One of his work was to help establish a common framework to facilitate cooperation between consumers and representatives. To that end, it has adopted mandatory real estate contracts that we can use with consumers. These are usually funded wholesale by the various agencies in Singapore, so you will see a “model” real estate contract used everywhere with any agent. In fact, recently in 2019, the AEC now even has a model for leases for HDB apartments and private real estate that was not the case before (i.e. each agent or agency will have its own lease format). An exclusivity agreement gives both parties a bit of what they want. The seller may be expecting to sell the house himself. Maybe the realtor fully expects an exclusive right to sell the list deal and wants to be paid for his efforts. It is not uncommon for a real estate agent to want an exclusive listing contract, a contract that pays only for him, and not a competing broker.
If a competing broker brings the buyer, the exclusive contract agency will pay that broker. Today, with more and more HDB DIY buyers, the exclusive HDB agent seller can even help in the end with inexperienced HDB buyers, so that offers can be closed properly. That is the reality of today`s market. In an exclusive contract, the owner also agreed not to hire another real estate agent. This is clear in Part 7 in the explanatory notes of Form 5, “Exclusive Real Estate Agency Contract for the Sale of Real Estate.” The agency contract becomes mandatory when the contracting entity (i.e.: You as the owner/seller of the property or someone who acts legally for you) and the agent have signed it. There is then a one-day cooling-off period during which you can terminate (or “revoke”) the contract. Saturday is included for the purposes of the cooling-off period, but not on public holidays. Here is a picture of the 8 agreements on the CEA website. Within 3 months of the expiry date of the SEUP of the exclusive contract, any sale between the buyer (introduced by the agent) and the seller is responsible for the agreed commission.