The new statutory board regulating the real estate industry will put in place its dispute resolution scheme early next year.
The Council for Estate Agencies will ask property agents and consumers to go for mediation to resolve contractual disputes, such as payment of commission. For disputes which cannot be settled through mediation, the parties can opt for arbitration.
National Development Minister Mah Bow Tan said the new scheme will be a cost-efficient and convenient process. Those who do not wish to make use of it can consult their own lawyers on the course of action they can take.
Source : Today – 19 Oct 2010