Real estate agents and their clients may soon have more ease: the CEA has now made model agreements on its website. This could be a step towards standardization. Here`s what you need to know: Under disclosure requirements, real estate agents must indicate the exact type of conflict of interest. In addition, it is found that the agent only represents the client after the written agreement of the client in the event of a conflict of interest after the execution of an agreement. Neither ALL nor ALL Affiliate can bring, without GenMark`s prior written agreement, changes to the CEA agreement, the Duke agreement, the UCLA agreement or the Intercompany agreement between ALL and Advanced LiquidLogic France S.A.S. of October 1, 2011, which significantly affect the total rights granted to GenMark under this agreement or that absorb a substantial additional charge or obligation for GenMark. , related companies or sub-licenses. Models leave room for additional general conditions. This should allow us to maintain a degree of flexibility, even if the models become standardized documents. However, the new AEC proposals are the result of a meeting between the organisation and Singapore`s largest agencies. It is quite plausible that these models are becoming the norm in the real estate industry.
Do you like new models? Talk about your thoughts in our comments section or on our Facebook community page. Standard contract models for private residential resale transactions (by CEA) According to applicable legislation and dispute resolution, the models indicate that disputes between real estate agents and clients go first to mediation. The request is made in writing and the client has three weeks to respond; After that, it is assumed that the client does not want to go to mediation. For example, it will be easier to tell you what to watch out for in documents if all conditions are standardized. And while cases of dodgy real estate agents are rare, these models will recognize them more easily – for example, it`s easier to see unusual conditions that are added to a contract. . It also indicates how the commission is shared, and that the client is not obliged to pay the commission obligation to the co-brushing agent. In the context of co-broking, the document now requires the need to indicate whether the real estate agent can “collaborate with another agent,” for example.
B for the sale of a property. After a failure of mediation, the problem then goes to arbitration (with the same requirement for a written application, three weeks of termination, etc.) Models require the real estate agent to provide details of the agreed commission (as well as whether GST is included in the figure or not). Note, however, that the use of these models is not mandatory (at least not yet). For now, real estate agencies can continue to use their own versions. However, we believe that the AEC wants these new models to finally be the norm.