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asiaone - 23 days ago

Property agent who sold HDB flat and rented it out to others gets $4,000 fine, licence revoked for 4 months

A buyer was met with an unpleasant surprise when he discovered that his purchased HDB flat had been rented out to another family. According to a report by 8world, the previous owner of the HDB unit approached a property agent in Oct 2021 to sell or rent his home. He reached an agreement with the agent on Oct 10 that year to sell the unit, with a commission equal to two per cent of the transaction price. The following month, the owner accepted a $340,000 offer by a buyer. Before the Option to Purchase was signed by said buyer, a tenant reached out to the agent and expressed his interest in renting the flat. The agent informed the tenant that the owner was selling the unit and so could only rent it out for four months. The two parties reached a four-month lease agreement. According to 8world, after the owner and the tenant signed the lease, the tenant paid a deposit of $1,700 and a monthly rent of $1,700. At the same time, the agent was given a commission of $700.


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