Establish "electronic records" for each asset
Lawyer Pham Thanh Tuan (Hanoi Bar Association) said that the information connection system between construction, natural resources and environment, notarization, tax and banking, creates a complete picture of legality and transactions. When data operates on the same platform, unqualified transactions will be difficult to "hide", thereby limiting "handwritten paper" trading and reducing dispute risks.
Mr. Matthew Powell - Director of Savills emphasized that a centralized, standardized database will better support the appraisal process of banks and professional investors, thereby reducing transaction costs and strengthening market confidence. When transaction history, legal status and planning data are standardized and more accessible, buyers have more basis to compare and evaluate asset values based on reality instead of relying on word-of-mouth information.
From the perspective of state management, Ms. Hoang Thu Hang - Deputy Director of the Department of Housing and Real Estate Market Management (Ministry of Construction) said that the land and house identification code will be used throughout the process of transactions and issuance of land use right certificates later. This is an important tool for unified and effective market management when all information about projects and transactions is updated regularly.
Data security is a "living condition
Lawyer Pham Thanh Tuan emphasized: "When each real estate is identified and all legal information, transactions, transfer prices, mortgages... are stored on the system, the risk of leakage or misuse is something that must be considered right from the design stage. Market transparency does not mean publicizing all personal information.
According to him, the system needs a clear decentralization mechanism, strict access control and traceability to both serve management and ensure privacy.
In real estate dispute practice, lawyer Tuan predicts that in the long term, the "record" of real estate recorded centrally will significantly reduce disputes due to lack of information or misunderstanding of legal status. But in the early stages of implementation, technical and data management problems may arise, especially complaints related to the right to access, exploitation or information security if data leakage occurs.
When the transfer price is recorded consistently according to the identification code, the differences between the declared price and the actual price (if any) can become a basis for comparison in disputes over taxes, inheritance, property division or civil liability.
Technical challenge
Lawyer Nguyen Dang Tu (Ho Chi Minh City Bar Association) gave his opinion that, first of all, it is necessary to clarify the legal nature of real estate identification codes. This is a technical tool to identify and manage asset information in the digital environment, not a basis for establishing ownership or land use rights. If not clearly regulated in the law, it is very easy to have misunderstandings, leading to people or organizations confusing the value of data management and the legal value of rights to real estate.
The next issue is the accuracy and synchronization of data. For example, the situation of overlapping the boundaries of adjacent land plots of adjacent households is not uncommon. Therefore, if the initial data is not accurate, the risk of prolonged disputes is very high. The enforcement capacity in the locality is also a noteworthy issue, especially in rural and remote areas when technology is not high.
Legal responsibility when electronic data is falsified is also a big question. In case people rely on information from the identification system to transact but then incur damage, who will be responsible: Data management agency, system operating unit or user? At the same time, the State needs to expand the right to exploit data for people and credit institutions. The need to look up "identity cards" of houses from the market will create counter-pressure, forcing the data system to always be "viving" and accurate" - lawyer Dang Tu raised the issue.
