Report from AsiaOne (Singapore) dated 20 March 2014 :-
Thinking of buying FOREIGN PROPERTY: Read this online guide first
SINGAPORE - The process and pitfalls of buying foreign property have been laid out in a new online guide from the industry watchdog for real estate agents.
Its aim is to help consumers make informed decisions when venturing into property markets overseas, the Council for Estate Agencies (CEA) said in a statement on Monday 17 March 2014.
National Development Minister Khaw Boon Wan had announced the launch of this guide in Parliament on Monday last week.
The six-page document on the CEA website gives tips on what to watch out for before taking the plunge.
This includes rules on foreign ownership of property, taxes and avenues for resolving disputes.
It also lists some potential pitfalls, such as claims of guaranteed high returns or promises of discounts or freebies.
The CEA also took aim at property investment seminars, saying: "Some organisers may be using these seminars to recruit investors to become shareholders of certain projects.
However, the collection of funds may not be approved by the relevant authorities."
It added that before property buyers make a purchase, they should ensure that the sales agent and the person conducting the transaction are registered with the CEA.
The CEA also said that it issued a set of practice guidelines on marketing overseas property to real estate agents last Friday.
These provide details on agents' responsibilities and what they must do before they market foreign properties.
Both the online consumer guide and the set of practice guidelines can be found on the CEA website at http://www.cea.gov.sg
Welcome to Council for Estate Agencies
Thinking of buying FOREIGN PROPERTY: Read this online guide first
SINGAPORE - The process and pitfalls of buying foreign property have been laid out in a new online guide from the industry watchdog for real estate agents.
Its aim is to help consumers make informed decisions when venturing into property markets overseas, the Council for Estate Agencies (CEA) said in a statement on Monday 17 March 2014.
National Development Minister Khaw Boon Wan had announced the launch of this guide in Parliament on Monday last week.
The six-page document on the CEA website gives tips on what to watch out for before taking the plunge.
This includes rules on foreign ownership of property, taxes and avenues for resolving disputes.
It also lists some potential pitfalls, such as claims of guaranteed high returns or promises of discounts or freebies.
The CEA also took aim at property investment seminars, saying: "Some organisers may be using these seminars to recruit investors to become shareholders of certain projects.
However, the collection of funds may not be approved by the relevant authorities."
It added that before property buyers make a purchase, they should ensure that the sales agent and the person conducting the transaction are registered with the CEA.
The CEA also said that it issued a set of practice guidelines on marketing overseas property to real estate agents last Friday.
These provide details on agents' responsibilities and what they must do before they market foreign properties.
Both the online consumer guide and the set of practice guidelines can be found on the CEA website at http://www.cea.gov.sg
Welcome to Council for Estate Agencies
The Council for Estate Agencies (CEA) is a statutory board established under the Estate Agents Act 2010, Singapore to administer the enhanced regulatory framework for the real estate agency industry.
Commencing its operations from 22 October 2010, CEA's principal functions are to license the estate agents (referring to the estate agencies) and register salespersons (referring to the property agents), promote the integrity and competence of estate agents and salespersons and engage in public education efforts to help consumers in property transactions.
Commencing its operations from 22 October 2010, CEA's principal functions are to license the estate agents (referring to the estate agencies) and register salespersons (referring to the property agents), promote the integrity and competence of estate agents and salespersons and engage in public education efforts to help consumers in property transactions.
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