What issues should be noted when buying a project house in Vietnam?

1. Project investor

- First of all, it is necessary to determine that the investor must meet the real estate business conditions stated on the investor's business registration certificate, including the real estate business line.

- Before selling or leasing future housing, the investor must notify in writing the provincial housing management agency that the housing is eligible for sale or lease.

- Before selling or leasing future housing, real estate project investors must have a commercial bank with sufficient capacity to guarantee the investor's financial obligations to customers. The investor does not hand over the housing on time as committed to the customer.

==> Therefore, if you want to buy a house built in the future, you need to find out the above information from the project investor. Does the investor meet the conditions for real estate business? Has the future housing project been notified to the provincial housing management agency? Which bank guarantees the investor's financial obligations for the future housing project? This is the minimum information you need to find out about the investor to avoid risks when buying a house built in the future.

2. Conditions for real estate formed in the future to be put into business

Have documents on land use rights, project documents, construction drawings approved by competent authorities, Construction Permit in cases where a Construction Permit is required, and acceptance documents of the project. Complete the construction of technical infrastructure corresponding to the project schedule; In case of apartment buildings or mixed-use buildings with residential purposes to be built in the future, there must be a record of acceptance of the completed foundation of that project.

3. Payment when buying, selling, or leasing future real estate

- First time not more than 30% of contract value;

- The following payments must be consistent with the real estate construction progress, but the total must not exceed 70% of the contract value before handing over the house or construction work (in case the seller or lessor is a foreign-invested enterprise, the total must not exceed 50% of the contract value);

- In case the buyer or the lessor has not been granted a Certificate of land use rights, house ownership rights and other assets attached to the land, the seller or the lessor shall not collect more than 95% of the contract value; the remaining contract value shall be paid when the competent state agency has granted the Certificate of land use rights, house ownership rights and other assets attached to the land to the buyer.

In addition, as a buyer, you also need to know your rights in the future home purchase contract: you have the right to request the seller and buyer to provide information on the construction investment progress, the use of advance payment and on-site inspection.

Has the right to transfer the contract for sale of future housing when the application for a Certificate of land use rights, house ownership rights and other assets attached to the land has not been submitted to the competent state agency.

We hope our advice helps answer your questions.