Things to note when making a deposit to buy real estate

Deposit for real estate purchase and sale is when the buyer (intending to buy) will transfer to the party with the right to use the land or house (seller) the deposit (usually money) to ensure the signing and implementation of the sale and purchase contract. The deposit contract can be understood as a form of preparatory contract to carry out another transaction at a later time (signing the official sale and purchase contract). Therefore, when making a deposit, there are many issues to pay attention to.

Legal check of house and land

When buying a house or land, you should choose a house with full legal documents such as a certificate of house ownership to know if the property has no ownership disputes or is being seized to enforce a judgment, mortgaged or is being subject to an administrative decision of a competent authority. To ensure safety, you should ask the seller to provide a copy of the Certificate of land use rights, house ownership and other assets attached to the land (latest notarized).

To avoid risks, customers need to learn carefully about the house before putting down a deposit.

After that, the buyer should go directly to the local People's Committee to request similar information and then compare to see if the information from the two sources matches.

Check the legitimacy of the landlord

Buyers need to check whether the homeowner's information such as name, photo, ID card number or citizen identification number matches the information on the red book/pink book. Please photocopy the red book/pink book and legal documents of the homeowner to check with the local authorities, thereby determining exactly whether the homeowner is the owner or not.

Check if the house is planned

This information can be checked at the Urban Management Department or the planning inspection department at the People's Committees of the districts where the property is located.

Learn the history of the house

The history of the house may not be related to the law but it directly affects the psychology of the house user and the liquidity. For example, if someone in the house dies due to a fight, commits suicide or sells the house due to divorce or division of property, the residents will often not feel secure. This is the common psychology of buying a house of Eastern people, who value spiritual values and feng shui.

If you buy a house to live in and do not care about these issues, it is okay, but if you invest in transferring, the next buyer may be picky, hesitant and refuse. Many people buy houses to resell but buy a house where someone died unjustly, when taking customers to see the house, they hear the neighbors gossiping, causing the transaction to fail.

Check the terms of the deposit contract before signing.

Necessary terms include: personal information, home address, sheet number, plot number, location map, purchase price, payment terms, house handover date, taxes, fees... Even if it is a deposit contract, it must have the signatures of both husband and wife (if the seller has a wife/husband) to avoid trouble.

In addition, home buyers need a receipt of money delivery or a payment order from the bank after paying the money to the seller.

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