{"id":537,"date":"2023-05-19T06:21:24","date_gmt":"2023-05-18T22:21:24","guid":{"rendered":""},"modified":"2023-06-30T14:13:57","modified_gmt":"2023-06-30T06:13:57","slug":"estate-agency-agreement","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/glossary\/estate-agency-agreement\/","title":{"rendered":"Estate agency agreement"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-what-is-an-estate-agency-agreement\"><strong>What is an estate agency agreement?<\/strong><\/h2>\n\n\n\n<p>An estate agency agreement refers to any agreement between a property agency, also known as an estate agency, and a client concerning the management of a property listing for purposes such as sale, purchase, letting, leasing, renting or tenancy administration.<\/p>\n\n\n\n<p>The agreement protects both parties involved in the property transaction by clarifying the details, such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Defining the responsibilities of the property agency and agents<\/li>\n\n\n\n<li>Mandating disclosure of any potential conflicts of interest<\/li>\n\n\n\n<li>Specifying that commission is only payable to the property agency once the transaction is completed<\/li>\n\n\n\n<li>Noting whether the commission amount includes GST<\/li>\n<\/ul>\n\n\n\n<p>When you decide to use the services of a property agent, it is recommended that you sign an agreement with them. You should receive a copy of the signed agreement immediately, but if your agent does not give you one, you should request it from them.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Exclusive vs non-exclusive estate agency agreement: What&#8217;s the difference?&nbsp;<\/strong><\/h2>\n\n\n\n<p>When engaging a property agent in Singapore, there are typically two arrangements: exclusive and non-exclusive.&nbsp;<\/p>\n\n\n\n<p>An exclusive arrangement means that your agent will be your sole representative for a defined period, and even if you find a buyer on your own during that time, you still have to pay the agent&#8217;s commission fee. If you close the transaction with a party introduced by the agent within three months after the agreement expires, you still have to pay the commission fee.&nbsp;<\/p>\n\n\n\n<p>A non-exclusive arrangement means that while the agent represents you, you can also work with other agents and only pay the agent who completes the transaction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is CEA&#8217;s prescribed estate agency agreement?&nbsp;<\/strong><\/h2>\n\n\n\n<p>The CEA has created 8 standard estate agency agreements for estate agencies that cover the buying, selling, and leasing of residential properties.&nbsp;<\/p>\n\n\n\n<p>You have the option of selecting either an exclusive or non-exclusive agreement based on your needs. You may download the necessary forms from the <a href=\"https:\/\/www.cea.gov.sg\/professionals\/agreements_and_checklists?utm_source=DollarsnSense&amp;utm_medium=article2&amp;utm_campaign=FY19&amp;utm_content=estateagencyagreements#lnkA\">CEA website<\/a> and fill them out with your agent.&nbsp;<\/p>\n\n\n\n<p>Your property agent will request you to complete a Customer&#8217;s Particulars Form, which is mandatory for property agents to prevent money laundering and counter-terrorist financing.<\/p>\n\n\n\n<p>By completing the form, your agent can verify your identity, record your essential information, and establish true property ownership.&nbsp;<\/p>\n\n\n\n<p>For more information on CEA&#8217;s prescribed estate agency agreement, read <a href=\"https:\/\/www.cea.gov.sg\/docs\/default-source\/module\/newsletter\/may-jun-2016\/201605\/prescribed-estate-agency-agreements.html#:~:text=The%20agreement%20protects%20the%20interests,any%20potential%20conflict%20of%20interest\">here<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Do I need to use CEA&#8217;s prescribed estate agency agreement?&nbsp;<\/strong><\/h2>\n\n\n\n<p>No, however, by signing these agreements, you safeguard the interests of all parties involved in the property transaction and gain access to CEA&#8217;s Dispute Resolution Scheme.&nbsp;<\/p>\n\n\n\n<p>This would be helpful in any contractual disputes with your property agent. The scheme provides the option of mediation or arbitration through CEA-approved centres.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is an estate agency agreement? An estate agency agreement refers to any agreement between a property agency, also known as an estate agency, and a client concerning the management of a property listing for purposes such as sale, purchase, letting, leasing, renting or tenancy administration. The agreement protects both parties involved in the property&hellip;<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[92],"tags":[],"class_list":{"2":"type-post","7":"entry"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.7 (Yoast SEO v25.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Estate agency agreement Definition, Understanding and Why Estate agency agreement is Important?<\/title>\n<meta name=\"description\" content=\"Estate agency agreement is an important term that helps you understand real estate industry better. 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