Nghe An publicly announces list of housing projects eligible for sale

Customers who intend to participate in investing, trading, and buying and selling real estate can accesshereto check project information.

A corner of Vinh city. Photo: Thanh Cuong

Aiming for a stable and sustainable development of the real estate market, Nghe An Department of Construction recently issued Document No. 2578/SXD-QLN dated August 23, 2019 requesting strict implementation of legal regulations on real estate business.

In this document, Nghe An Department of Construction has guided and directed the People's Committees of districts, cities, towns; project investors and real estate trading floors to strictly and fully implement the provisions of the law, especially the Law on Real Estate Business; at the same time, analyzed many issues of specific provisions of the law on real estate business such as: Forms, conditions, prohibited acts in capital mobilization in the form of capital contribution or buying and selling future housing.

Guarantee the financial obligations of investors in the purchase and sale of houses for customers at qualified commercial banks; Advertising, selling, and publicizing information about real estate put into business must comply with the planning and design of the project, and with the provisions of advertising law; Requiring real estate trading floors to check the legal documents of qualified projects before introducing them to customers;...

In order for customers to clearly understand the law on real estate business, avoid misunderstanding regulations, and avoid the risk of damage and risks that may occur when investing in real estate; the Department of Construction emphasizes that the law only allows for two forms of real estate transaction contracts between investors and customers, and strictly prohibits other forms.

These two forms have fundamental differences.

First form of transaction:Customers and investors sign contracts for capital contribution, investment cooperation, business cooperation, joint ventures and associations.

Conditions for transaction permission: Project documents have been approved; the project has completed site clearance according to the approved implementation schedule; there are minutes of handover of project boundaries; there is a document from the Department of Construction notifying that the conditions for transaction permission have been met.

Customer rights: Profits are divided (in cash or shares) based on the capital contribution ratio as agreed in the signed contract. In this form of transaction, customers will not be divided housing products, have priority in registration, deposit, enjoy the right to buy housing, and divide land use rights in the project. Investor's responsibilities: Divide profits to customers according to regulations; perform other obligations in the contract and regulations of law.

The Department of Construction has published a list of projects eligible for future housing sales on the Department's Electronic Information Portal. Customers who intend to participate in investing, trading, and buying and selling real estate can access the addresshttp://www.nghean.vn:10040/wps/portal/soxaydungto check project information.

Currently, most customers are often confused about depositing land plots and houses in projects in the form of capital contribution, investment cooperation, business cooperation, joint venture, association without knowing that if they follow this form, they will only be able to share the project's profits.

Second form of transaction:Customers and investors sign contracts for the sale and purchase of future housing.

Conditions for transaction: Having documents on land use rights, project documents, approved construction drawings. Construction permit in case of construction permit requirement, acceptance documents on completion of construction of technical infrastructure corresponding to project progress.

In case of apartment buildings or mixed-use buildings with residential purposes that will be built in the future, there must be a record of acceptance of the completion of the building's foundation. There must be a document from the Department of Construction, notifying that the conditions for permission to buy and sell future housing are met.

In addition, the customer's rights: To be handed over the house on time, with quality and other conditions agreed in the contract; to be handed over the Certificate of land use rights, house ownership rights and other assets attached to the land and related documents as agreed in the contract; to be entitled to request the seller to compensate for damages due to the house not being delivered on time, with quality and other commitments in the contract.

Responsibilities of the investor: Deliver the house to the customer on time, with quality and other conditions agreed in the contract. Deliver the Certificate of land use rights, house ownership rights and other assets attached to the land and related documents as agreed in the contract; provide house warranty according to regulations. Compensate for damages caused by the investor's fault; fulfill financial obligations to the State; fulfill other obligations in the contract.

To make information transparent, helping people easily grasp and learn about real estate projects in the province that have issued documents announcing eligibility for buying and selling future housing, the Department of Construction has published a list of projects eligible for buying and selling future housing on the Department's electronic information portal.

Customers who intend to participate in investing, trading, and buying and selling real estate can accesshereto check project information.

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