Senior citizens will get a chance to learn how to avoid pitfalls when selling their property at this weekend’s 50plus Expo 2014.
The Council for Estate Agencies (CEA) is among the participants at the annual three-day outreach event targeted at baby boomers and seniors aged 50 and above.
As part of CEA’s efforts to educate potentially vulnerable consumer groups, its exhibition booth will look to reach out to seniors who may not be well-versed on the responsibilities of real estate salespersons.
Visitors can pick up advice on engaging a salesperson through posters, interactive quizzes and a talk in Mandarin which will focus on the responsibilities of a real estate salesperson, their role as consumers and what is involved in dispute resolution.
The information would be particularly useful to the elderly who are likely to engage the services of a salesperson if they were to lease out their properties or move to smaller units.
Recent figures from the government show that since 2011, 5,600 elderly households booked studio apartments while 70 received their Silver Housing Bonus (SHB). Another 390 took up the Enhanced Lease Buyback Scheme (LBS).
The SHB scheme applies to seniors who downgrade to a smaller flat, while the LBS allows those living in a three-room or smaller flat to sell part of their lease back to the HDB.
The 50plus Expo 2014 begins today and runs till Sunday (28-30 March) at Suntec Convention Centre. For more information, visit www.50plussingapore.com.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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