The cash amounting to $93,000 is the biggest sum involved, revealed the Council for Estate Agencies.
A former property agent was convicted on Wednesday for handling his client’s transaction money amounting to $93,000.
Under the Estate Agents Act, it is an offence for property agents to handle any transaction monies for or on behalf of anyone in relation to the sale and purchase of property in Singapore and the lease of HDB property.
Goh Chung Yong was sentenced to pay a fine of $10,000 or a jail term of seven weeks, should he fail to pay the fine.
Of the 17 property agents prosecuted by the Council for Estate Agencies (CEA) for handling transaction monies since 2010, this is the biggest sum involved.
The 48-year-old PropNex Realty agent was engaged in 2014 to sell a HDB flat and to help the owner buy a new flat.
Goh asked the flat owner to give him $106,000, of which $93,000 would be passed by him to the conveyancing lawyers handling the purchase of the new flat in Yishun, while the remaining sum would be his commission.
On 12 March 2015, the flat owner lodged a complaint with PropNex after the lawyers informed him that they had not received the $93,000.
Investigations revealed that Goh initially lied to PropNex that the money was stolen from his car, hence, could not hand over the cash to the owner’s conveyancing lawyers.
He later admitted that he used the $93,000 to pay off his debts to loan sharks and repaid the said amount after selling his own condominium unit.
Meanwhile, the CEA has advised consumers not to hand transaction monies to property agencies and agents, or make such requests to them.
Transaction monies include the option fee, down-payment, stamp duties, deposits, sales proceeds, as well as rental deposits and monthly rentals for HDB property.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
