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Currently, when buying a house on paper (also known as a housing project is formed in the future), what buyers are most concerned about is the legality of that project. 

The first way: actively borrow money from bank

One of the easiest ways to check the legality of a real estate project is that buyers should actively borrow money to buy a house. Actually, sometimes borrowing from the bank can bring more advantages than no borrowing. Therefore, if customers want to check the legality of the project, they should actively borrow from the bank even with enough money to pay. The reason is the bank’s legal profession is very tight, will protect the right of buyers.

~**~ See more information about the real estate market here: Vietnam real estate market

The experts further explained that the right of customers to borrow, in progress of preparing the document for applying, the bank will carry out a series of legal checking profession, so that the legal status of the project will be reviewed. The project is almost certainly not going to get a loan if the legality is not good. Follow the general principles of the credit industry, banks do not offer loans at all costs because they have stringent lending regulations and must eliminate bad debt (problematic or potentially risky projects). Thus, the bank not only issues credit but also an effective supporter to ensure legal certainty to help investors.

The second way: Conduct to scan “X-ray” of the real estate project to find unusual details

There are real risks in investing, trading real estate that many people can not see with the naked eye. One of the most effective ways of knowing whether a real estate is risky is to have an “x-ray” to see the inside factors and to detect risk. Investors can do this by themselves or by professional support. 

Accordingly, the results of the “X-ray” scan of the real estate are the certificates. That is the certificate of land use right and ownership of the house, the certificate of land use rights for whole the project (may include combined multiple certificates), plan with 1/500. Customers can check for unusual information by comparing the actual image of the real estate with the information in the certificate. Finding solutions to those unusual details before purchasing real estate will limit the risk.

The third way: Check the two types of passport of the real estate project

There are two mandatory conditions that legally protect consumers when a real estate transaction takes place in the future.

It is a written notice of the project qualified for the sale of the house issued by the Department of Construction and the letter of guarantee of the bank. If one of the two types of passport is missing, customers should be careful when deciding to pay for the purchase.

A written confirmation of eligibility for selling a house which is formed in the future, announced by the Department of Construction means that the project has completed its legal document and has completed its foundations. This is the legal time (regulated by the law), project investors are allowed to raise funds from customers. The added security of the buyer is usually the progress of projects announced by the Department of Construction to qualify for capital mobilization, it means that the preparation for the construction of the body. Detail: The notes which customers must know about the payment schedule when buying a house “on paper.”

The guarantee letter issued by the bank is very important if the investor does not hand over the house on time, the credit institution will replace the investor to pay damages to the customer. If you buy a house to be formed in the future, with this deed, customers can be assured because the legality of the project has been carefully screened by many credit institutions.

You are reading the article “A Guide On How To Check Legal Real Estate Projects Through Bank” in the section “Real Estate News” on the website: https://realestatevietnam.com.vn/.
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