False trade description

False trade description – within the Real Estate Law this term refers to an illegal method, used mostly for off-plan property sales, where usually an anonymous real estate “agents” give (directly, indirectly or by implication) untrue specifications of the real estates, untrue information about the actual vendor or detail future benefits that are non-possible. For example, “a luxury furnished off-plan development with guaranteed rental income” has been used as a “soap bubble” by many overseas property agents (that later vanished with their commission fees) to attract foreign property investors from the UK and Ireland, in many property developments in Cyprus, Spain, Bulgaria, Morocco, etc. At the end of the day the skeleton developments were abandoned, everyone related in the frame who has received money from the trustful buyer– vanished with the collected money.

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