CEA launches online consumer guide to buying overseas property

The Council for Estate Agencies, industry watchdog for real estate agents, has put up an online consumer guide to overseas property purchases, it said on March 17, 2014. -- ST FILE PHOTO: DESMOND FOO
The Council for Estate Agencies, industry watchdog for real estate agents, has put up an online consumer guide to overseas property purchases, it said on March 17, 2014. -- ST FILE PHOTO: DESMOND FOO

The industry watchdog for real estate agents has put up an online consumer guide to overseas property purchases, it said on Monday.

The Council for Estate Agencies (CEA) said in a statement that the guide was meant to help consumers make informed decisions when buying foreign properties.

The guide contains tips on what to watch out for when buying property overseas, which includes finding out rules on foreign property ownership, taxes payable and avenues for resolving disputes, the CEA said.

"As buying a foreign property can be complex and risky, consumers should understand their needs and not rush into such purchases. Before making any purchase decision, they are also advised to understand the total costs and financial commitments, and should ensure that the sales agent and representative conducting the transaction are registered with CEA."

National Development Minister Khaw Boon Wan announced the launch of this consumer guide in Parliament on Monday last week.

The CEA also said that it issued a set of practice guidelines on marketing overseas property to real estate agents on Frday, March 14.

These guidelines provide details on real estate agents' responsibilities and what they must do before they market foreign properties.

"With an increasing number of foreign properties being marketed in Singapore, these serve to guide consumers and the industry to make informed and appropriate decisions in buying and marketing foreign properties."

Both the online consumer guide and the set of practice guidelines can be found on the CEA website.

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