Professional Service Fees Guideline

Introduction

⇒ The remuneration system for Estate Agents is based on the provision of service and / or upon successful transaction.

⇒ This document stipulates the professional fee/commission for Estate Agents based on standard services rendered on property transactions.

⇒ Agreements and undertakings in all transactions shall be made between clients and PropNex and not with the individual Salesperson.

⇒ This scale of professional fee/commission is not intended to restrict or interfere with any private arrangements which Estate Agents may have with their clients.

⇒ Payment for commission shall be made payable to PropNex Realty Pte Ltd or PN Realty Pte Ltd and not the individual Salesperson.

⇒ PropNex and their clients and Estate Agents amongst themselves shall document/communicate at the outset, their agreement on commission, costs and disbursements. The documentation/communication shall also include the scope of works, duties and undertakings by the Estate Agents.

⇒ Salespersons shall conduct themselves at all times in a professional manner that will not prejudice the standards and reputation of PropNex or the real estate industry.

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Interpretation

In this document,

“Salesperson” mean individual who represent the PropNex as “The Estate Agent”;

“Clients” means all those who engage, use or retain the services of an Estate Agent;

“Professional fee/commission” means all forms of remuneration including commission, Brokerage fee, finder’s fee, service fee, disbursements or any other sum payable by clients to The Estate Agent;

“Gross rental” means total monthly rental (including rental of furniture, maintenance charge and sinking fund, where applicable);

“HDB” means the Housing and Development Board constituted under the Housing and Development Act (Cap 129);

“HUDC flats” means flats in the housing estates known as HUDC housing estates which maintenance and management are not under the Housing and Development Board (HUDC Housing Estates Act – Cap 131);

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Professional Fee / Commission

1. All Sale and Purchase of Property in Singapore

2. Leasing of Property in Singapore (Including HDB Resale Flats and Non-Privatized HUDC Flats, Commercial and Industrial Properties)

3. Assignment (All types of properties)

4. Management (All types of properties)

I. All Sale and Purchase of Property in Singapore(Including HDB Resale Flats, Non-Privatized HUDC Flats, Commercial and Industrial Properties)

An Estate Agent or the Salesperson shall not accept any commissions from both the Vendor and Purchaser in the same transaction regardless consent has been obtain from either party. This is in strict compliance to the Estate Agents (Estate Agency Work) Regulations 2010.

Commission shall become due immediately upon completion of sale and purchase or as otherwise agreed between the parties.

In a co-brokerage, the agents shall collect the commission from their respective clients as in the table above.

II. Leasing of Property in Singapore (Including HDB, Non-Privatized HUDC Flats, Commercial and Industrial Properties)

An Estate Agent or Salesperson shall not accept any commission from both the Landlord and Tenant in the same transaction regardless consent has been obtains from either party. This is in strict compliance to the Estate Agents (Estate Agency Work) Regulations 2010.

Commission shall become due immediately upon execution of the tenancy agreement by Landlord and Tenant.

In a co-brokerage, the co-broking agents shall collect the commission from their respective clients as in the above or as otherwise agreed between the parties.

III. Assignment (All types of properties)

An Agent shall not accept any commission from both the Assignor and Assignee in the same transaction regardless consent has been obtains from either party. This is in strict compliance to the Estate Agents (Estate Agency Work) Regulations 2010.

Commission shall become due immediately upon execution of the assignment agreement.

In a co-brokerage, the co-broking agents shall collect the commission from their respective clients as in the above or as otherwise agreed between the parties.

IV. Management (All types of properties)

Commission is due to Agency monthly in advance upon receipt of rental from Tenant. For Management Corporations, commission payable would generally be on an accrued basis.

The Agency may, by prior agreement with client, claim disbursements for expenses such as long distance phone calls (in the case of overseas client), postage and stationery, transport costs, etc.

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Goods and Service Charge (GST)

All commission payable are subject to GST in accordance to the Goods and Service Tax Act.

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Professional Code of Practice

Salespersons are reminded that they are not allowed to dual represent. They are not allowed to collect commission from both the customer in the same transaction regardless consent has been given.

Salesperson should not act against their fiduciary duty to their principal. All PropNex salesperson MUST always co-broke with each other in any transaction. The sharing of commission shall be negotiated and agreed between the parties. A co-broke agreement MUST be submitted upon the submission of the transaction.

Should you have further queries, do feel free to call us, or drop us a mail using the form below. Your contact information and responses will be kept in strict confidence. Shortly after submitting this form, Our real estate professional will contact you to further discuss how we can best service your needs. Thank you for using our service!

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Please take a few minutes to complete this brief questionnaire about your needs. Your contact information and responses will be kept in strict confidence. Shortly after submitting this form, Our real estate professional will contact you to further discuss how we can best assist you. Thank you for using our service!

Please note that we respect your privacy and will not lend, sell, rent or let anyone outside our office see your personal information. Please visit our privacy policy to view our commitment to protecting your personal information.

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