Tan Kiat How on exclusive agreements for property transactions
An Estate Agency Agreement is a contract between a consumer and a property agent and protects the interests of both parties by providing contractual clarity in the property transaction. A property agent must explain the meaning and consequences of the agreement to the client and give the client sufficient time to read and understand the contents to make an informed decision. Under the Code of Ethics and Professional Client Care prescribed by the Council for Estate Agencies, those who breach the rules will be penalised. But there is no specific requirement for property agents to advise clients on the options between an exclusive and a non-exclusive agreement. Senior Minister of State for National Development Tan Kiat How said this in reply to an MP's question in Parliament on Tuesday (Nov 29).
An Estate Agency Agreement is a contract between a consumer and a property agent and protects the interests of both parties by providing contractual clarity in the property transaction. A property agent must explain the meaning and consequences of the agreement to the client and give the client sufficient time to read and understand the contents to make an informed decision. Under the Code of Ethics and Professional Client Care prescribed by the Council for Estate Agencies, those who breach the rules will be penalised. But there is no specific requirement for property agents to advise clients on the options between an exclusive and a non-exclusive agreement. Senior Minister of State for National Development Tan Kiat How said this in reply to an MP's question in Parliament on Tuesday (Nov 29).
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