Reduce transaction risks, but cannot completely erase "handwritten papers
The construction of an electronic identification system for real estate is being considered an important step forward in the process of digitizing land management and the real estate market in Vietnam. However, according to legal experts, this policy, although bringing many benefits, also poses many challenges in data security and system management.
Talking to PV of Lao Dong Newspaper, lawyer Le Thu Hang - expert in the field of land, TAT Law Firm said that the issuance of electronic identification codes for real estate is a major step forward in market management.
According to her, when each real estate is attached with a unique identification code, integrating legal information such as mortgage status, planning, transaction history..., people can easily look up before signing a contract. This will significantly reduce the risk of buying assets that do not meet legal conditions.
However, it is necessary to objectively recognize that the identification code does not replace the Certificate of Land Use Rights and does not automatically invalidate "handwritten" transactions. If the parties still intentionally transact outside the system, risks still exist" - lawyer Hang assessed.
Data transparency must come with security
Some opinions also expressed concern about the risk of asset data leakage when the electronic identification system is widely deployed.
According to lawyer Le Thu Hang, this is completely justified concern because real estate data has a very large economic value, including owner information, transaction prices or financial status of assets. If illegally exploited, this data may be exploited for speculative purposes, land fund acquisition or fraud.
To limit risks, she believes that three important factors need to be emphasized: stratifying data access rights, hiding or encrypting sensitive personal information, and strictly controlling all system access activities.
Transparency is necessary, but transparency must come with security. If these two factors are not well balanced, the system may be exploited," she emphasized.
Disputes may arise related to digital data
The shift to real estate management using electronic data may also give rise to new forms of disputes.
According to lawyer Hang, disputes may arise due to information distortion between data on the electronic system and land use right certificates. In case assets have been distrained or restricted from transactions but data has not been updated in time, it can also cause buyers to suffer losses.
Even, compensation disputes can arise if people rely on official search data to transact but that information is inaccurate. In addition, the risk of lawsuits related to privacy violations can also increase if asset data is illegally exploited.
It can be said that when the market switches to digital management, disputes will also shift from traditional paperwork to accuracy and data management responsibility," she analyzed.
Increasing the responsibility of brokers and exchanges
According to the provisions of the 2023 Real Estate Business Law, real estate brokers have an obligation to provide truthful and accurate information. When the identification data system is officially put into operation, this responsibility will become even clearer.
Lawyer Le Thu Hang believes that in that context, brokers providing false information compared to official data may lead to civil liability, administrative penalties or even revocation of professional certificates.
This will force exchanges to be more professional in the process of checking and verifying information before advising customers.
Foundation for the digital real estate market
From a long-term perspective, legal experts believe that the electronic identification system can bring positive impacts to the entire real estate market.
Data standardization nationwide will help reduce legal "gray areas", while supporting tax management and money laundering prevention. More importantly, this system creates a platform for the formation of a digital real estate market, where transactions based on data are transparent instead of word-of-mouth information.
However, the effectiveness of the policy still depends on the system operation process. According to lawyer Hang, data must be fully and accurately updated and strictly secured.
