Regulating Property Agents

Source : The Straits Times, July 31, 2007

Accreditation scheme enhances professionalism

The Housing & Development Board (HDB) and the Inland Revenue Authority of Singapore (Iras) have been working with the Singapore Institute of Surveyors and Valuers and the Institute of Estate Agents to provide property buyers/sellers with more effective consumer protection, as well as support the drive of the real-estate industry towards greater professionalism.

To this end, an accreditation scheme for real-estate agents, called the Singapore Accredited Estate Agencies (SAEA) Scheme, was set up in November 2005. The scheme sets minimum education and practice standards for estate agents, and conducts disciplinary hearings into complaints against member agents and their agencies. We will continue to work with the SAEA on the accreditation scheme to enhance and improve the standards of professionalism in the industry.

To prevent HDB flat buyers and sellers from being taken advantage of by unscrupulous estate agents, HDB conducts monthly resale seminars on the policies and procedures pertaining to transactions in resale HDB flats. A comprehensive guide on the resale process is also available on the HDB InfoWeb at www.hdb.gov.sg.

HDB has also set up the e-Resale System which allows resale flat buyers and sellers who transact without engaging housing agents to submit resale applications and valuation requests electronically.

Property buyers and sellers may check if a housing agent is licensed, or view the criteria for granting of a house agent's licence, on www.iras.gov.sg.

Those who need clarification on the policies and procedures involving transactions in resale HDB flats can call HDB's Sales/Resale Customer Service Line on 1800-8663066, or visit HDB Hub during office hours.

For enquiries on housing agents' licences, they can call the Iras enquiry line on 6351 2465.

Tan Heng Huay
Deputy Director (Public Affairs)
Housing & Development Board

Lee Leng Kiong (Mrs)
Director
(Corporate Communications)
Inland Revenue Authority of Singapore