Overseas property investors attracted to real estate in Singapore are now more protected as The Council for Estate Agencies (CEA) is fully established under Singapore law .
The aim of the body is to administer the enhanced regulatory framework for the real estate agency industry. Overseas property investors should note that CEA is responsible for licensing estate agents and to promote the integrity and competence of estate. They also have agents and salespersons and engage in public education efforts to help consumers in property transactions.
To ensure high standards, there will be a code of conduct, ethics and practice which the Council will issue for estate agents and salespersons to follow. The CEA will investigate complaints and take firm action against errant estate agents and salespersons. From 2011 onwards, CEA can subject errant estate agents and salespersons to disciplinary action, with potential penalties such as warnings, fines, suspension or revocation. Court prosecution may also be undertaken for serious cases.
In addition, CEA will also be developing a public education campaign to educate consumers on their responsibilities, rights and expectations in a property transaction.
Mr Mah Bow Tan, Minister for National Development commented, ââ¬ÅThe establishment of the CEA is a major milestone to raise professionalism in the real estate agency industry and protect consumer interest. I encourage CEA to work closely with the industry and other stakeholders to achieve this. ââ¬Â
