritingwhetherheelectsto mediateornot.IftheTenantdoesnotreplyormakeanyelection withinthreeweeksofreceiptofsuchenquiry,heshallbedeemedto haveelectedinwritingnottoproceedtomediation. Arbitration (iii)Ifthedisputeremainsoutstanding(i.e.theTenanthaselectednotto mediateorthedisputeisnotresolvedbymediation),thedisputeshall bereferredtoandfinallyresolvedbyarbitrationinSingaporeunder thearbitrationschemeprescribedbytheCEA,inaccordancewith suchrulesasmaybeprescribed,unlesstheTenantelectsinwriting nottoarbitrate. (iv)TheEstateAgentmayasktheTenantinwritingwhetherheelectsto resolvethedisputebyarbitrationornot.IftheTenantdoesnotreply orexpresslymakeanyelectionwithinthreeweeksofreceiptofsuch enquiry,heshallbedeemedtohaveelectedinwritingnottoresolve thedisputebyarbitrationandneitherpartyshallbeboundtoproceed toarbitration. 10.AdditionalTerms Note:TheprintedtermsprescribedinthisformofAgreementcannotbe deletedorvaried.Ifthepartieswishatanytimetoagreetooraddonanyother terms,theymustbeinwriting,dated,insertedasAdditionalTermsbelowand initialedbytheparties.Ifthespacebelowisinsufficient,theAdditionalTerms aretobewritten/printedinblackinkonaseparatesheetofpaperwhichmust bepinkincolorandinafontnotsmallerthanthefontoftheaboveterms. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form8 S644/201072 THIRDSCHEDULE—continued TheAdditionalTermscannotconflictwith,varyorotherwiselimitthe (12) prescribedtermsofthisAgreement. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ SignedbytheTenant(s)andtheEstateAgent Note:ThepartiesaretoinitialeverypageofthisAgreementincludingtheSchedules andanyattachments. __________________________________ SignedbyTenant(1) *Throughtheinterpretationof______Signedbyinterpreter______________ (4) Date:Interpreter’sNRICNo.: Date: __________________________________ SignedbyTenant(2) *Throughtheinterpretationof______Signedbyinterpreter______________ (4) Date:Interpreter’sNRICNo.: Date: ________________________________________________________________________ (1)(13) Signedby*SalespersonforandonbehalfoftheEstateAgent/EstateAgent (1) Nameof*Salesperson/EstateAgent: (4) NRICNo.: Address: (1) *SalespersonRegistration/EstateAgentLicenceNo.: Telephonenumber: Date: Note:TheEstateAgentmustprovidetheoriginaloracopyofthisAgreementto theTenantimmediatelyuponsigning. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form8 73S644/2010 THIRDSCHEDULE—continued SCHEDULE1 EXPLANATORYNOTES (1)*meansdeleteifnotapplicable.AlldeletionsmustbeinitialedbytheTenant. (2)Tostatewhichrenewale.g.1st,2ndor3rd,etc. (3)Thisformofagreementisonlyapplicableifallorpartofthepropertytobe leasedcomprisesresidentialpropertyinSingapore. (4)IfthereisnoNRICNo.,pleasewriteanothernumbersuchasFIN,passport orcompanyincorporation/registrationNo.,asthecasemaybe. (5)ToinsertfullnameofEstateAgent. (6)LandlordincludesapotentialLandlord. (7)Inanexclusiveappointment,theTenantagreesnottoappointanyotheragent duringtheValidityPeriod.ShouldtheTenantleasethePropertyhimself directlyorthroughanotheragent,hewouldbeliabletopaycommissionto theEstateAgent. (8)TostatedescriptionofPropertytobeleasede.g.type,localityandpricerange. IfthereismorethanoneProperty,therelevantdescriptionsmayberecorded onaseparatesheetandattachedtothisAgreement.Alternatively,aseparate agreementmaybeusedforeachProperty. (9)Aleaseincludesasubleaseandanagreementforleaseorsublease,under whatevername. (10)Therelevantperiodornumberofmonthsshouldbestated.Theamountor rateofcommissionisnegotiablebetweentheTenantandtheEstateAgent. Inthecaseofrenewaloflease,whetherfurthercommissionispayableand, ifso,howmucharealsomattersthataresubjecttonegotiation. (11)TheCodeofEthicsandProfessionalClientCareprescribestheEstateAgent’s andSalesperson’sdutytodiscloseandavoidanypotentialoractualconflictof interest. (12)Wherethepartieshavemadeanychoiceabove,theymaysubsequentlyvary suchchoiceinwritingbutsuchvariationmustbedatedandinitialedby theparties.Thepartiesmayalsovarythenon-prescribedAdditionalTerms butsuchvariationmustbeinwriting,datedandinitialedbytheparties. (13)IfthereisaSalespersonrepresentingtheEstateAgentintheproposedlease oftheProperty,theSalespersonshallsignandfillinhisparticulars.Otherwise, iftheEstateAgentactingintheproposedleaseofthePropertyisanatural person,heshallsignandfillinhisparticulars.Ifthereismorethanonesuch SalespersonorEstateAgentwhoisanaturalpersonactingintheproposed leaseoftheProperty,theirname(s)andparticular(s)shallalsobewritten, ifnecessary,onaseparatesheetandattachedtothisAgreement. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form8 S644/201074 THIRDSCHEDULE—continued SCHEDULE2 DUTIESOFESTATEAGENT TheEstateAgentshall: (a)searchforandlocatesuitablepropertiesinaccordancewiththeTenant’s instructionsforconsiderationorviewingbytheTenant. (b)providereasonableassistanceandadvicetotheTenantthroughouttheprocess ofleasingtheProperty. (c)representtheTenantinnegotiationswithanyprospectiveLandlordin accordancewithhisinstructions. (d)promptlyforwardtotheTenantalloffers,proposalsorexpressionsofinterest frompotentialLandlordsortheiragents. (e)advancetheTenant’sinterestunaffectedbyanyinterestoftheEstateAgent, Salespersonoranyotherperson. (f)assisttheTenanttoenterintoabindingleasewiththeLandlordandreasonably explaintotheTenantallrelevantformsanddocuments.However,iftheEstate Agentisindoubtonanymatter,heshallstatehisdoubtandadvisetheTenant toseekadvicefromappropriateprofessionals. (g)complywithallreasonableinstructionsandrequestsoftheTenantinrelation tothetransaction. Note:ThefollowingarealsoapplicableinthecaseofHDBproperty (h)advisetheTenantontheeligibilityoftheTenanttoleasetheHDBflat. (i)assisttheTenantoftheHDBflattosubmitsuchforms,documentsand/or informationasmayberequiredbyHDB. CouncilforEstateAgencies,Singapore|PrescribedEstateAgencyAgreement:Form8 Madethis26thdayofOctober2010. GREGSEOWFOOKHIN President, CouncilforEstateAgencies, Singapore. [ND311/4-355;AG/LLRD/SL/95A/2010/1]

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The Council for Estate Agencies (CEA) is now official.

Posted by Singapore Property Match on August 19, 2010

Press Releases

MND INTRODUCES ESTATE AGENTS BILL
IN PARLIAMENT ON 16 AUGUST 2010

1 The Ministry of National Development (MND) introduced the Estate Agents Bill for a First Reading at the Parliamentary Session on 16 August 2010. The proposed Estate Agents Bill seeks to establish the Council for Estate Agencies (CEA) as a new statutory board under MND to regulate the real estate agency industry.

Key Features of the Estate Agents Bill

Coverage of Framework and Establishment of CEA

2 The proposed Estate Agents Bill will apply to all estate agency work for Singapore and foreign properties marketed, sold or leased in Singapore. CEA will be established to administer the new regulatory framework.

Licensing of Estate Agencies and Registration of Salespersons

3 Estate agencies will continue to be licensed, but with enhanced conditions. Each agency will have to appoint a key executive officer (KEO) to be responsible for the proper administration and overall management of the business and supervision of all its salespersons. The KEO, all partners and directors in each agency will have to satisfy enhanced licensing conditions, such as fulfilling fit and proper criteria and prohibition to simultaneously hold a moneylender’s license, or be an employee, director or partner of a licensed moneylender.

4 Estate agencies will be required to exercise effective supervision of their salespersons and take responsibility for their actions. To enable agencies to do so, the Bill will require a salesperson to contract with only one agency and to operate under a written agreement with the agency. Salespersons will need to be registered with CEA through and with the support of their agencies, before they are allowed to do estate agency work.

5 Estate agencies will have to ensure that all their registered salespersons are professionally competent and meet the fit and proper criteria. Salespersons also need to have the necessary qualifications, pass the CEA’s salesperson examination and undertake continuing professional development relating to estate agency work. Information on all registered salespersons will be available on a public register, including the agency they are working for and any disciplinary action taken against them.

Duties and Liability of Estate Agencies and Salespersons

6 The Bill will empower CEA to prescribe codes of practice, ethics and professional conduct to regulate the practices of estate agencies and salespersons. Failure to comply with the codes may render the estate agency and/or salesperson liable to disciplinary action.

7 The CEA will also prescribe standard estate agency agreements between estate agencies and their clients, to ensure that the agreements do not contain unfair clauses. An estate agency that performs estate agency work without the required agreement will not be able to recover any fees or seek any remedy in legal proceedings.

Investigative and Disciplinary Powers

8 The Bill will provide CEA with powers of investigation to enable CEA to investigate breaches and enforce regulatory requirements. Under these provisions, CEA investigators will be able to summon agencies’ KEOs and salespersons, and seize relevant materials and documents.

9 The Bill will allow CEA to set up a Disciplinary Committee to hear and consider disciplinary cases. The Disciplinary Committee can mete out penalties including revocation, suspension, fines, admonishment and other conditions on estate agencies and salespersons if it finds the agencies and/or salespersons responsible.

10 The Bill will allow any person who is aggrieved by the decisions of CEA to lodge an appeal to an independent Appeals Boards. The decision of the Appeals Board shall be final.

Dispute Resolution

11 Estate agencies and salespersons will be required to participate in CEA’s prescribed dispute resolution process covering mediation and arbitration, once this has been initiated by the consumer.

Transition Arrangement

12 The Bill includes transition provisions for existing agencies to be deemed as licensed by CEA for the remainder of the duration of the licence previously issued by the Inland Revenue Authority of Singapore (IRAS) until 31 December 2010. Other transitional arrangements will be provided for in the regulations to be published in the Gazette after the Bill is passed.

Second Reading

13 The Bill will be tabled for a Second Reading at the following available Parliament sitting.

Issued by: Ministry of National Development
Date: 16 August 2010

The Council for Estate Agencies (CEA) is now official. Under the Estate Agents Bill, this new statutory board will take over IRAS and become a regulator for the real estate industry. Estate agents will be required to register with CEA and pass an exam.

Those of you who have been closely watching will have already known this, but now the bill has made it official.

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NEW STATUTORY BOARD TO BE FORMED TO RAISE PROFESSIONALISM OF REAL ESTATE AGENCY INDUSTRY

Posted by Singapore Property Match on May 6, 2010

Ministry of National Development News Releases on 6 May 2010
NEW STATUTORY BOARD TO BE FORMED TO RAISE PROFESSIONALISM OF REAL ESTATE AGENCY INDUSTRY

1 The Ministry of National Development (MND) plans to set up a new statutory board to raise the professionalism of the real estate agency industry and to better safeguard consumer interest.

2 The proposed statutory board – the Council for Estate Agencies (CEA) (地产代理理事会) – will implement a new framework to regulate the industry, through the enhanced licensing of estate agencies, registration of estate agents, new regulations on the conduct of estate agency work, discipline and dispute resolution mechanisms, and public education. CEA will take over the Inland Revenue Authority of Singapore’s (IRAS’) current role in licensing real estate agencies. MND will introduce a Bill in Parliament in the second half of this year to set up the new Council and to establish the new regulatory framework.

Overview of the New Regulatory Framework

Enhanced Licensing for Estate Agencies

3 Real estate agencies will continue to be licensed, but will have to satisfy enhanced licensing conditions. These conditions seek to ensure that the licensees are competent, fulfil fit and proper criteria, and have in place systems and processes to manage the business and supervise their agents well. For instance, the licensees must not be un-discharged bankrupts, possess criminal records involving fraud or dishonesty, or have previous track records of complaints as agents.

4 They also need to comply with a Code of Practice that stipulates systems and processes for areas such as agents’ training, complaints handling and dispute resolution. They will need to have professional indemnity insurance to adequately cover any financial liabilities arising from their transactions, and cannot be a licensed moneylender or an employee of a licensed moneylender to avoid a conflict of interest.

Registration of Agents through their Agencies

5 Agencies will also be expected to exercise effective supervision of their agents and take responsibility for their actions. To enable agencies to do so, all estate agents are to contract with only one agency. Individual agents will need to be registered with the Council through and with the support of their agencies, before they are allowed to do estate agency work. Agencies will have to ensure that the agents registered under them are competent and meet the fit and proper criteria.

6 As part of the new registration requirements, estate agents will need to pass a mandatory industry examination, and undertake mandatory continuing professional development (CPD) of six hours a year. This is to ensure that the agents possess the necessary knowledge for estate agency work, and continuously upgrade themselves by keeping abreast of latest changes in Government policies and procedures relating to real estate transactions. The number of CPD hours will be increased over time to raise the professional standards of the industry.

Regulations on Conduct of Real Estate Agency Work

7 Agencies and agents will be required to comply with new regulations on the conduct of real estate agency work. These include a code of ethics and professional conduct for estate agents, standard prescribed estate agency agreements for sale and leasing transactions and other measures aimed at avoiding a conflict of interest, such as the dual representation of both the buying and selling parties. MND will engage the industry and CASE over the next few months to work out the details of these measures.

Mechanisms for Discipline and Dispute Resolution

8 The new regulatory framework will also include legislative powers and mechanisms to investigate and discipline agencies and agents who fail to comply with the new regulations and codes. Disciplinary actions will include warnings, fines, suspension and debarment of agencies and agents. Alleged criminal offences such as fraud and cheating will continue to be referred to the Police.

9 To help consumers seek redress on disputes and contractual matters, estate agencies and agents will be required to participate in a dedicated dispute resolution process covering both mediation and adjudication, which will tap on existing dispute resolution facilities such as CASE and the Singapore Mediation Centre.

Public Education

10 While the Government works to strengthen the regulatory framework for estate agencies, individual homebuyers and tenants will also need to exercise greater care and responsibility. Public education will be a key focus of the new Council’s work, and the new regulatory framework will include measures to equip consumers with the necessary knowledge to conduct their real estate transactions prudently and with due diligence.

11 Agents will be required to wear a standard agent identification card when doing estate agency work. A public registry of real estate agencies and agents will be set up to provide a comprehensive listing of all licensed agencies and registered agents. The public registry will include any records of disciplinary actions taken over the last three years or any recognition and award received. Consumers can then check on the particular agency or agent they are engaging.

Transition Arrangements for Existing Agencies and Agents

12 Arrangements will be made to help existing estate agencies and agents transit to the new licensing and registration framework. For instance, they will be exempted from the new minimum 4 GCE “O” level passes or equivalent educational qualification criterion. Those who have passed an industry examination, such as the Common Examination for House Agents, the Common Examination for Salespersons, the Certified Estate Agents Examination and the National Skills Recognition System, will not be required to take a new examination. Those who have not passed any existing industry examination will be given one year after the start of the new examination to pass the examination, and be given a provisional registration in the interim. Existing agents who are un-discharged bankrupts or have past criminal records will be considered for registration on a case-by-case basis.

New Regulatory Framework

13 MND first announced its intent to develop a new regulatory framework for estate agencies in August last year. An industry consultation exercise was conducted from September to October 2009, followed by a public consultation exercise1 from October to November 2009. Industry and public inputs were taken into consideration in developing the new regulatory framework.

14 The proposed key elements of the new regulatory framework are summarised at Annex. MND will continue working out further details of the new framework over the next few months.

Annex

PROPOSED KEY ELEMENTS OF NEW REGULATORY FRAMEWORK

New Statutory Board – Council for Estate Agencies – to strengthen regulation of real estate agency industry

<Enhanced Licensing for Estate Agencies>
Singapore Citizen or Permanent Resident (current)
At least 3 years of working experience (enhanced)
Completed at least 30 property transactions in past 3 years, of which at least 10 must be private properties and at least 10 must be HDB flats transactions (enhanced)
Major shareholder of the applying agency (current)
Register its business with ACRA (current)
Not to register a name which is similar to existing agencies (current)
Pass examination for licensees or equivalent qualifications (current)
Have minimum 4 GCE ‘O’ Level passes or equivalent (new)
Fulfill fit and proper criteria (new) such as
Must not be an un-discharged bankrupt;
Must not possess criminal records involving fraud or dishonesty;
Must not have previous track record of complaints or convictions
Put in place systems and processes to ensure proper management of business and agents
Be covered under a Professional Indemnity Insurance (new)
Must not be a licensed moneylender or an employee of a licensed moneylender (new)
Registration of Agents through their Agencies

<Singapore Citizen or Permanent Resident>
Must be at least 21 years old
Not be registered with another agency or be an existing licensee of an agency
Have minimum 4 GCE ‘O’ Level passes or equivalent
Pass examination for estate agents
Undertake mandatory continuing professional development
Fulfill fit and proper criteria such as
Must not be an un-discharged bankrupt;
Must not possess criminal records involving fraud or dishonesty;
Must not have previous track record of complaints or convictions;
Must not be a licensed moneylender or an employee of a licensed moneylender

<Regulations on Conduct of Real Estate Agency Work>
Code of Ethics and Professional Conduct
Standard prescribed estate agency agreements
No dual representation

<Mechanisms for Discipline and Dispute Resolution>
Disciplinary actions such as warnings, fines, suspension and debarment
Dedicated dispute resolution mechanism covering both mediation and adjudication

<Public Education>
Agent identification card
Public registry of agencies and agents

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