the irritating agents...
hey people! i have posted an email correspondence with HDB. buyers, exercise your rights! let's not fall in the the traps of the housing agents... integrity prevails when we don't give others a chance to "steal"
Dear Ms Tan
PAYMENT OF HOUSING AGENT COMMISSION
1 Please refer to your e-mail of 14 Mar 2009.
2 Housing agents operate under the licenses issued to housing agencies by the Inland Revenue Authority of Singapore (IRAS). HDB is not the regulator of housing agents and we do not stipulate the commission they charge.
3 There is no requirement for buyers and sellers to engage housing agents in the resale of HDB flats in the open market. It is up to individual buyers and sellers to decide whether they want to transact on their own or engage the services of housing agents on mutually agreed terms of service and commission payable.
4 There is no fixed commission guideline for the services of housing agents. The amount of commission payable is not fixed at 1% of the resale price; it is subject to negotiation. Consumers should exercise their rights to negotiate fees and terms with housing agents.
5 If you are interested to buy a flat which the seller has engaged an agent, you have to decide whether you wish to engage the agent's services which will mean also to pay the agent a buyer's commission. If you choose not to do so, you have to make it known to the agent upfront. Some agents may still let you view the flat and earn only the seller's commission if there is a successful deal.
6 Should you decide to engage the agent's services, this would normally be formalised with the signing of an agency or a commission agreement. It is a private agreement between the agent/agency and you, and is usually prepared by the agency. In view of the contractual obligations involved, it is advisable that you scrutinise the contents of the agreement, negotiate and seek clarification on the terms and conditions before you sign it.
Yours sincerely,
