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

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

Adam Wang, president of SEAA, emphasized the increasing danger of scams in Singapore when he said in his speech, “The risk of falling victim to various scams is a real concern for everyone.” Following this, SEAA also held a ceremony to mark its collaboration with the Singapore Police Force (SPF), the National Crime Prevention Council (NCPC), and the Council for Estate Agencies.

Wang referred to a huge anti-money laundering case which had amounted to $2.8 billion. He said that property agents were aiding in the investigation of this case and it further highlighted the heightened need for agents to stay alert during property transactions and to exercise extra caution when dealing with potential clients.

The first MOU was signed by SEAA and the Law Society of Singapore. It seeks to promote the use of the Law Society’s alternative dispute resolution schemes, which include their mediation and arbitration schemes. These are particularly useful when it comes to disputes arising from co-broking arrangements between property agencies and agents.

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The second MOU was signed with sixteen property agencies, which collectively represented 88% of all property agents in Singapore. This MOU provides complimentary associate membership for all the agencies’ salespersons, thereby reinforcing the usage of SEAA’s and the Law Society’s mediation and arbitration schemes for disputes relating to co-broking arrangements. According to Wang, this is important as it can be difficult for agencies to get involved in commission disputes between agents.

The third part of the MOU calls for property agencies and their agents to adopt the best practice guide on co-broking commissions, which will come into effect from July 1, 2024.

This partnership between SEAA, the Law Society of Singapore, and various agencies has come at an especially apt time as Singapore faces the challenge of increasing scam cases. It aims to increase precaution and maximize protection for property agents when it comes to commission disputes and co-broking arrangements.