~ Appoint only licensed estate agents or salesperson to handle the purchase or leasing of any property.
~ Inspect a property carefully before purchasing or leasing the property.
~ Have a clear understanding of your financial status, repayment ability and the mortgage arrangements you bank can provide before deciding on buying a property.
~ Before signing the Provisional Agreement for Sale and Purchase/Tenancy, require Agent to provide the latest information on the ownership and encumbrances of the property.
~ Ask for a receipt immediately after any payment.
~ If the deal is off, ask Agent to return all money held on your behalf immediately.
~ Give clear and proper instructions to Agent, especially in making an offer.
~ Ask Agent for copies of all the documents signed and others referred to in the same.
Sign an Estate Agency Agreement (See Standard Documents) with Agent and
take special note of the following items in the Agreement:
~ The amount of commission and the time of payment ; and
~ Whether it is "single agency" (i.e. representing only you) or "potentially dual agency" (i.e. representing only you but may later represent both parties) or "dual agency" (i.e. representing both parties) and, in case of the latter two, Agent needs to inform you of dual agency and disclose the amount of commission he/she charges the other party.