Homebuyers Must be Transparent When Buying Property, Say Lawyers

Real estate lawyers have urged buyers and sell­ers to stop the practice of lowering the price of their properties on paper agreements to avoid pay­ing tax, saying it could damage the image of the industry.

“Lowering prices on payment agreements to avoid tax could have far reaching consequences,” said U San Win Aung, Managing Director of Home Group Legal Ser­vice Company.

“If there’s a lawsuit it could be difficult to solve and the existing owner would have to face up to the consequences. We need to pay tax, that’s how the government can create a better country,” he said.

Real estate agents ad­vise homebuyers to take precautions before buying a house such as checking the background history of properties at the land record department office and if the area has a his­tory of squatters.

Mr. Nitesh Khirwal, managing director of on­line real estate company House.com.mm says that home buyers also need to be aware of legal services when house hunting so they have recourse should legal problems arise.

Source: Myanmar Business Today

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, "Puma Energy", “MOGE”, “yangon new town”,"MECTEL", "hydropower", etc.