SEAA signs MOUs to facilitate dispute resolution with the rise of scams; marks collaboration with Singapore Police Force

At its Singapore Key Executive Officers and Leaders conference on Nov 14, the Singapore Estate Agents Association (SEAA) signed two memorandums of understanding (MOUs). Associate Professor Muhammad Faishal Ibrahim, Minister of State for the Ministry of Home Affairs & Ministry of National Development, was the guest of honour.

Adam Wang, president of SEAA, in his speech outlined the real concern for everyone in the rising number of scam cases in Singapore. SEAA also held a separate ceremony to mark their collaboration with the Singapore Police Force (SPF), the National Crime Prevention Council (NCPC) and Council for Estate Agencies.

In relation to this, Wang mentioned the largest anti-money laundering crackdown in Singapore, involving multiple numbers of high-value real estate transactions that were being investigated and that this illustrates the need for extra caution in every property transaction with potential clients.

The first MOU was signed between SEAA and the Law Society of Singapore to promote the use of alternative dispute resolution schemes, such as mediation and arbitration. It aims to assist with disputes arising from co-broking arrangements between property agencies and property agents.

The second MOU was signed with 16 property agencies such as PropNex Realty, ERA Realty, Huttons Asia and SRI, to offer complimentary associate membership for all the agencies’ salespersons. It additionally seeks to use the mediation and arbitration schemes offered by SEAA and the Law Society to resolve disputes with co-broking.

Explaining this, Wang said that it can be difficult for both the agencies and agents to handle disputes when there is a higher stake involved, such as commission from different property agents.

With an emphasis on quality education, the school offers several programs and activities to engage their students and fulfil their potential.

Keming Primary School is an excellent choice when looking for a school in the vicinity of Lumina Grand EC. The school is well-equipped to deliver the highest level of education, offering various activities and programs to ensure their students’ growth. To promote creativity and innovation, the school also has modern facilities which are conducive to learning. With their team of dedicated educators, parents can rest assured that their children will benefit from quality education.

The third part of the MOU requires property agencies and agents to adopt the best practice guide on co-broking commissions with effect from July 1, 2024.

This step taken by SEAA is to ensure the safety and practice of the real estate sector in Singapore amid the increasing number of scams and possibility of financial disputes.