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Business

Buying a Resale Flat

This an overview of the resale flat transaction process.

As a salesperson, you need to guide the buyers through the policies and procedures for a smooth resale transaction.

resale transaction steps

The Council for Estate Agencies (CEA) has a Prescribed Estate Agency Agreement for the sale, purchase, and lease of residential property.

  • This agreement is a contract between you and the buyers, and it seeks to protect both parties’ interests. The terms and conditions of the agreement, such as commission payable, can be negotiated between both parties
  • You should explain the Agreement to the buyers fully, and give them enough time to read it thoroughly. Essential information that should be included in the Agreement are the property address, price, dates, names, and commission payable
  • If there are any amendments made to the contract, make sure the buyers countersign them. You should also give them a copy of the Agreement which they have signed