Written Answer by Ministry of National Development on sales of previously owned residential properties transacted by agents who had entered into Prescribed Estate Agency Agreements in general or with an exclusivity agreement clause

Oct 4, 2022

Dr Tan Wu Meng: To ask the Minister for National Development since 2019 annually, how many sales of previously owned residential properties were transacted by agents who had entered into (i) Prescribed Estate Agency Agreements in general and (ii) Prescribed Estate Agency Agreements with an exclusivity agreement clause.

Answer:

          An Estate Agency Agreement is a binding contract between the consumer and the property agency/agent for the performance of estate agency work. The agreement protects the interests of both parties by providing for contractual clarity in the property transaction.

2        The Council for Estate Agencies (CEA) has provided eight standard template Estate Agency Agreements on a variety of residential transactions and they are made available on CEA's website. We strongly encourage consumers and property agencies/agents to adopt these template agreements to protect the interests of both parties. As the use of these template agreements is not mandatory, CEA does not track its use by the industry.