98 Macau property
“Thus it becomes more difficult for worse is that the original buyer may only
the purchaser to ensure his rights and, at realise he or she has been “flipped’’ when
the same time, it is a way for the develop- they sign the contract because it states
er to finance the project,’’ Barros adds. “there will be more than one seller”. One
The lawyer believes that at the very buyer literally swaps the property over.
least when the Public Works Department According to Barros, even though
has not yet given a construction work nothing in law is certain, its would seem
permit, the law should not allow “any that “considering the sequence of two
kind of transmission of the property”. contracts, there is nothing to criticise.”
“Otherwise, one has signed a con- However, Barros says that in his
tract concerning a property of dubious opinion: “It is logical to sustain that when
juridical standing,’’ he says. a real estate agent and his friend get into
This kind of deals usually exists in action, everything has a different sense.
a speculative market, where people are In this case, it could be argued that there
buying just to sell. is a crime of swindling perpetrated by
this agent and his friend.’’
flipping A real estate agent contacted by
Macau Business, says this is the “main
Imagine a real estate agent tells trick” performed by some in the busi-
someone interested in selling a property ness to make extra-money. Nevertheless,
that he can only get MOP2.8 million for he has also heard of other situations, like
it. But, in reality, there is a buyer willing million and sells the unit to him, pocket- Ms Lee’s.
to pay MOP3.1 million. ing a cool MOP300,000 profit which is “This is where companies insist on
Later, a friend of the agent – a part- split two-ways between the friend and the having a certain lawyer, where there
ner in the deal – fronts up with a MOP2.8 agent. should be freedom of choice. This is sup-
million offer and signs an agreement with “Flipping” has become a common posed to be a free market, people should
the seller. The friend then turns to the practice amongst unscrupulous profes- not be forced to follow these agreements,’’
buyer who was willing to pay MOP3.1 sionals says Barros and what makes it the unidentified real estate agent said.
december 2008
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