The 2024 Land Law has been amended and supplemented in the direction of "taking people as the center"

According to the Vietnam Association of Real Estate Brokers (VARs), the provisions of the 2024 Land Law have been amended and supplemented in the direction of "taking people as the center", protecting the maximum benefits for home buyers.

Specifically, with the new land price regulations, land prices will be calculated according to market principles, compensation and site clearance progress will be accelerated and people will benefit when their land is recovered.

At the same time, it limits the motivation for speculation and promotes the real estate market to develop in a safe, healthy and sustainable direction when transfer costs, taxes, etc. increase.

A specific and transparent land valuation method will also help projects to be implemented smoothly, remove obstacles for suspended projects, promote new supply to the market, create conditions for investors to balance capital costs and reduce house prices. Thereby, supporting people's demand for buying houses.

The 2024 Land Law has been amended and supplemented in the direction of "taking people as the center". (Photo: TC)

In addition, the new regulations on granting land use right certificates have been amended to be clearer and more transparent. While in the past, many home buyers had to struggle, even "beg" to be granted a certificate, in the 2024 Land Law, this responsibility belongs to the state. Accordingly, the state must grant certificates to people who are eligible for certificates.

In addition, the 2024 Land Law also aims at the rights of home buyers when officially granting ownership certificates for land without a certificate after 2014.

According to the Housing Law 2024, new standards for housing design, construction and management are improved, ensuring safety and quality of life for buyers. Regulations that mini apartments must have adequate fire prevention and fighting and be considered for granting pink books if meeting all conditions will create conditions to promote both social security and safety for residents and support individuals and groups to develop this type.

Regulations requiring housing development and not allowing subdivision and sale of land in special, type I, type II and type III urban areas will limit the occurrence of fraud cases in which buyers are victims as in the past.

Regulations expanding home ownership rights for foreigners, increasing ownership periods and simplifying home purchase procedures will create favorable conditions for foreign investors.

In particular, the Housing Law 2024 adds subjects eligible to invest in social housing development and subjects eligible to buy or rent-purchase social housing. Thereby, developing the supply of social housing, supporting low-income people to easily access affordable housing projects and preferential loan programs.

According to the new regulations of the Law on Real Estate Business, the real estate business environment will be healthier and more transparent, in line with the Government 's policy.

Accordingly, the 2024 Law on Real Estate Business stipulates that brokers must have a practice certificate and must operate in a real estate brokerage service enterprise or a real estate trading floor. Requiring real estate transactions to be conducted through the floor will increase transparency and limit risks in transactions for customers.

In addition, according to new regulations, investors and real estate businesses are required to make payments through banks, and real estate projects must disclose information before putting them into operation.

VARS believes that these regulations will be the foundation for building and digitizing project databases to publicly announce to all market members, avoiding information asymmetry and minimizing risks for home buyers.

Another regulation is that real estate project investors are only allowed to collect deposits of no more than 5% of the sale price, lease-purchase price of houses and future construction works. This regulation helps protect home buyers from the risk of investors raising capital from customers before completing the necessary legal procedures.

In addition, home buyers can also reduce financial costs if they buy products from reputable investors when the new Law on Real Estate Business allows customers to have full rights to choose whether or not to apply for a guarantee for the investor's financial obligations to them when signing a contract to buy, sell or lease-purchase future housing.

The new law also clearly stipulates the investor's responsibility in handing over the house on time, ensuring the quality of the project and handling buyers' complaints.

VARS believes that the newly amended and supplemented Land Law, Housing Law, and Real Estate Business Law, which provide a clearer and more flexible legal framework after implementation, will be a good opportunity for home buyers.

Because with the new regulations, the rights and interests of home buyers will be protected, with more options when supply is cleared.

Source: https://www.congluan.vn/luat-dat-dai-2024-da-duoc-sua-doi-bo-sung-theo-huong-lay-nguoi-dan-lam-trong-tam-post300347.html