Safeguarding confidential information – Singapore real estate agent
Estate Agent/Salesperson shall not disclose or otherwise use any confidential information of or relating to the client unless the disclosure or use is made with the consent of the client, or is otherwise required or allowed by the law. Disclosure may be made only to the appropriate person and only to the extent authorised. Singapore real estate agent.
Three due deligence checks of a property agent in a rental transaction
Property agents who are doing rental transactions are required under the Immigration Act to exercise due diligence in checking the status of their prospective foreign tenants to ensure they are legal residents in Singapore. The three due diligence checks are as follows:
a) Check the original immigration/work or other passes of the tenant for forgery and keep photocopies;
b) Cross-check particulars on these passes with the original passports, check photographs with the actual person and keep photocopies;
c) Check the validity of immigration passes (such as Student Pass, Professional Visit Pass and Social Visit Pass) with the Immigration & Checkpoints Authority of Singapore (ICA) website and print Acknowledgement Slip or the validity of work or other passes (such as Work Permit, Employment Pass and Dependent’s Pass) with the Ministry of Manpower (MOM) website and print Acknowledgement Slip.
If the property agent is found guilty of failing to carry out all the above three due diligence checks, the property agent may be sentenced to imprisonment of not less than six months to two years and a fine not exceeding $6,000. Singapore real estate agent
Definition of land
Land is defined as including:
- Everything on the surface that is attached to the land such as solid earth, trees, houses, buildings & fixtures;
- Everything above it (airspace) such as buildings in a condo;
- Everything below it (subterranean space) such as minerals, natural gas and oil;
- Its corporeal hereditaments (tangible things such as houses and buildings erected on it); and
- Incorporeal hereditaments (intangible things such as easements)
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