Professional indemnity for estate agents
In order to renew their accreditation status, agents accredited with
the Singapore Accredited Estate Agencies must have valid professional
indemnity (PI) insurance. What PI insurance does is to help the property buyer recover part of his or her losses stemming from (for example) bad advice given by the real estate agent.
It's great to have some form of coverage, but it still doesn't address the key problem of getting rid of rogue agents and poor ethical practices. Plus, this covers agents only accredited with SAEA, there are hundred more out there who aren't.
Not only that, but what about small-scale dodgy practices like agreeing to a sale and then going back on it when another buyer comes in with a higher quote. Would that be covered?
Until there is a single regulatory body to cover all estate agents and monitor bad behaviour, rogue agents will still be out there, tarnishing the already untrustworthy reputation of estate agents.
Via Today Online.
Posted on 17-03-2010 16:14 | By John
| Related Articles | Latest Articles |