Buying, selling or renting a home? Here’s Why Your Agent Is Asking More Questions

This guide was developed in collaboration with

Once an offer is made and accepted, your agent needs to complete checks on involved parties before an Option to Purchase (OTP) can be issued. This includes your NRIC, your occupation, maybe even where your funds are coming from.

If you’ve recently started viewing properties, or are putting yours on the market, you may have noticed something a little different about the process.

It can feel like a lot of information to share with a property agent, whether you are represented by an agent or handling the transaction on your own. Knowing what to expect makes the whole process much easier to navigate.

When you buy, sell or rent a property, large sums of money change hands. This makes property transactions a target for money laundering and other financial crimes, where illicit funds can be disguised as legitimate property dealings. To protect buyers, sellers, tenants and landlords, and to uphold the integrity of Singapore’s property market, the laws governing property agencies and agents’ responsibilities for the prevention of money laundering, proliferation financing and terrorism financing were amended with effect from 1 July 2025. These laws are known as the Estate Agents Act 2010 and the Estate Agents (Prevention of Money Laundering, Proliferation Financing and Terrorism Financing) Regulations 2021.

With these changes to the laws, property agents are required to identify and verify the identity of all the parties, including buyers, sellers, landlords, and tenant, involved in the transaction, before the agreement to acquire or dispose of the property is signed.

Think of it the way banks verify your income before approving a home loan. It is the same principle: making sure everything is in order before a major financial commitment is made.

Before any agreement is signed, your agent will need to collect and verify your personal details. Here’s what you will typically need:

Depending on your transaction, agents may request additional supporting documents. For example, proof of employment or documentation showing where your funds are coming from. This helps verify that everything involved in the transaction is legitimate.

To avoid unnecessary back-and-forth, you can prepare the following ahead of signing the final agreement to transact the property: Have your NRIC or passport, basic employment details. You should also have a general sense of how you’re funding the purchase (CPF, bank loan, cash savings) if the agent happens to ask you about it as well.

Here’s something that many people don’t realise: these checks cover both parties in the transaction, regardless of who has an agent.

Not having representation doesn’t mean skipping the process. Agents are required to verify both parties in the transaction if one party is not represented by an agent. So if you are buying directly without your own agent, the seller’s agent is still legally required to collect and verify your details. Of course, if each party has their own agent, each agent will conduct checks on their respective clients.

Worth considering: If you are not comfortable sharing personal details with an agent who doesn’t represent you, you may wish to appoint your own agent so someone is looking out for your interests too.

For most standard transactions, verifying your identity and employment details is sufficient. But in some transactions which may be considered higher-risk, agents may need to ask further questions about your source of funds or wealth.

This could mean explaining in broad terms whether you’re using CPF savings, a bank loan, proceeds from a previous property sale, or investment income. Agents are not assessing your financial decisions or checking on your financial standing, they are simply confirming that the funds being used for the transaction are legitimate.

Transacting under a company or trust? Expect additional documentation on ownership structure and who ultimately controls the entity.

This is the most important thing to understand: these checks aren’t optional.

If the required information is not provided, your agent is legally unable to proceed. In some cases, they may also feel required to file a report with the relevant authorities.

The rules apply to buyers, sellers, landlords and tenants alike.

One exception: If you are renting an HDB flat strictly for residential use, these checks don’t apply to you. For everything else – buying, selling, or renting private property – the rules apply in full.

Sharing personal and financial details naturally raises the question: what happens to them?

All information collected must be handled in accordance with Singapore’s Personal Data Protection Act (PDPA). Your agent and their agency cannot use your data for anything beyond what is required for the transaction. Records are also required to be kept for a minimum of 5 years under the regulations.

If you have concerns about how your data is handled, you can ask your agent what information is being collected and why. A professional, registered agent should answer these clearly and without hesitation, or be able to refer you to the relevant department within the property agency to respond to your query. You can also verify any agent’s registration and transaction history on the CEA Public Register.

Yes, there are more steps now. But they exist to keep Singapore’s property market safe and trustworthy, for buyers and sellers, tenants and landlords alike.

The checks are not about scrutinising you. They are to ensure every transaction is legitimate, which ultimately protects everyone, including you.

Prepare your documents early, work with a registered agent, and the process is more straightforward than it sounds.

For more information on the requirements, visit go.gov.sg/cea-amlcft.