The “Ms. Nga- Mr. My” Case And The Implications Of Buying Cheap Houses Through Intermediaries

In recent times, the case of Ms. Phuong Nga and Mr.Cao Toan, the American public, has wreaked havoc on the issues surrounding the purchase of cheap houses or buying houses through intermediaries.

You can read more information at Vietnam Real Estate News

So how can you make the right decision? How to avoid the trouble of buying and selling real estate? Let’s find out through the following article.

Phuong Nga – Toan My case and lessons for home buyers

Over the past days, public opinion is stirring because of the case involving the purchase of cheap houses mediated between Ms. Phuong Nga and Mr.Cao Toan My. So what is the crux of this case? And what experience do we draw from this lawsuit?

Firstly, Mr.Cao Toan handed over VND16.5 billion to Ms. Phuong Nga for cheap house purchase, which was confirmed to have been completed by 2013. Ms. Nga is a medium-sized broker here and is the contractor. However, from April 2014 to September 2016, Mr.Cao Toan My lawsuits have repeatedly sued Phuong Nga for fraudulent misappropriation of property.

Second, all transactions in the case do not contain highly authentic papers, documents or evidence. Therefore, leading to difficulties in the handling of cases and extended investigation to find witnesses and exhibits.

Implications of buying cheap houses through intermediaries

Ms. Phuong Nga responded in court because of ambivalence to buy cheap houses

Through the two main points of this case, we can see great lessons for those who intend to trade property.

Do not buy property through broker free, even close friends. Because standing in front of a large block of property, not everyone has the bravery to do the right thing. And for cases of “immediate circumstances”, the more problematic problems lead to legal problems.

When conducting any financial transactions, it is necessary to have documents and documents of legal validity to limit the risks later on. And for any property purchase agreement also need notarization at the authorities.

Buying a cheap home – should or should not?

Real estate is always the “hot” business in the market. In particular, the issues surrounding cheap housing have been causing a lot of controversy among investors as well as individuals who want to buy houses. Ms.Phuong Nga – Mr.Toan My case is a typical example of the inadequacies of buying cheap houses and buying houses through intermediaries.

When buying a cheap home, the problem is not so. The problem of buying a low-cost home is the way to conduct the transaction safely and to ensure mutual benefits.

Implications of buying cheap houses through intermediaries

Do not buy cheap house at the present time

According to Article 62 of the Real Estate Business Act 2014, individuals and organizations are allowed to broker real estate when:

Organizations and individuals dealing in real estate brokerage services must set up enterprises and must have at least 02 persons possessing real estate brokerage practice certificates, except for the case specified in Clause 2 of this Article.

Individuals have the right to provide independent real estate brokerage services but must have real estate brokerage practice certificates and register for tax payment in accordance with the tax law.

Organizations and individuals dealing in real estate brokerage services cannot simultaneously be both brokers and contract enforcers in real estate business transactions.

See more information at Vietnam Real Estate Market

Thus, we can see that, in the case of Ms.Phuong Nga – Mr.Toan My, Clause 3 of Article 62 of the law of real estate business 2014 has been broken, resulting in many of the consequences that we are witnessing.

The note when buying and selling real estate through mediated

When you want to buy land through intermediaries, it is important to note some of the following:

Verification of broker information

This is a lot of people overlooked when too confident in the referral. The typical example is in the Russian-American case, as the United States tells us only know the house through Russia without verifying the credibility of the information. And the consequence is money lost.

Implications of buying cheap houses through intermediaries

Be cautious with fraud in buying and selling houses mediated

Clearly define the costs and procedures for purchase and sale

Although the cost of buying a home is crucial. But sometimes, because the broker is familiar, the deals are verbal and non-verbal, procedures are conducted indirectly, leading to many risks.

Limit buying house through freelance broker

Buying a cheap house through free “storks” is a very dangerous double-edged sword. Although you can afford to buy cheap but hidden potential there are many risks. And more serious is involved in the lawsuit incident as Ms.Phuong Nga – Mr.Toan My.

In a nutshell, buying a cheap home is an object that makes everyone desires to forget about the dangers behind. Therefore, when conducting any transaction, the procedure of buying and selling houses must be confirmed by valid legal documents, as well as a careful review of the experience of buying cheap houses. This is the biggest lesson drawn from the recent Ms. Phuong  Nga-Mr. phuong case to recent public opinion.

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