The Ho Chi Minh City Real Estate Association has proposed that real estate projects formed in the future should limit deposits to no more than 5% of the property value.
In a recent document, the Ho Chi Minh City Real Estate Association (HoREA) proposed that housing projects and construction works formed in the future should be limited to no more than 5% of the property value. .
In addition, HoREA has also proposed that the Standing Committee of the National Assembly tighten deposit regulations for sellers of land for houses to be formed in the future that are not part of real estate projects.
According to the Association, the Real Estate Business Law needs to regulate deposits for houses, construction works, and land to be formed in the future. The deposit is to ensure contract conclusion and is always made before each transaction. The Association believes that this stage needs to be monitored to avoid the seller collecting too large a deposit, which can lead to fraudulent behavior and cause damage to the buyer.
In addition, the association also proposed to clearly stipulate two groups of products for which deposits should not exceed 5% of the property value.
The first group is housing projects and works to be formed in the future that have been approved by competent state agencies and recognized as investors.
The second group is house land (divided lots, split plots) formed in the future not part of real estate projects, deposits are only accepted after being allowed to split plots according to the provisions of land law.
The common point of both groups above is that projects must be approved by the State and have full legality.
Previously, the Department of Construction of Ho Chi Minh City also issued a document raising the issue of real estate projects showing signs of “circumventing capital mobilization laws” by depositing, holding space, and not complying with legal regulations. .
This agency said that many investors have accepted deposits and agreed to hold reservations for very large amounts of money, in some cases up to 80% of the apartment value.
Some projects are not even qualified to sell future housing and the department has not yet issued a document allowing investors to sell products. However, these units still openly “mobilize capital” by receiving deposits from customers.
Source: Zingnews
