12 Dec '16, 4am

New post added at LushHomeMedia - Real estate firm, agent fined for mispresenting sale of New Zealand property

Real estate agency SQFT Global Properties Singapore was on Oct 4 fined S$10,000 for failing to supervise its agent with regard to the sale and marketing of a property in New Zealand. In a media release on Monday (Dec 5), the Council for Estate Agencies (CEA) said Paleenia Wong Mui Wah, who was an agent with SQFT Global Properties Singapore at the time, had told an investor that the NZ$65,000 (S$65,555) to be paid for a unit in Albany Heights Villas in Auckland, New Zealand, would be kept in a law practice’s trust account for the project’s construction. She also told the investor that the developer would not be able to use the money in the trust account for other purposes. However, Wong misrepresented the situation to the investor, CEA said. The developer took the money from the trust account before construction began on Albany Heights Villas. The money in the trust account...

Full article: http://www.lushhomemedia.com/manage_posts/2016/12/12/real...

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