http://www.businesstimes.com.sg/arch...perty-20140318
Published March 18, 2014
CEA launches online guide to buying foreign property
Move follows issuance of practice guidelines for estate agents, salespeople
By Lee U-Wen [email protected]
THE Council for Estate Agencies (CEA) has published a new guide to help consumers in Singapore who are interested in buying overseas properties.
The aim of this latest guide, titled Consumer Tips for Buying Foreign Properties, is to help consumers and the industry make "informed and appropriate" decisions when buying and marketing foreign properties.
The guide was first announced by National Development Minister Khaw Boon Wan during the Committee of Supply debate in Parliament last week.
All property transactions handled by estate agents in Singapore, including those involving foreign properties, are regulated by CEA under the Estate Agents Act.
Foreign estate agents must be licensed with CEA before they can market foreign properties in Singapore.
Foreign property developers may also appoint a local licensed estate agent to market their foreign properties in Singapore.
"As buying a foreign property can be complex and risky, consumers should understand their needs and not rush into such purchases," said the CEA, a statutory board under the Ministry of National Development.
"Before making any purchase decision, they are also advised to understand the total costs and financial commitments, and should ensure that the sales agent and representative conducting the transaction are registered with the CEA," it added in a statement yesterday.
The CEA also announced that it had issued a set of practice guidelines for estate agents and salespeople marketing foreign properties last Friday.
These guidelines provide details on the responsibilities of estate agents and the preparatory activities they are required to undertake when they market foreign properties.
"With an increasing number of foreign properties being marketed in Singapore, these serve to guide consumers and the industry to make informed and appropriate decisions in buying and marketing foreign properties," said the CEA.
Both the consumer guide and the set of practice guidelines are available on the CEA's website at www.cea.gov.sg.
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