Singapore's Housing and Development Board (HDB) announced Monday that it will introduce mandatory resale checklists for housing agents handling resale flat transactions from May.
The checklist will include a list of key policies and procedures that agents will need to advise resale flat buyers and sellers before they commit to a transaction, according to a statement by the HDB.
The HDB said the move aims to ensure that buyers and sellers are aware of the relevant purchasing and financing policies when buying or selling the flat.
From May 1, housing agents will be required to submit the completed resale checklists to HDB together with the resale application.
Under the new measure, agents who are engaged by the sellers will have to go through the checklists with the sellers to highlight important policies, said the HDB.
Similarly, agents employed by buyers will have to go through a separate checklist with the buyers.
The HDB will then carry out checks to ensure that the agent has gone through the checklist with his client before granting the Option to Purchase.
The statement added that buyers and sellers who do not engage the services of housing agents need not submit the checklist.
But they are advised to go through the document to ensure that they are aware of the key resale policies and procedures.
Source: Xinhua
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