Property Agent is a medium to ease up property investor’s, home buyers and home seller’s life as these individuals is occupied to tend to their daily life from time to time and also to expand their network for buy and sell off houses.
But recently, three tenants have been deceived by a Property Agent George Peh Meng Woon of KF Property Network as he altered lease agreements to collect additional commissions reported by Council for Estate Agencies (CEA).
As this isn’t his first time, it has been reported that Peh committed the breaches several years ago, when he was a property agent with DTZ Property Network.
It appears Peh have deceived his client by altering all three “ Commission Agreement for Lease (Tenant)” to “Property Management Agreements” (PMAs) where he described the sums he received from his clients as “property management fees” for services provided in relation to the lease of the properties.
This action made by Peh is without DTZ’s acknowledgement.
With this, he has received about seven times more that what was supposedly a sum of about S$64,664 and did not declare the sum he received to DTZ.
As justice is served, a total financial penalty of S$27,000 for the three charges and also suspended his property agent registration for six months, ten months, and nine months respectively for each of the three charges.
Other than that, Peh also face charges for failing to declare to DTZ the commissions received and a fourth fraudulent lease transaction.
Consumer needs to be extra careful as this ill gotten gain is unforeseen. There have been several other cases such as Joe Tan Kia Hian – Sentenced to prison for 1 year and 11 month, and PropNex Realty agent Ngu Ping Chuan (James Ethan), where he is fined S$30,000 and suspended for 12 months for each charge; three charges in total.
A final reminder to consumer for this, property agents can only represent one party in a single transaction and the agents can’t collect commissions from both parties in that same transaction.
Property agent fined for collecting additional commissions of more than S$50,000
23 Dec 2019