Real Estate Legal: 4 fastest and most effective ways to check performance

Real estate legislation is one of the most important factors determining whether customers can buy a home with confidence in a real estate project. In case of inexperienced and not knowledgeable about the law, buyers can refer to the following 4 quick and effective methods of real estate legal check:
1. Real estate legal check through passport of real estate project

Two types of passports that customers need to check before cashing in to projects are: A written notification of eligibility for sale (issued by the Department of Construction) and a bank guarantee certificate.

A written notice of eligibility for sale is meant to confirm the completion of the foundation as well as relevant legal issues. This is the legal time (specified in the law) that the project investor is allowed to raise capital from customers.

The guarantee certificate is one of the important conditions specified in the State Bank’s circular in order to protect the interests of customers who buy apartments and properties to be formed in the future. Accordingly, investors of a real estate project, before selling or leasing future houses, must be guaranteed by a qualified commercial bank. The Bank will be responsible for refunding the advance and other amounts to customers under the signed sale and purchase contract and guarantee contract if there are 2 conditions:

– The investor does not hand over the house according to the committed schedule

– The lessee or buyer requests the bank to fulfill its guarantee obligations

In case investors fail to comply with their commitments, customers have the right to request the Bank to fulfill their guarantee obligations.

một cái bút, một tờ giấy và biểu tượng chiếc búa của ngành luật đặt trên bàn

a pen, a piece of paper and a law hammer symbol on the table
Customers need to check the passport of the real estate project before
decide to buy or invest. Illustration

2. Borrowing a bank’s hand to check real estate legal
In order to avoid projects with potentially risky risks, to avoid worries about bad debts, banks will review real estate legal as soon as they receive loan proposals from customers. Therefore, according to many real estate experts, one of the easiest ways to legal check real estate is that buyers should actively borrow money from the bank to buy a house. The bank’s legal operations are very strict, so it will protect the interests of buyers.

In case of refusal to borrow money, the basic reason is that the project’s legal status is not good. Thus, the bank not only plays the role of a credit provider, but also serves as an effective supporter to partly ensure the legal status for investors and buyers to protect their own interests.

2 người đang trao đổi với nhau, trên tay họ cầm nhiều giấy tờ

2 people are talking to each other, holding papers in their hands
Buyers can go through the bank to check the project’s legal status. Illustration

3. Actual survey and paper comparison
Customers can detect unusual real estate legal issues by comparing the actual image of the project with the information on the records provided by the investor.

For an apartment building project, customers should pay attention to check that the project is eligible for the investor to sign a capital mobilization contract, investment cooperation contract or is eligible to sign. house purchase and sale to form in the future or not. As for individual housing projects, before buying, customers need to carefully review the following documents:

Certificate of land use rights (red book) or Certificate of land use rights, ownership of houses and assets attached to land (pink book)
Notice and receipt of tax payment, drawing of the current state of the house
Identity card, household registration book of the seller to see if they are the owner or not, avoid transactions with unauthorized subjects.

hai người đàn ông trẻ đứng xem bản đồ giữa một khu đất rộng lớn
two young men look at a map in the middle of a large estate
Buyers need project practice to survey and verify information. Illustration

4. Find out project information through the authorities
In order to limit the illegal capital mobilization, the sale of “young rice”, the sale of ghost projects and fraud in the booming real estate sector, some localities have allowed people to legal check the house. land right on the online application. In Ho Chi Minh City, the City Department of Construction has recently launched an application that allows customers to look up basic legal information on real estate projects such as: Project progress, actual image, name of investor , address of investor, investment scale, project area information …

In addition, this application also allows to look up planning, reflect comments, solicit reviews, look up documents, administrative procedures, look up practice certificates, construction permits, manuals. … This will assist customers a lot in understanding real estate law before deciding to “down money”.