Asked by Ms. Sharon Ong
A SENIOR ASSOC DIRECTOR from a reputable estate agency recently approached my dad to sell an industrial property.
The agent asked for EXTRA 13% of sales incentive (APPROX $150,000) to be paid to her, IN ADDITION TO her 2% sales com.
She made my dad (who has dementia) sign a sales incentive agreement (without our knowledge), prior to the OTP (which only stated 2% sales com). She wanted this $150K to be paid to her in cash. When we knew of this arrangement, we feel strongly that this is absolutely unethical and she has breached her fiduciary duty as an agent.
Now her company is pressing us for payment, with legal action.
We would like to seek your professional opinion on this matter. Besides CEA & CASE, what other course of actions can we take? Thanks!
The agent asked for EXTRA 13% of sales incentive (APPROX $150,000) to be paid to her, IN ADDITION TO her 2% sales com.
She made my dad (who has dementia) sign a sales incentive agreement (without our knowledge), prior to the OTP (which only stated 2% sales com). She wanted this $150K to be paid to her in cash. When we knew of this arrangement, we feel strongly that this is absolutely unethical and she has breached her fiduciary duty as an agent.
Now her company is pressing us for payment, with legal action.
We would like to seek your professional opinion on this matter. Besides CEA & CASE, what other course of actions can we take? Thanks!
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Thanks for your reply. In the first place, can property agent "bank on" customer's properties to earn extra sales incentive for themselves?
We are not talking about 1% or 2% extra, but a whopping 15% (in total), absolute amount $150K.