Skip Navigation Links
Dishonest property agent
02 Nov 2017 (156 views)

The owner of a semi-detached house was in financial difficulty. She needed to sell the property. She approached a neighbor who was a property agent.

The property agent told her that the market was bad. The best price offered was for $2.8 million. The owner accepted the offer and signed the option.

Later, the owner found that the last transacted price for a similar property was $3.2 million. She heard a rumor that the buyer of the property was a relative of the agent and had agreed to pay the agent half of the difference between the actual price and last transacted price.

What can the owner do now?

She can lodge a complaint to the Council of Estate Agencies (CEA), which is the regulator of estate agencies. The agent is acting against professional ethics, if she had not obtained the best price for the owner and had made an unauthorized gain from the transaction.

What can other property owners do to avoid the risk of being cheated?

The owner can search for the recent transaction from the URA website, Click here.

I prefer the SRX website as the search is easier to use. Click here.

The owner should approach a few agents to ask them for the best price. After that, the owner can select one or two of them. But it is better for the owner to search the URA or SRX website and get a feel for the current market.

Tan Kin Lian



 


Dishonest property agent
[Back] [Print]


The owner of a semi-detached house was in financial difficulty. She needed to sell the property. She approached a neighbor who was a property agent.

The property agent told her that the market was bad. The best price offered was for $2.8 million. The owner accepted the offer and signed the option.

Later, the owner found that the last transacted price for a similar property was $3.2 million. She heard a rumor that the buyer of the property was a relative of the agent and had agreed to pay the agent half of the difference between the actual price and last transacted price.

What can the owner do now?

She can lodge a complaint to the Council of Estate Agencies (CEA), which is the regulator of estate agencies. The agent is acting against professional ethics, if she had not obtained the best price for the owner and had made an unauthorized gain from the transaction.

What can other property owners do to avoid the risk of being cheated?

The owner can search for the recent transaction from the URA website, Click here.

I prefer the SRX website as the search is easier to use. Click here.

The owner should approach a few agents to ask them for the best price. After that, the owner can select one or two of them. But it is better for the owner to search the URA or SRX website and get a feel for the current market.

Tan Kin Lian