Asked by Anonymous
Hi Property Guru Experts & Professional Agents,
Checking the right procedure to issue payment to an Estate/Property Agent
A seller signed EXCLUSIVE ESTATE AGENCY AGREEMENT FOR THE SALE OF RESIDENTIAL PROPERTY (with good reputation company’s letterhead) with a property/estate agent to market seller’s HDB Flat for sale.
In the agreement under point 12 (“Additional Term”), seller agreed to pay one half (1/2) of the option fee ($1,000.00) or deposit money by the buyer to the agent if the buyer’s money is forfeited.
Should the seller pays one half (1/2) OPTION FEE ($500.00) directly to the agent’s account or pays $535.00 with 7% to agent’s company?
Can any registered property/estate agent verbally inform his/her client to make any payment(s) (e.g. option fee, exercise fee/deposit & agent’s commission) directly to agent’s account?
If seller feels uncomfortable with the agent due to his/her negligence, unreliable & felt “fishy” with the agent’s work ethic , can the seller stops the agent’s services during the validity period?
Also to what extent (in a worst-case scenario) can the seller lodge a complaint to CEA?
Checking the right procedure to issue payment to an Estate/Property Agent
A seller signed EXCLUSIVE ESTATE AGENCY AGREEMENT FOR THE SALE OF RESIDENTIAL PROPERTY (with good reputation company’s letterhead) with a property/estate agent to market seller’s HDB Flat for sale.
In the agreement under point 12 (“Additional Term”), seller agreed to pay one half (1/2) of the option fee ($1,000.00) or deposit money by the buyer to the agent if the buyer’s money is forfeited.
Should the seller pays one half (1/2) OPTION FEE ($500.00) directly to the agent’s account or pays $535.00 with 7% to agent’s company?
Can any registered property/estate agent verbally inform his/her client to make any payment(s) (e.g. option fee, exercise fee/deposit & agent’s commission) directly to agent’s account?
If seller feels uncomfortable with the agent due to his/her negligence, unreliable & felt “fishy” with the agent’s work ethic , can the seller stops the agent’s services during the validity period?
Also to what extent (in a worst-case scenario) can the seller lodge a complaint to CEA?
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