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

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At its Singapore Key Executive Officers and Leaders Conference held on November 14th, The Singapore Estate Agents Association (SEAA) signed two memorandum of understanding (MOUs) to aid in resolving disputes. The guest of honor was Associate Professor Muhammad Faishal Ibrahim, Minister of State for the Ministry of Home Affairs & Ministry of National Development.

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Adam Wang, President of SEAA, addressed the audience in his speech, stating the concern over falling victim to various scams that has been on the rise in Singapore. It was during this occasion that SEAA also marked its collaboration with the Singapore Police Force, the National Crime Prevention Council, and Council for Estate Agencies.

Wang further shared in his speech concerning the noteworthy $2.8 billion anti-money laundering crackdown case in Singapore which included numerous high-value real estate transactions, with property agents involved in the investigation. This act emphasizes the need to be extra vigilant and cautious when dealing with possible clients.

The first MOU was signed between SEAA and Law Society of Singapore meant to encourage utilizing the Law Society’s alternate dispute resolution schemes; including their mediation and arbitration programs, applicable for disputes from co-broking agreements between property agencies and agents.

The second MOU was involved with sixteen property agencies including PropNex Realty, ERA Realty, Huttons Asia, OrangeTee & Tie, and SRI. These agencies involve representing 88% of the total number of property agents in Singapore, said SEAA. It features free associate membership for the agents’ salespeople, and intends to promote further use of the mediation and arbitration schemes given by the Law Society and SEAA.

Wang mentioned how there can sometimes be difficulty in resolving commission disputes between property agents from two different agencies, and the stakeholders’ higher stakes which might complicate the issue. SEAA and Law Society offers a convenient solution to resolve such disputes.

The third part of the MOU was intended for property agencies and their agents to practice the ideal guide on co-broking commissions which goes into effect from July 1, 2024.