In recent years, the property market has been very active in Vietnam with the stability of the economy and new property developments.
Since the beginning of this year, the new regulations on housing law in the issuance of the red book has made the house purchase in our country reached a surprising growth.
Many prominent policies on issuing red books in the new housing law
According to Decree No. 01/2017 / ND-CP, from March 3, 1977, the Law on Housing amended and supplemented a number of new decrees and regulations will come into effect. Many financial procedures in the land field will be reduced by a half to one-third the amount of time required by previous regulations.
Registration, issuance of certificates of land use rights, ownership of houses and other assets attached to land for the recipient of the red book and the ownership of houses, construction works of organizations investing in construction is no more than 15 days, the old rule is 30 days.
Registration, issuance of red books, ownership of houses and other assets associated with additional land for assets attached to land from 20 days reduced to 15 days.
The procedures for re-issuance of red books, certificates of ownership of dwelling houses, certificates of ownership of construction works were cut by two-thirds of the time from one month to about 10 days.
The Decree also allows the issuance of certificates of land use rights, ownership of houses and assets attached to land with the expansion of the following five cases:
Households and individuals using land that violate the land law before 1 July 2014.
The land is not properly authorized.
Increased land area compared with land use right certificates for households and individuals currently using the land.
Land for construction of urban areas, rural residential areas, production and business areas have different purposes of land use.
In case of transfer of land use right but not yet named.
At the conference implementation guide, the Decree 01/2017 / ND-CP Department of Natural Resources and Environment confirmed that the case of buying and selling real estate has not issued the Red Book will be facilitated to solve. Accordingly, the district must verify the status of the land parcel then send it to the land registration office.
The Land Registration Office is responsible for printing information on the red book and returning it to the district for signatures. The conditions for granting red books are that the land and houses are currently used stable and in conformity with the planning and there are no disputes or complaints; Ensure the requirement of publicity, transparency, and fulfill financial obligations as prescribed.
The effects of the new housing law on the real estate market buying and selling real estate
It can be said from the beginning of 2017 until now, housing sales have developed significantly. Clearances in an administrative settlement as stipulated in Decree 01/2017 are major incentives for people to buy houses for the living.
According to the statistics of real estate sales in the first quarter of 2017, the proportion of people buying houses has increased sharply compared to 2016 and increased about 20% over the same period last year.
Thanks to Decree 01/2017 many foreigners are also more confident in investing in buying houses for living as well as conducting other types of real estate transactions. Up to May 5, 1974, our country’s high-end real estate segment maintains its stability largely thanks to the purchasing power of foreigners.
You can read more information at Vietnam Real Estate Law
Most high-end projects in Ho Chi Minh City have an occupancy rate of 10-15% of the total number of apartments. Coastal tourism projects are also consistently invested by foreigners including the United States, South Korea and China.
In addition, Decree 01/2017 also helps people solve problems of land, the red book left before. Accordingly, the cases of people buying and selling houses and land with written documents from July 1, 2004, to January 1, 2008, have been legalized or certified as “red books”.
Statistics by the Department of Natural Resources and Environment of Ho Chi Minh City as of September 2016 show that the city has about 110,000 cases have not issued red books as well as the ownership of houses and assets attached to land because there is not enough sue. Of which, 37,466 (accounting for 42.3%) cases due to paper transfer … has been resolved thoroughly.
It can be said Decree 01/2017 is a new leverage in the real estate industry in general and business in particular. The decree not only resolved the issues of land ownership, redemption and land transfer but also created favorable conditions for people to buy houses to stabilize their lives.
You are reading the article “Solution To Issue Red Book In New Housing Law” in the section “Real Estate News” on the website: www.realestatevietnam.com.vn
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