{"id":41252,"date":"2017-01-20T12:27:25","date_gmt":"2017-01-20T05:27:25","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cea-slaps-property-agency-with-7500-fine\/"},"modified":"2017-01-20T12:30:16","modified_gmt":"2017-01-20T05:30:16","slug":"cea-slaps-property-agency-with-7500-fine","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cea-slaps-property-agency-with-7500-fine\/","title":{"rendered":"CEA slaps property agency with $7,500 fine"},"content":{"rendered":"


\nProperty agency Square Yards Singapore was fined for failing to draw attention to the risks of overseas property investments. (Photo: CEA)
\nProperty agency Square Yards Singapore has been fined $7,500 by the Council for Estate Agencies (CEA) for failing to provide an investor with a written advisory on the risks involved in buying foreign properties.
\nIn addition, the CEA also barred Square Yards from marketing or transacting any foreign property for six months, with effect from 1 March.
\nThe investor bought a unit at a US hotel project, known as the Transhudson Project, through Square Yards in August 2014, following a seminar conducted jointly by the agency and US developer North Dakota Developments LLC.
\nNorth Dakota Developments, however, was charged for fraudulent activities in the US in May 2015. As such, the investor, along with two other investors who also bought units at North Dakota Development\u2019s Transhudson Project and Montana Project, were unable to recover the US$112,279.50 they paid.
\nWith this, the CEA advises consumers to exercise due diligence prior to entering into any agreement to purchase foreign properties.
\n\u201cBuying a foreign property is a big investment,\u201d it said.
\n\u201cGiven the complexities and risks involved, consumers should find out and understand pertinent information such as the foreign country\u2019s rules and restrictions on property purchases and ownership, whether the property has obtained approvals from the authorities, taxes payable, pricing and terms and conditions of the purchase, the foreign property market condition, currency exchange risks, etc.\u201d
\nAlso, consumers should not \u201crely solely on the advice from representatives of the foreign developer\u201d, it added.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…CEA slaps property agency with ,500 fine<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Property agency Square Yards Singapore was fined for failing to draw attention to the risks...<\/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-41252","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-aJm","jetpack-related-posts":[{"id":37156,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/real-estate-agency-agent-fined-over-sale-of-foreign-property\/","url_meta":{"origin":41252,"position":0},"title":"Real estate agency, agent fined over sale of foreign property","date":"December 6, 2016","format":false,"excerpt":"\r Artist\u2019s impression of Albany Heights Villas, a residential project in Auckland, New Zealand. The Council for Estate Agencies\u2019 (CEA) Disciplinary Committee has fined SQFT Global Properties Singapore $10,000 for failing to supervise the conduct of one of its former agents on the sale and marketing of a property in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38827,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-company-director-fined-215000-for-unlicensed-work\/","url_meta":{"origin":41252,"position":1},"title":"Property company, director fined $215,000 for unlicensed work","date":"December 22, 2016","format":false,"excerpt":"\r This is the largest fine handed down by the court for this offence. A property management company and its sole director have been fined a total of $215,000 for conducting unlicensed estate agency work, the largest fine ever meted out by the court for this offence, the Council for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":85882,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/man-fined-71500-for-unregistered-estate-agency-work\/","url_meta":{"origin":41252,"position":2},"title":"Man fined $71,500 for unregistered estate agency work","date":"April 19, 2018","format":false,"excerpt":"\r Under CEA rules, it is an offence for someone to act as an agent in any property transaction if they are not registered or licensed. (Photo: CEA) A 36-year-old man was fined $71,500 on Wednesday (18 Apr) after pleading guilty to eight charges of posing as a property agent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":105767,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/man-fined-72000-for-illegal-estate-agency-work\/","url_meta":{"origin":41252,"position":3},"title":"Man fined $72,000 for illegal estate agency work","date":"April 4, 2019","format":false,"excerpt":"\r The unlicensed agent had posted nine online advertisements for the lease of private properties and HDB flats on public property portals. A 31-year old man was convicted in court of nine charges of conducting estate agency work without being registered as a real estate agent with the Council for\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":41252,"position":4},"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":44900,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/man-jailed-fined-23000-for-illegal-estate-agency-work\/","url_meta":{"origin":41252,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/41252"}],"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=41252"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/41252\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=41252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=41252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=41252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}