CONSIDERATIONS FOR BUYING REAL ESTATE AT YEAR-END
At the end of the year, many people need funds to cover expenses and prepare for Tet Holiday. Due to the urgent need for money, some people may sell real estate at attractive prices. Accordingly, buying real estate at this time can help buyers get a better price compared to other times of the year. However, if buyers rush into purchasing real estate at year-end without thorough consideration, they may face legal risks at this time. Below are some key points to consider when purchasing real estate during the year-end period to avoid potential legal issues.
1. Buyers need to carefully check legal documents and real estate condition
The main issues to check include:
+ Real estate with certificates as prescribed by law;
+ Real estate is not in the case of a dispute over ownership;
+ The seller is in the term of house ownership for fixed-term properties;
+ Real estate is not distrained or subject to the application of temporary emergency measures or preventive measures;
+ Real estate is not subject to the decision on land recovery, notice of clearance or demolition of the house.
2. Buyers should not declare the real estate purchase value in the contract lower than the actual price
Declaring the accurate value of the property purchase in the contract corresponding to the actual purchase price helps avoid the risks of tax declaration documents being rejected by the tax authorities. In addition, buyers may be subject to the risk of being administratively sanctioned or criminally sanctioned for tax evasion if the property purchase value is misstated.
3. Buyers need to prepare a complete and thorough real estate purchase and sale contract
The preparation of real estate purchase and sale contracts should be consulted with legal service providers. The contract for the purchase and sale of real estate must not lack important terms such as the real estate value, the time of handover, the responsibility for violation, etc. Moreover, this contract needs to be notarized at a competent notary office to ensure its legality. Forms of signing non-notarized real estate purchase and sale contracts such as signing handwritten documents or making a record, etc. will not meet the requirements of the law on the form of signing a real estate purchase and sale contracts.
4. Buyers should negotiate the payment terms for the real estate purchase
In order to minimize the risks and ensure the interests of buyers during the transaction, the parties need to have a clear agreement on payment terms, in which the payment should be divided into several installments. Typically, the payment for the purchase and sale of real estate are split into 2 to 3 installments.
5. Buyers should not make hasty transactions without thorough verification and preparation for the above-mentioned legal issues
Careful legal preparation when buying real estate at the year-end will help buyers limit unwanted legal risks and avoid losing money during the period of ending the old year and entering the new year.
TNTP & Associates International Law Firm
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