I. LAW PROVISIONS ON THE BUY/SELL of Real Estate
The buyer needs to ask the seller to have enough documents to prove the legality of the transaction property
- Have a certificate of ownership of the house, the right to use land with a red book as prescribed by law.
- Not to be distraint to test ownership of houses, land use rights (red books) as prescribed by law on judgments or to comply with administrative decisions of competent State agencies
- No ownership dispute
- Land is still in use
II . LEGAL CHECK
- Check the status of the real estate or the red book / pink book, planning with the commune / ward cadastral officer or the commune / ward People’s Committee where the real estate is located.
- Check the red book / pink book, planning with the staff of the natural resources and environment department of the district / district where the real estate is located.
III. 3 STEPS IN THE REAL ESTATE BUY/SELL PROCESS
- Closing the transaction and deposit The two parties close the sale and depending on the negotiation of the two parties to offer an appropriate deposit, usually not more than 10% of the value of that real estate.
- Sign the sale and purchase contract and notarize
- – For buying houses/apartments that are formed in the future from investors, the buyer will sign a sale contract with the investor and will pay according to the schedule given by the investor. Taxes are included in the total selling price. Red number ( pink number ) will be issued after the house is completed .
- – For the purchase and sale of real estate, private houses between two individuals, after making a deposit for about 1 week or depending on negotiation between the two parties, the sale contract will be signed and notarized at the notary office and the buyer will pay 100% of the value of the property. Real estate to the seller after deducting the deposit or can be paid depending on the negotiation between the two parties.
- Taxes and Fees
- • Normally, the buyer will pay a registration tax of 0.5% of the property value
- • The seller will pay personal income tax of 2%, in case the real estate is the only one, this tax is exempt.
- • Some other fees such as notary fees, appraisal fees, cadastral fees (if any).
IV. CONTRACT of buying / selling real estate
7 Points not to be missed in the sale and purchase contract to avoid any disputes / litigation and minimize all risks during real estate transactions
– BUY PRICE
It is necessary to specify the purchase price according to the agreement
– AREA OF BUYING
Specify the area of purchase because sometimes the actual construction area may include unlicensed area
– DEPOSIT
Enter the exact amount of the deposit deposited for the property
– BUILD
If it is a house to be formed in the future and a house in the project, it is necessary to check the regulations on how long the construction period is, whether it is self-built, the construction cost if any and clearly stated in the contract as well. as the basis for you to calculate the budget
– HANDLING DAY
It is necessary to specify the handover date on the contract and the corresponding terms if the handover is delayed
– PAYMENT METHOD AND PROGRESS
Should pay via bank , learn and negotiate the payment schedule to suit your financial situation .