Closing land without red books, investors are in disarray, stuck in capital

Land without a red book costs billions

After the merger of administrative boundaries, she plays the role of a person in need of buying land to build a house in Cai Rang, Ninh Kieu, Binh Thuy areas (Can Tho City). We (PV) have been proactively contacted by many brokers.

In mid-July, the reporter was taken by a broker named Nguyen Van Hoang (character's name has been changed) to see a plot of land in Cai Rang ward. Passing through a winding road, with a road width of about 3.5m, we also got to the plot of land to see.

Through discussion, the plot of land was quoted by Hoang at 35 million/m2, with an area of 90m2. If the transaction is closed early, the transfer price will be 3.1 billion - excluding taxes and transfer fees.

However, when asked about legal documents, this broker replied quite vaguely: "Only handwritten documents, no separate books but a certificate, if you buy them, you will need to apply for a transfer, about 6 months to 1 year will have the books sold".

Seeing buyers seem to be afraid of risks, Hoang urged: "Now people flock to the city with many houses, clean land (complete legal land) is rare, this price is already stuck, if you hesitate to increase the price for a few more weeks, you will lose the opportunity".

In a further survey in Long Tuyen ward, reporters were approached by a land broker to introduce a plot of land priced at 2.15 billion VND, about 32 million VND/m2. When asked the land broker to show the red book, this person said that there was no separate book, if I bought it, I would sign it with handwriting, people have been here for decades, it's okay.

Hiding capital due to land disputes, no certificate

Mr. Nguyen Van Pho (Cao Lanh ward, Dong Thap province) recounted the bitter story: At the end of last year, seeing people selling land after the merger, the areas along the administrative center will have high prices, I saved all my money to buy land, for 1.9 billion.

At the time of purchase, there was only a handwritten document, the old owner promised to take care of all the documents, and would have a certificate after 6 months, but now it has not been available for nearly a year, and the land is currently in an inheritance dispute".

After many contacts with the old owner but did not bring positive results, Mr. Pho had to accept the situation of "burying capital" because he could not build a house on the land that he had just bought and sold to others.

Mr. Tran Minh Hau - a real estate brokerage office owner in Can Tho City - shared: For a long time, investors have been thinking that land will make a profit, many people are afraid of being " given up", chasing rumors and rushing to decide without clearly verifying the origin and legal documents.

In fact, land without a red book is only about 70-80% of the land price with sufficient documents. Taking advantage of the merger, the demand for housing in cities increased, land brokers sopped up to create a virtual fever, shouting prices to lure customers.

A survey on a number of exchanges and real estate information sites shows that the average land price in Can Tho City is currently at 31.2 million VND/m2; An Giang 19.7 million VND/m2; Dong Thap 16 million VND/m2...

Experts warn that investing money to quickly finalize land plots without clear legal documents has many potential risks, but there have been cases of cutting losses to get rid of goods due to miscalculation in planning, or buying land in dispute.

"Some areas only increase prices due to rumors, not based on real infrastructure, customers should clearly research information, land origin, and make records to avoid future risks and disputes," said Mr. Hau.