{"id":26141,"date":"2016-09-15T09:18:13","date_gmt":"2016-09-15T02:18:13","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-property-agent-fined-for-handling-clients-money\/"},"modified":"2016-09-15T09:19:15","modified_gmt":"2016-09-15T02:19:15","slug":"former-property-agent-fined-for-handling-clients-money","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-property-agent-fined-for-handling-clients-money\/","title":{"rendered":"Former property agent fined for handling client\u2019s money"},"content":{"rendered":"


\nThe cash amounting to $93,000 is the biggest sum involved, revealed the Council for Estate Agencies (CEA).
\nA former property agent was convicted on Wednesday for handling his client\u2019s transaction money amounting to $93,000.
\nUnder the Estate Agents Act, it is an offence for property agents to handle any transaction monies for or on behalf of anyone in relation to the sale and purchase of property in Singapore and the lease of HDB property.
\nGoh Chung Yong was sentenced to pay a fine of $10,000 or a jail term of seven weeks, should he fail to pay the fine.
\nOf the 17 property agents prosecuted by the Council for Estate Agencies (CEA) for handling transaction monies since 2010, this is the biggest sum involved.
\nThe 48-year-old PropNex Realty agent was engaged in 2014 to sell a HDB flat and to help the owner buy a new flat.
\nGoh asked the flat owner to give him $106,000, of which $93,000 would be passed by him to the conveyancing lawyers handling the purchase of the new flat in Yishun, while the remaining sum would be his commission.
\nOn 12 March 2015, the flat owner lodged a complaint with PropNex after the lawyers informed him that they had not received the $93,000.
\nInvestigations revealed that Goh initially lied to PropNex that the money was stolen from his car, hence, could not hand over the cash to the owner\u2019s conveyancing lawyers.
\nHe later admitted that he used the $93,000 to pay off his debts to loan sharks and repaid the said amount after selling his own condominium unit.
\nMeanwhile, the CEA has advised consumers not to hand transaction monies to their property agencies and agents or make such requests to them.
\nTransaction monies include the option fee, down-payment, stamp duties, deposits, sales proceeds as well as rental deposits and monthly rentals for HDB property.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Former property agent fined for handling client\u2019s money<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The cash amounting to $93,000 is the biggest sum involved, revealed the Council for Estate...<\/p>\n","protected":false},"author":1,"featured_media":0,"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-26141","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6ND","jetpack-related-posts":[{"id":123591,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-agent-fined-5000-for-holding-transaction-monies\/","url_meta":{"origin":26141,"position":0},"title":"Property agent fined $5,000 for holding transaction monies","date":"December 3, 2021","format":false,"excerpt":"\r The PropNex Realty property agent, Charles Tan Chun Peng, was fined $5,000 for holding $32,300 of developer transaction monies. A 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. This comes after Charles\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/law-house-hammer.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":26832,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bogus-agent-charged-for-unlicensed-real-estate-work\/","url_meta":{"origin":26141,"position":1},"title":"Bogus agent charged for unlicensed real estate work","date":"September 22, 2016","format":false,"excerpt":"\r Shakir Khan was arrested in March this year after CEA officers suspected he was conducting estate agency work illegally. A 56-year old Singaporean man was charged in court on Wednesday (21 September) for conducting estate agency work without a license, revealed the Council for Estate Agencies (CEA). Under the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":67340,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-agent-punished-for-flouting-cea-rules\/","url_meta":{"origin":26141,"position":2},"title":"Property agent punished for flouting CEA rules","date":"September 25, 2017","format":false,"excerpt":"\r In the latest case, a PropNex agent was suspended for almost one year and fined $6,000 for flouting the rules when representing an elderly couple in the sale of their HDB flat. (Photo: CEA) For violating the Code of Ethics and Professional Client Care (CEPCC), the Council for Estate\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44900,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/man-jailed-fined-23000-for-illegal-estate-agency-work\/","url_meta":{"origin":26141,"position":3},"title":"Man jailed, fined $23,000 for illegal estate agency work","date":"February 21, 2017","format":false,"excerpt":"\r Consumers are urged to engage only property agencies and agents who are licensed and registered with the CEA. Shakir Khan, a 56-year-old Singaporean, was convicted in court of two charges of conducting estate agency work without first being registered as a salesperson, or licensed as an estate agent by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121837,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-agents-complete-record-of-residential-property-transactions-now-available-online\/","url_meta":{"origin":26141,"position":4},"title":"Property agents\u2019 complete record of residential property transactions now available online","date":"September 6, 2021","format":false,"excerpt":"\r The public can view the records of all property agents\u2019 transactions on the CEA\u2019s public register. Consumers can now view the complete record of all residential property transactions facilitated by property agents within the last 24 months. These records, which come under the Property Agents\u2019 Transaction Records Initiative, may\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/09\/Property-agents-resized.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":102738,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/record-of-agents-past-hdb-resale-transactions-now-available-online\/","url_meta":{"origin":26141,"position":5},"title":"Record of agents\u2019 past HDB resale transactions now available online","date":"January 7, 2019","format":false,"excerpt":"\r The data shows the track record of agents and how active they are in transacting HDB flats. Those keen to buy or sell HDB flats can now check the track record of their property agent online, after the Council for Estate Agencies (CEA) launched the first phase of the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/26141"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=26141"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/26141\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=26141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=26141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=26141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}