44BA. Counterparty due diligence measures

Terms defined in s 3

• client

  client

  Defined · s 3

  “client” means any person who, whether on the person’s own behalf or on behalf of another person, retains or otherwise uses the services of, or otherwise engages or employs, an estate agent, whether directly or through a salesperson;

  Open s 3
• disposition

  disposition

  Defined · s 3

  “disposition” means an act by a person whereby an interest the person has in or over a property is affected, and “acquisition”, in relation to a property, is to be construed accordingly;

  Open s 3
• estate agency work

  estate agency work

  Defined · s 3

  “estate agency work”, subject to subsection (3), means any work done in the course of business for a client or any work done for or in expectation of any fee (whether or not in the course of business) for a client, being work done —(a)in relation to the introduction to the client of a third person who wishes to acquire or dispose of a property, or to the negotiation for the acquisition or disposition of a property by the client; or(b)after the introduction to the client of a third person who wishes to acquire or dispose of a property or the negotiation for the acquisition or disposition of a property by the client, in relation to the acquisition or disposition (as the case may be) of the property by the client;

  Open s 3
• licensed estate agent

  licensed estate agent

  Defined · s 3

  “licensed estate agent” means a person who is the holder of an estate agent’s licence;

  Open s 3
• prescribed

  prescribed

  Defined · s 3

  “prescribed” means prescribed by the Council by regulations made under this Act;

  Open s 3
• property

  property

  Defined · s 3

  “property” means an interest in land, whether situated in Singapore or elsewhere, that is recognised as such by law, and includes any building or part of a building (whether completed, being constructed or to be constructed), and a future interest in land;

  Open s 3
• registered salesperson

  registered salesperson

  Defined · s 3

  “registered salesperson” means a person who is registered as a salesperson under section 34;

  Open s 3