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Group says Real Estate Service Law will reduce fee manipulation

Group says Real Estate Service Law will reduce fee manipulation


A real estate association stated that the hassle of land charge manipulation can be minimized, if not prevented, with the Real Estate Service Law’s enactment, which is expected to be exceeded later this year.

U Tin Maung, chairman of the Myanmar Real Estate Services Development Association, said there are no set policies and policies for real property agents in buying and selling the property.

He stated that once the law is enacted, actual property agents will need to use for licenses before they can cross into real estate trading.

U Tin Maung introduced that under the new law, Myanmar’s actual property enterprise will meet the Association of Southeast Asian Nations’ standards, making it less complicated to address foreign real estate buyers.

“The bill became authorized using the Pyithu Hluttaw (Lower House) last month. The brand-new regulation is expected to be approved in May or June. It is a good signal for the country’s real property sector,” he stated.

“Under the regulation, foreigners can cope with certified agents with no concerns,” he stated. “Also, land rate manipulation might be managed, as there might be valuable- and local-level working supervisory committees,” he delivered.

Because the enterprise is now unregulated, everybody can promote land, even supposing squatters have taken it over, and there have been many cases related to faux documents.

U Wunna Soe of Poe La Min Real Estate Agency said, “This is an essential regulation, so we’re making each attempt to enact it. Fees for licenses may be included within the regulations. Responsible people from real property institutions and MPs will try to restore the price for all provider companies nationwide.”

The draft law stated that folks who transact real property deals without licenses could be jailed for up to 6 months, fined K3 million (US$2000), or both.

“If organizations are strictly regulated, the state will earn greater from taxes, and retailers may be capable of paintings with government workplaces,” stated U Tin Maung.

However, U Aung Win, a Mandalay resident and an actual estate agent, stated that a few marketers do not like the licensing machine and do not see its benefit.

“It is correct if they recognize it and are inside the enterprise for a long time,” he said.

Elizabeth Coleman

I am a lawyer by profession and a blogger by passion. I started blogging to express my views on various issues.The blog has now become one of my passions. After seeing so many of my friends and colleagues using blogs for their business purposes, I decided to share my views through my blog.I love reading other people's blogs. I am trying to write one every day, and sometimes when I have time I write two or three posts per day.