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

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