{"id":123591,"date":"2021-12-03T01:48:00","date_gmt":"2021-12-02T18:48:00","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-agent-fined-5000-for-holding-transaction-monies\/"},"modified":"2021-12-03T10:18:39","modified_gmt":"2021-12-03T03:18:39","slug":"property-agent-fined-5000-for-holding-transaction-monies","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-agent-fined-5000-for-holding-transaction-monies\/","title":{"rendered":"Property agent fined $5,000 for holding transaction monies"},"content":{"rendered":"


\nThe PropNex Realty property agent, Charles Tan Chun Peng, was fined $5,000 for holding $32,300 of developer transaction monies.
\nA property agent was fined $5,000 on Wednesday (1 December) for holding transaction monies on behalf of a developer for the acquisition of a condominium unit.
\nThis comes after Charles Tan Chun Peng, a property agent with PropNex Realty, pleaded guilty to \u201cholding on behalf of the developer transaction monies amounting to $32,300\u201d, said the Council for Estate Agencies (CEA).
\nThe money was the partial payment of the $44,300 booking fee for the acquisition of the condominium unit on behalf of the buyers to the developer.
\nIn sentencing the 42-year-old property agent, the Court also considered the first charge of holding the transaction monies of $11,000 on behalf of the developer. It was also in partial payment of the booking fee for the condominium unit.
\nCEA revealed that it received information in December 2018 that an Option-To-Purchase (OTP) for an uncompleted condominium was rescinded since one of the buyers \u2013 the father \u2013 was an undischarged bankrupt and the co-buyer \u2013 the son \u2013 was below 21 years old.
\nInvestigations showed that Tan conducted a viewing of a show flat in October 2016 for the buyers and their family. Thereafter, the father and son agreed to pay the $44,300 booking fee.
\nThe father, however, told Tan that he could only pay in cash since he did not have a bank account.
\nTan offered to help them issue a cheque for the booking fee, which was accepted by the buyers. The father immediately handed over $11,000 cash on the spot.
\nTan deposited the money in his bank account the following day. He also proceeded to the father\u2019s home and collected $32,300 cash, which was placed in a red plastic bag.
\nHe deposited such an amount into his bank account and later issued a $44,300 cheque to the developer as payment of the booking fee on behalf of the buyer. Tan used his personal funds to cover the shortfall of $1,000.
\nA few days later, however, the father\u2019s ex-wife informed Tan that the father was an undischarged bankrupt, while the son was an underaged individual.
\nShe requested for the acquisition to be declared void and for a refund of the booking fee.
\nWith the help of PropNex Realty, Tan drafted a letter requesting a refund of the booking fee to the buyers, which was granted by the developer.
\nIn a release, CEA underscored that property agencies and agents \u201care prohibited from handling transaction monies for or on behalf of any party in the sale or purchase of any property situated in Singapore and the lease of HDB property\u201d.
\n\u201cThis regulation is to protect consumers\u2019 interests. If agencies or agents handle transaction monies, they may compromise the integrity of the transaction and put their clients at risk especially if they misappropriate the money or convert the money for their own use,\u201d it explained.
\nIt also advised consumers \u201cnot to hand transaction monies to their property agencies and agents or make such requests to them\u201d.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Property agent fined ,000 for holding transaction monies<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The PropNex Realty property agent, Charles Tan Chun Peng, was fined $5,000 for holding $32,300...<\/p>\n","protected":false},"author":1,"featured_media":123592,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-123591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/law-house-hammer.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-w9p","jetpack-related-posts":[{"id":122748,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/real-estate-agent-charged-for-failing-to-report-suspicious-property-transaction\/","url_meta":{"origin":123591,"position":0},"title":"Real estate agent charged for failing to report suspicious property transaction","date":"October 22, 2021","format":false,"excerpt":"\r If convicted under the Estate Agents Act, the 42-year-old PropNex Realty agent faces up to six months imprisonment and\/or a fine of up to $10,000. Real estate agent Charles Tan Chun Peng has been charged on Wednesday (20 October) with failing to report a suspicious transaction for a condominium\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/Judge-holds-court-hammer.original.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":26141,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-property-agent-fined-for-handling-clients-money\/","url_meta":{"origin":123591,"position":1},"title":"Former property agent fined for handling client\u2019s money","date":"September 15, 2016","format":false,"excerpt":"\r The cash amounting to $93,000 is the biggest sum involved, revealed the Council for Estate Agencies (CEA). A former property agent was convicted on Wednesday for handling his client\u2019s transaction money amounting to $93,000. Under the Estate Agents Act, it is an offence for property agents to handle any\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111776,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-agent-fined-and-suspended-for-unethical-and-unprofessional-conduct\/","url_meta":{"origin":123591,"position":2},"title":"Property agent fined and suspended for unethical and unprofessional conduct","date":"October 22, 2019","format":false,"excerpt":"\r James Ngu was fined and suspended by the Council for Estate Agencies (CEA) for trying to negotiate for a higher commission for himself.\u00a0 Ngu Ping Chuan James Ethan, PropNex Realty Pte Ltd property agent, was fined $30,000 for three violations of the Council for Estate Agencies\u2019 (CEA) Code of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":48810,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-realty-ventures-into-indonesia-to-target-wealthy-buyers\/","url_meta":{"origin":123591,"position":3},"title":"PropNex Realty ventures into Indonesia to target wealthy buyers","date":"March 20, 2017","format":false,"excerpt":"\r Group photo of PropNex CEO Mohamed Ismail with some of the agents from Indonesia. 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