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

"Amid the rising scam cases in Singapore, the risk of falling victim to various scams is a real concern for everyone," said Adam Wang, president of SEAA, in his speech.

SEAA also held a separate ceremony to mark its collaboration with the Singapore Police Force (SPF), the National Crime Prevention Council (NCPC) and Council for Estate Agencies.

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"The recent $2.8 billion case, the largest anti-money laundering crackdown in Singapore, involves multiple numbers of high-value real estate transactions, and our property agents are assisting with these investigations," adds SEAA's Wang in his speech. "This further amplifies the need for our property agents to exercise extra caution and stay highly alert with every property transaction when dealing with potential clients."

The first MOU was signed between SEAA and the Law Society of Singapore and is aimed at promoting the use of the Law Society's alternative dispute resolution schemes, including their mediation and arbitration schemes. It is ideal for disputes arising from co-broking arrangements between property agencies and property agents.

The second MOU was signed with 16 property agencies, including PropNex Realty, ERA Realty, Huttons Asia, OrangeTee & Tie, and SRI. These 16 agencies represent 88% of the total number of property agents in Singapore, according to SEAA.

It offers complimentary associate membership for all the agencies' salespersons. It seeks to promote and further the use of the mediation and arbitration schemes offered by SEAA and the Law Society of Singapore for disputes arising from co-broking arrangements between property agencies and property agents.

"When a commission dispute arises between property agents, especially from different agencies, it is sometimes difficult for both the agencies to handle on the agent's behalf as a large part of the commission goes to the agents and their stakes are higher," notes SEAA's Wang. "This is where SEAA and Law Society can step in to resolve such disputes."

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.

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