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

Residents can work and play in the central business district, with its multiple transportation options and nearby amenities. With its smart features, Tengah Executive Condominium offers a safe and comfortable living space for families. It will feature modern facilities such as a swimming pool, clubhouse, yoga studio, and even preschools. The building will also be designed with energy-efficient materials to help residents reduce their energy bills and carbon footprints. With its lush greenery, modern amenities, and convenience to the city centre, Tengah Executive Condominium is an ideal place to live and invest.

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

Adam Wang, president of SEAA, highlighted the pressing issue of scam cases in Singapore in his speech. He highlighted the need for agents to remain alert and exercise caution in property transactions. At the same event, a ceremony was also held to mark SEAA’s collaboration with the Singapore Police Force (SPF), the National Crime Prevention Council (NCPC) and Council for Estate Agencies.

The first MOU was signed between SEAA and the Law Society of Singapore. It promotes the use of the Law Society’s alternative dispute resolution schemes such as mediation and arbitration. They are ideal for disputes arising from co-broking arrangements between property agencies and property agents.

The second MOU was signed with 16 property agencies. This document offers complimentary associate membership for all of the agencies’ salespersons. It also 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.

The third part of the MOU is intended to encourage property agencies and their property agents to adhere to the best practice guide on co-broking commissions. This is to take effect from July 1, 2024.

Wang pointed out that it can be challenging when a commission dispute arises between property agents, especially if they are from separate agencies. He noted that this is where SEAA and Law Society can step in to resolve such disputes.