Buying and selling the house with hand paper is a form of transaction is quite common in the property market today. However, many people are unaware that this is a potentially risky form that can even “lose” assets.
Risks when buying a house with handwritten paper
The first risk that buyers encounter when buying a home with a paper hand is not able to register the right to transfer land. Since the law provides for property to be registered as to ownership, the transfer must be made in writing and notarized by the competent authority. However, because this is a handwritten contract, the notary public will not accept the grant or transfer of title to the buyer. This means that the buyer will not have a certificate of housing ownership. Thus, buyers will find it difficult to sell their home or to borrow from a bank through a mortgage.
In addition to not being able to register the landlord’s right to hand over land, there is a great deal of legal danger for the home. Since this is a house without a title, verification of the source of the property is very difficult. There are a lot of buyers buying houses to build on land encroachment, illegal construction, land banned, the land is in dispute … In these cases, the buyer can face the coercion even recover asset.
Finally, the most dangerous risk when buying a home with a paper hand is the dispute. The most common dispute is that the seller sued the seller for sale. In this case, the buyer’s property may be disabled. On the other hand, if the buyer buys a home without the permission of the family member the property may also lose value. These disputes take a great deal of material and moral damage to the buyer.
Limit the risk of buying a home with handwritten paper
Find out what information the home is buying
To minimize the risk of buying a house by hand, it is important to understand the land and housing information. In order to avoid buying houses and land under the planning, encroachment and disputes between buyers, go to the competent agencies or the People’s Committees for information. Verify the information in many ways to get the most accurate and accurate understanding of the home to buy.
Appreciate the witness
A written contract is a contract that the buyer and the seller make in which they deal with specific issues related to the purchase transaction. However, the contract should not be performed without a witness. In a home sale transaction at least two witnesses. This will help the buyer mitigate the risk if the seller takes the litigation. The witness must sign or point to the house purchase contract.
Review of legal papers
Seller’s identification is one of the important documents that buyers should not ignore before making a purchase. Learn about family members while reviewing their information. The house is only sold with the consent and approval of all members of the family.
So ask the seller to produce his identification. In addition, there is a need to further verify the house’s documentation such as: construction permit, house tax, and so on. These documents are proof that the home is legally nonconforming.
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Carry out transfer procedures at banks
With a large number of buyers should not make payments to the seller at home. Should go to the bank and make the transfer money to the seller account. A bank is a reputable credit institution so it is more certain if the buyer pays the bank. After paying the buyer should ask the seller to write the receipt received the money than the certificate or witness.
The risks of buying and selling a home with hand paper are great, but not everyone can understand and be aware. The handwriting-restraining measures we share above believe that it will give you more tips and experiences. If you are planning to buy a home, be smart in choosing the right home, secured and legal.
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