{"id":12885,"date":"2017-12-19T04:04:00","date_gmt":"2017-12-18T20:04:00","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=12885"},"modified":"2022-07-01T04:10:40","modified_gmt":"2022-06-30T20:10:40","slug":"spot-dishonest-property-agency","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/spot-dishonest-property-agency\/","title":{"rendered":"4 red flags that will help you spot a dishonest property agency"},"content":{"rendered":"
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Singaporeans love investing in property – both locally and overseas. But when it comes to <\/span>buying property overseas<\/span><\/a>, there\u2019s a significant amount of risk involved: all it takes is misplaced trust in an unethical property agency, and you\u2019ll essentially be <\/span>flushing hundreds of thousands (if not millions!) of your hard-earned money down the drain<\/span><\/a>.<\/span><\/p>\n

How do you keep vigilant, and avoid transactions with dishonest property agencies? Simple – watch out for these red flags that we\u2019ve outlined below!<\/span><\/p>\n

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If you see these red flags, run like the wind!\u00a0(Credits<\/a>)<\/figcaption><\/figure>\n

#1: No written advisory message<\/b><\/h3>\n

The Council for Estate Agencies (CEA) states that estate agents and salespersons marketing foreign properties are required to provide all investors with a written advisory message. This message should inform investors to conduct their own due diligence, and it should also draw their attention to the fact that risks are involved for foreign property consumers.<\/span><\/p>\n

This is pretty black and white; any property agency worth its salt will ensure that its estate agents do provide investors with this written advisory. If the property agency you\u2019re talking to neglects to furnish you with an advisory, this might mean that they\u2019re not the most competent, or that they\u2019re intentionally trying to prey on unsuspecting investors. Either way, go ahead and pass! <\/span><\/p>\n

#2: Hard-selling <\/b><\/h3>\n

This happens in plenty of industries – but if you purchase a package for hair treatments at a salon, and it turns out to be a scam, you\u2019re probably out by a few hundred dollars at most. On the other hand, if you let yourself get pushed into signing a contract to <\/span>purchase a foreign property<\/span><\/a>, your losses will be <\/span>much <\/span><\/i>more than that.<\/span><\/p>\n

As a general rule of thumb, a property agency should inform investors that they should get a lawyer to explain the terms and conditions of purchase agreements prior to signing. Alternatively, some property agencies have solicitors present at their open houses; these solicitors explain the entire contract to investors and invite investors to pose queries or seek clarifications, should they require any. <\/span><\/p>\n

If a property agency tries to pressurise you into signing a purchase agreement on the spot, it\u2019s an indication that something fishy is going on. Walk away! <\/span><\/p>\n

#3: No transparency regarding payments<\/b><\/h3>\n

Here\u2019s what you don\u2019t want to hear: \u201cJust settle the down payment first, we can discuss the future payments at a later date.\u201d<\/span><\/p>\n

You need to know what you\u2019re getting yourself into, and estate agents are required by the CEA to explain each and every payment milestone to investors such as yourself. Running in the same vein, your estate agent should also be informing you of: <\/span><\/p>\n