From August 1, investors are not allowed to collect deposits for apartment purchases exceeding 5% of the selling price.

According to Clause 5, Article 23 of the Law on Real Estate Business 2023, real estate project investors are only allowed to collect deposits of no more than 5% of the selling price, lease-purchase price of houses, construction works, and construction floor area in construction works when they have met all the conditions for putting into business according to regulations, such as having a construction permit, notice of construction commencement, documents on land use rights, house ownership rights and other assets attached to land...

The deposit agreement must clearly state the sale price, lease-purchase price of the house, construction project, and the floor area of ​​the construction project.

From August 1, investors are not allowed to collect deposits for apartment purchases exceeding 5% of the selling price. (Photo: ST)

Along with the regulation on deposit not exceeding 5% of the selling price, Article 25 of the 2023 Law on Real Estate Business also has regulations on payment for buying and selling, and leasing houses on paper.

Accordingly, the parties make payments in installments, the first payment not exceeding 30% of the contract including the deposit (the old regulation does not include the deposit).

Subsequent payments must be in accordance with the construction progress but not exceed 70% of the contract value when the house, construction work, and floor area in the construction work have not been handed over.

Thus, compared to the old regulations, the 2023 Law on Real Estate Business has added the basis of the construction floor area in the project for the buyer.

If the seller is a foreign-invested organization, it shall not exceed 50% of the contract value. If the buyer or hire-purchaser has not been granted a red book/pink book, it shall not collect more than 95% of the contract value. The remaining value will be paid when the buyer is granted a pink book.

At the same time, the new law adds regulations on payment in housing lease-purchase and construction floor area in future projects compared to the 2014 Law on Real Estate Business.

In this case, payment is also made in installments and the first installments are stipulated to not exceed 30% of the contract value including the deposit.

Subsequent payments must be in accordance with the construction progress until the handover of the house and the construction area, but the total advance payment must not exceed 50% of the value of the future housing lease-purchase contract. The remaining amount is calculated as rent to be paid to the lessor within a certain period as agreed.

Deposit is the first step in the buying and selling process, carried out before signing the contract. Current law does not provide specific regulations on deposits for buying and selling real estate formed in the future. According to the new regulations, the deposit for buying and selling houses on paper is tightened to avoid collecting too large a deposit, which can lead to fraudulent behavior causing damage to the buyer.

Source: https://www.congluan.vn/tu-1-8-chu-dau-tu-khong-duoc-phep-thu-tien-coc-mua-can-ho-qua-5-gia-ban-post302981.html