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
;
To see more of our client click