Today, August 22nd, the First Extraordinary Session continues, the National Assembly discusses in the hall many important contents.
One issue that National Assembly deputies are interested in discussing is the deposit and payment at real estate projects.
Speaking at the hall, delegate Luong Thi Hoa (Thanh Hoa Provincial National Assembly Delegation) said that amending the Law on Real Estate Business is an urgent requirement to remove obstacles, improve institutions, and develop a transparent, healthy, safe and sustainable real estate market...
Delegate Hoa emphasized that protecting customers in real estate transactions formed in the future "must be one of the core contents of the law".
According to the delegate, customers often pay a large part of the value of assets in advance but are the party with less ability to control cash flow, project implementation progress and legal status of assets.
Therefore, key issues such as deposits, payment limits, secured accounts, bank guarantees, cash reimbursement responsibilities and handover conditions must be clearly stipulated in the law, and cannot be assigned too broadly to guiding documents.
In particular, delegate Hoa emphasized that it is necessary to prevent deposits, reservations, registration of aspirations or collections under different names but in fact are capital mobilization when the project is not eligible for business. The guarantee mechanism must not be turned into formal procedures.
In addition, the investor has an obligation to arrange guarantees, and customers must be provided with full information to choose on a voluntary basis and understand the costs, rights, and risks.
House handover must also be linked to actual usage conditions; it cannot be considered fulfilling obligations just because apartments have been handed over while technical infrastructure and essential infrastructure are not guaranteed for people to live normally. If the law does not clearly stipulate, risks and disputes will ultimately fall on the buyer's side.
With the same content, delegate Pham Trong Nhan (Delegation of National Assembly Deputies of Ho Chi Minh City) requested to control collections according to the nature of transactions, regardless of the name being deposit, reservation, registration of aspirations or other forms.
Mobilizing money before the time the law allows is only part of the problem. The part that needs to be handled more deeply is the legally mobilized cash flow after the project has met the business conditions.
For example, for real estate businesses to borrow 1,000 billion VND, banks must appraise the project, investor capacity, capital use plan, collateral; and at the same time control disbursement, capital use purpose and progress.
But 1,000 people, each contributing 1 billion VND to buy houses formed in the future, also create 1,000 billion VND of capital for the project. It is worth mentioning that 1,000 buyers do not have control tools like banks. They find it difficult to know if the money they deposit in the project is actually used to form the assets they are buying.
The draft has stipulated the proper use of money and the design of a secured account for the remaining 5% of the contract value during the waiting period for certificate issuance. This regulation is necessary but not sufficient, and it is necessary to study the mechanism for managing buyers' money for each project.
