Risks to avoid when buying an apartment.

The project is being offered for sale even though it doesn't meet the necessary conditions.

This risk largely stems from buyers being unaware of regulations and rushing to make payments without thoroughly checking the documents.

Although the law requires projects to meet all legally stipulated conditions before being allowed to operate, in reality, many investors, driven by profit, proceed haphazardly. Sometimes, a project may not even have a land use right certificate for the entire project, and the application may not have been approved, yet sales have already begun.

Especially for housing projects under construction, developers must complete the foundation before they can put them on the market. Many people are unaware of this regulation, which can easily lead to risks.

Risks to avoid when buying an apartment - 1 — When buying an apartment, caution is needed to avoid potential risks. (Illustrative image: Truong Cong Hieu).

For future development projects, especially mixed-use complexes and apartment buildings, in addition to having the legal documents stipulated in Article 55 of the Law on Real Estate Business, they must have completed the foundation on site, reaching approximately 20% of the building's construction progress. Furthermore, the Department of Construction stipulates that for a future housing project to be eligible for sale, the foundation must be inspected and approved by the Department and published on the Department's official website. Only after fulfilling these legal requirements can the future housing project be eligible for sale.

Another important condition is that the project must be guaranteed by a major Vietnamese commercial bank. This ensures that in the event of unforeseen circumstances, the developer is unable to continue construction and is forced to refund the investors. The bank will be the primary guarantor. This regulation is intended to protect homebuyers, so investors need to be aware of it to safeguard their rights.

Risks when signing a contract

When buying an apartment for the first time, buyers are often overwhelmed by the sheer number of different contracts. They might think that signing a sales contract is enough, but when the real estate agent presents the various types of contracts, they discover there are numerous options such as "Investment Cooperation Contracts," "Business Cooperation Contracts," "Capital Contribution Contracts," and so on.

The law clearly states that when purchasing a house under construction, buyers are not allowed to pay 100% of the house's value to the developer. The signed purchase agreement must specify installment payments according to the construction progress.

Therefore, investors will circumvent the regulations by using various contract forms such as: investment cooperation contracts, business cooperation contracts, capital contribution contracts, etc. Of course, these types of contracts do not conform to the mẫu prescribed by the Ministry of Construction , but investors still often use them to raise capital illegally.

Fire safety risks

This is a crucial factor to consider when buying an apartment. Equipment such as fire alarms, fire bells, fire extinguishing systems, and fire extinguishers must be fully equipped and always ready for immediate use in case of an emergency.

In addition, emergency staircases are also extremely important. Ideally, they should be made of iron doors, always closed but never locked.

Even if an emergency occurs, the fire cannot spread to the emergency exits or other floors. If the apartment building's elevators are unusable, you can use the emergency exits to get outside.

Parking dispute

Recently, numerous disputes over parking spaces have occurred between apartment buyers and developers or building management.

To avoid this problem when moving into a high-rise apartment building, you need to take the time to carefully review the contract and have a clear discussion with the developer about this issue.

Buyers of apartment units must ensure transparency regarding parking standards before signing the purchase agreement. Some key points to consider include: What is the maximum number of motorbikes and cars allowed per apartment unit? Is parking included in the price or must it be purchased separately or leased for a limited period? If the project includes a commercial area, will residents share or have separate parking garages with visitors?

Risks of buying an illegally constructed building.

For profit, developers sometimes intentionally build more floors than permitted by the authorities. This violation usually affects the apartments on the top floors.

Therefore, if you decide to buy an apartment on the top floor of a condominium, you need to thoroughly investigate whether the building has exceeded the permitted number of floors to avoid future problems.

There have been cases where, upon discovering violations of exceeding the permitted number of floors in construction, the developer has had to demolish the building or use the top floor as a common living area for all residents.

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