The rapid and strong development has made Ho Chi Minh City one of the largest property markets in Vietnam. In many real estate segments in Ho Chi Minh City, the apartment is still a dominant segment and is preferred by investors.
However, the construction of massively, despite the regulations not only caused the housing market fluctuations but also rapidly increase the status of apartment disputes.
Situation of apartment dispute in HCM City
According to statistics of the property market in HCM City, there are currently about 1050 apartment projects in the area. Large supply has made the apartment trading market always vibrant and has the most successful transactions in all segments of real estate. Most of the condominium projects are concentrated in fast-growing districts such as Thu Duc, Tan Binh, District 9, District 7. However, the current situation shows that more than 8% of total apartment projects dispute occurred. Tan Phu and Tan Binh are the two districts with the most disputed apartment projects in the HCMC area.
There are many reasons for the disagreement in the apartment building in Ho Chi Minh City and increased recently. Apartment disputes in Ho Chi Minh City largely stemmed from the breach of contract and delays in handing over the owner’s home. In addition, disputes over joint ownership or management fees, the operation of apartment buildings are also quite common and severe.
Dispelling apartment in HCMC not only makes the buyer tired but also makes the value of real estate projects in the state of serious disputes. This issue needs to be resolved soon and come to a general consensus to limit physical and mental damages and losses.
How to restrict apartment disputes in Ho Chi Minh City?
Transparent legal procedures
In order to limit the status of apartment disputes happening in Ho Chi Minh City, transparency of legal procedures is very important. Investors who want to build a condo project need to obtain permission from the authorities. Besides, it is necessary to quickly complete all the paperwork related to the apartment project. This does not only help investors feel secure when building but also create great confidence for customers. Investors and clients should negotiate and agree on the legal and regulatory requirements of the apartment purchase agreement.
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Take care of the common ownership issue
Private joint ownership dispute is a common problem in apartment projects in Ho Chi Minh City. Many investors when selling apartments are not honest that many buyers have misconceptions. It is necessary to identify who owns the utility and have specific documents. Before buying and selling apartments, customers should have specific and clear discussions on this issue in order to minimize the unfortunate disputes in the future.
Disclosure of fees
Building management fees, parking fees, maintenance fees … are very small costs but if not managed closely will lead to unpredictable consequences. Housing disputes related to these fees in Ho Chi Minh City are not less. Therefore, in order to quickly restructure and overcome, investors need to publicize the fees. In case of increase or decrease of fees, the investor should notify the buyer in writing.
Appreciate the quality of the works
Cheap apartments are appearing more and more and become the focus of many buyers. But these same projects are the cause of the rapid increase in apartment disputes. Projects that have just been handed over immediately receive criticism from buyers due to the poor quality of the works. Condominium disputes will be limited if the owner attaches great importance to the quality of the construction work. Construction should be carried out and construction progress checked in the right order, reasonable time. On the other hand, the investor also needs to hand over the apartment to the buyer on time as stipulated in the contract.
Housing disputes in Ho Chi Minh City are happening more and more popular and complex. This problem has many consequences for investors and customers. Housing disputes in Ho Chi Minh City should soon be resolved in order to quickly regain stability for the property market in the region.
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