The new laws will protect and enhance the rights and interests of home buyers in Vietnam

The Vietnam Real Estate Association (VARS) believes that the Land Law, Housing Law, and Real Estate Business Law have just been amended and supplemented, providing a clearer and more transparent legal framework. will protect and enhance the rights and interests of home buyers.

Accordingly, with the Land Law 2024, regulations have been amended and supplemented in a "people-centered" direction, protecting maximum benefits for home buyers.

Specifically, with the new land price list regulations, land prices are calculated according to market principles, the progress of compensation and site clearance will be accelerated and people will benefit when land is recovered.

At the same time, limit the motivation for speculation, promote the real estate market to develop in a safe, healthy and sustainable direction when transfer costs, taxes,... increase. A specific and transparent land valuation method will also help projects deploy smoothly, remove obstacles for paused projects, promote new supply into the market, and create favorable conditions for investors. balance capital costs and lower home selling prices. Through that, supporting people's home buying needs.

In addition, new regulations on granting land use rights certificates are amended to be clearer and more transparent. If in the past, many home buyers had to work hard and even had to "beg" to get a certificate, then in the 2024 Land Law, this responsibility belongs to the state. Accordingly, the state must issue certificates to people eligible for certification.

In addition, the Land Law 2024 also focuses on the rights of home buyers when officially granting ownership certificates for land that has not been registered after 2014. According to the Housing Law 2024, new standards for design, Housing construction and management are improved, ensuring safety and quality of life for buyers.

Regulations that mini apartments must have adequate fire prevention and fighting and be considered for issuance of pink books if they meet all conditions will create conditions to promote both social security and safety for residents and support individuals. , the collective that develops this type.

Regulations requiring housing development and not being able to subdivide or sell plots in special class, class I, class II and class III urban areas will limit the occurrence of fraud cases in which buyers are victims such as in recent times.

Regulations expanding home ownership rights for foreigners, increasing ownership time and simplifying home buying procedures will create favorable conditions for foreign investors.

In particular, the Housing Law 2024 adds subjects eligible to invest in social housing development and subjects eligible to buy, rent and purchase social housing. Through that, develop social housing supply, support low-income people to easily access affordable housing projects and preferential loan programs.

According to the new regulations of the Real Estate Business Law, the real estate business environment will be healthier and more transparent, in accordance with the Government's policy.

Accordingly, the Real Estate Business Law 2024 stipulates that brokers must have a practicing certificate and must operate in a real estate brokerage service enterprise or real estate trading floor. Requiring real estate transactions to be done through the floor will increase transparency and limit transaction risks for customers.

In addition, according to new regulations, investors and real estate businesses are forced to make payments via banks, and real estate projects must disclose information before being put into business. VARS believes that these regulations will be the foundation for building and digitizing a database of projects to publicly announce to all market members, avoiding information asymmetry and minimizing risks for investors. home buyers.

Another regulation is that real estate project investors are only allowed to collect a deposit of no more than 5% of the selling price, lease-purchase price of houses or construction works formed in the future. This regulation helps protect home buyers from the risk of investors mobilizing capital from customers before completing the necessary legal procedures.

In addition, home buyers can also reduce financial costs if they buy products from reputable investors when the new Real Estate Business Law allows customers to have the right to choose whether or not to apply. Use with or without a guarantee for the investor's financial obligations to him or her when signing a contract to buy, sell, or lease a house to be formed in the future.

The new law also clearly stipulates the investor's responsibilities in handing over the house on time, ensuring construction quality and handling buyers' complaints.

VARS believes that the newly amended and supplemented Land Law, Housing Law, and Real Estate Business Law, providing a clearer and more flexible legal framework after implementation, will be a good opportunity for buyers. home.

Because with the new regulations, the rights and interests of home buyers will be protected, with more options when the supply is cleared.

In particular, policies to support social housing and expand ownership rights for foreigners also contribute to creating more favorable conditions for people and investors in owning and doing real estate business.