A deposit for buying or selling real estate is when the prospective buyer transfers a deposit (usually money) to the seller (the party with the right to use the land or house) to secure the signing and execution of the purchase agreement. A deposit agreement can be understood as a preliminary contract to facilitate a later transaction (signing the official purchase agreement). Therefore, several factors need to be considered when making a deposit.
Legal verification of the house and land.
When buying a house or land, choose one with complete legal documents, such as a certificate of ownership, to ensure the property is free from ownership disputes, seizure for enforcement of judgments, mortgage, or administrative decisions by competent authorities. For added security, request a copy of the Certificate of Land Use Rights, Ownership of House and Other Assets Attached to Land (with the most recent notarization) from the seller.
To avoid risks, customers need to thoroughly research a property before making a deposit.
Afterward, the buyer should go directly to the local People's Committee to request similar information and then compare whether the information from the two sources matches.
Verify the homeowner's identity.
Buyers need to verify that the homeowner's information, such as name, photo, and ID number, matches the information on the land title certificate. Please provide photocopies of the land title certificate and other legal documents of the homeowner for verification at the local authorities to accurately determine if the homeowner is the legitimate owner.
Check if the house is subject to any zoning restrictions.
This information can be verified at the Urban Management Department or the planning inspection department of the People's Committees of the districts/counties where the property is located.
Learn about the history of the house.
The history of a house may not be legally relevant, but it directly affects the psychology of its occupants and its liquidity. For example, if someone dies in the house due to a fight, suicide, or if the house is sold due to divorce or property division, the residents will often feel uneasy. This is a common mindset among Eastern homebuyers, who value spiritual and feng shui aspects.
If you're buying a house to live in and don't care about these issues at all, that's fine. But if you're investing for resale, the next buyer might be picky, hesitant, and refuse. Many people buy houses to resell, but end up buying a house where someone died tragically. When they show the house to potential buyers, they hear neighbors gossiping, causing the transaction to fail.
Check the terms of the deposit agreement before signing.
The necessary clauses include: personal information, home address, plot number, parcel number, location map, purchase price, payment installments, handover date, taxes, fees, etc. Even a deposit contract needs the signatures of both husband and wife (if the seller is married) to avoid problems.
In addition, homebuyers need a receipt or payment authorization form from the bank after paying the seller.
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