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To Avoid Being Fooled, Homebuyers Should Save Themselves

Risks when buying and selling real estate appear in many forms. Meanwhile, the legal system is still in the process of gradual improvement. Therefore, the most effective way to minimize risk is that home buyer must learn to protect themselves before seeking help from the authorities.

Many risks of buying and selling houses will appear in the future

According to Mr. Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association, banking regulations only apply in the law, but the implementation of the recent time is not reasonable.

“If the guarantee is in compliance with the law, no bank guarantee for several projects, won’t much as now. This is the granting of credits and bank fees. With a thousand of dollars project, the bank can not afford it”, Mr. Chau stressed.

According to Chau, a number of real estates companies have brought the red book of the first mortgage loan and mortgaged apartments sold to customers for a second loan. Meanwhile, the law only allows mortgage projects once.

This is a dishonest business, deceiving customers, adversely affect the market. This type of collateral will pose a huge risk to the customer because if the project does not work, customers will lose.

Home buyer
To avoid the risk of buying a house in the future, home buyers must find ways to save themselves.

“Currently, the drawback is that customers with real needs are at risk, may receive products are not on a schedule, not the quality and commitment of the investor. Secondary speculators can borrow bank capital for business. The quality of service, the work is not controlled”, Mr. Chau said.

Lawyer Thai Van Chung said that despite HCM City People’s Committee has come up with many solutions to limit the risk for homebuyers, but in fact, there are still many disputes. The majority of disputes involving real estate fall into the terms of payment, where the customer is the subject who can meet many risks.

Buyers are always the object to suffer

Lawyer Ha Hai said that the regulations on future house purchase contracts are set out in many laws such as the Civil Code 2015, the Housing Act 2014, the Law on Real Estate Business 2014, Commercial Law 2005 … with that, the regulations on the contract of buying and selling apartments are scattered in many other sub-law documents.

However, in fact, the situation of apartment buyers can not access information in full. Investors of condominium projects do not keep credibility has come up. Many sample contracts contain unequal, misleading, and even illegal content.

Home buyer
In fact, the situation of apartment buyers can not access the information in full

“Breach of contract, misappropriation of the buyer’s capital, no home delivery or assignment of a house lately for appointment or handover of a house without regular paperwork occurs frequently. There are cases where ten-year homeowners still do not have ownership certificates. When the dispute arises, the authorities are still confused in the resolution process, because of lack of legal provisions.

This situation comes from the lack of safe legal corridors for everyone to enter into contracts. Legislation overlaps and omissions lead to contracting objects in the contract of sale and purchase of condominiums which are always in a state of insecurity and inequality. When there is no equality, there are many formal agreements that express the intention of objects, but do not reflect the aspirations of the parties”, Mr. Ha Hai said.

Customers must self-evaluate the capacity of investors

According to Nguyen Dao Duy, Deputy General Director of LDG Group, real estate and other consumer industries, enterprises must have regulations to make norms and save themselves based on actual capacity. They must self-proclaim the quality of products formed in the future that is the reference to the customer. With that commitment, customers look at the value of the product, see the commitment of the owner, and help them see what is potential, what is the risk in the future.

Home buyer
Customers look at the value of the product to see the commitment of the owner

“Business owners must plan their playgrounds themselves. The law is there, but the reality is very inadequate. Moreover, those who are attached to customer interests should control it. The customer is still the most honest, accurate evaluation, “Mr. Duy said.

The leader of VINGroup is that the customer is the best supervisor, the most accurate and honest evaluation. In the future, information about investors and projects also need to apply in the field of real estate. Through this, people and businesses can access and capture information publicly. This form of management also contributes to the rating of the customer self-assessment of the capacity of the owner.

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To Avoid Being Fooled, Homebuyers Should Save Themselves
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