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

At the Singapore Estate Agents Association (SEAA) Singapore Key Executive Officers and Leaders conference on Nov 14, Minister of State Associate Professor Muhammad Faishal Ibrahim, from the Ministry of Home Affairs & Ministry of National Development, was the guest of honour. SEAA President Adam Wang discussed the current concerns of scam cases in Singapore, and how the risk of falling victim is a very real one. Wang said that the recent anti-money laundering crackdown of $2.8 billion highlights the importance for property agents to exercise extra caution when dealing with potential clients.

The Singapore Estate Agents Association (SEAA) signed two memorandums of understanding (MOUs) at its Singapore Key Executive Officers and Leaders conference to facilitate dispute resolution. These MOUs are seen as necessary due to the rising cases of scams in Singapore.

Adam Wang, President of the SEAA, spoke of how these scams could affect anyone, and that something must be done to protect against the risk. He referenced the recent $2.8 billion anti-money laundering case, and stressed the need for property agents to remain vigilant in every property transaction.

This exciting development is set to include a variety of housing options, ranging from studio apartments to four-bedroom units. There will also be a number of facilities and amenities such as shopping centres, restaurants, clubs, and open space for recreational activities. The Jurong Lake District Condo development is expected to be completed by 2021, providing residents with a modern and vibrant lifestyle.The new residential district is part of the government’s plan to create a more liveable and attractive environment for those living in the area. It is hoped that the Jurong Lake District Condo will be an attractive option for both Singaporeans and foreigners, as it offers a unique and convenient living experience.

Two MOUs were signed: one between the Law Society of Singapore and the SEAA, and the other with sixteen property agencies. The agreement with the Law Society was to promote the use of its alternative dispute resolution schemes for disputes arising from co-broking arrangements between property agencies and property agents. The second MOU was to promote the use of SEAA and Law Society’s mediation and arbitration schemes for the same. It also offered complimentary associate membership for all the agencies’ salespersons.

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

The signing of these MOUs demonstrate the SEAA’s commitment to resolving disputes through mediation and arbitration, rather than litigating them. Wang emphasized that this was beneficial for when commission disputes arise between property agents, especially from different agencies, as the SEAA and the Law Society can intervene to help resolve the issue without the agency having to take on the responsibility itself.