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

At the Singapore Key Executive Officers and Leaders conference on Nov 14, Singapore Estate Agents Association (SEAA) signed two memorandums of understanding (MOUs) to facilitate dispute resolution. The guest of honour was Associate Professor Muhammad Faishal Ibrahim, Minister of State for the Ministry of Home Affairs & Ministry of National Development.

Amid the rising scam cases in Singapore, SEAA president Adam Wang commented on the real concern for all individuals on the risk of falling victim to such a scam. He added that with the recent case of $2.8 billion anti-money laundering crackdown involving high-value real estate transactions, property agents need to exercise extra caution and be highly alert in every transaction with potential clients.

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MOUs were signed between SEAA and the Law Society of Singapore, and 16 property agencies (accounting for 88% of the agents in Singapore). These MOUs are aimed at promoting the use of Law Society’s alternative dispute resolution schemes including their mediation and arbitration schemes, and offering complimentary associate membership for all the agencies’ salespersons.

Wang commented on how difficult it is to handle conflicts between agents from different agencies due to the higher stakes as a large part of their commission goes to them; and this is where SEAA and Law Society step in to resolve such disputes. The MOUs also require property agencies and all their agents to adopt a best practice guide on co-broking commissions from July 1 2024.