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Union Parliament released Real estate service bill which have much effect for Myanmar’s real estate world on this month July 13.
“This law was led by Myanmar Real estate service Association and first drafted and presented to Parliament with the relevant organizations since from August 2016,” said Daw Moh Moh Aung, General Secretary of Real Estate Association.
This law have the total page 11 and 33 sections included. The main service means the section of real estate broker have been expressed in the drafted law. After confirm this law the broker has to apply license, if they run their real estate business without license then he or she will be given punishment for six month imprisonment or K 3 million will fine or both. The main aim of this bill is drafted with the intention for real estate service to become with the international level, said Moh Moh Aung.
Some people thought that they can work as broker just by oral and work not properly. There should be legal among buyer and seller, said Daw Moh Moh Aung. According to the statement if the service company is a joint company then they must have Myanmar investment Commission permit,” she said.
