“Sir, as far as I know, the land prices are going up these days. Many places are creating opportunities for co-owned houses. I’m in Ho Chi Minh City, I can target a few places to buy with my brother. However, many people told me not to buy a co-owned house, but according to my reference, there are many advantages. My lawyer asked me if it is okay to buy a co-owned house and is there any note to make it beneficial for me when buying?“. Thanks for your question. It can be said that the problem of co-ownership is not new to many people, but there are many things that people do not understand that will be easy to lose. And to understand more about this, today, LSX Lawfirm will give you an article about “Notes when buying a co-owned house in Vietnam”, as follows:
Legal grounds
Land Law 2013
Housing Law 2014
What is a co-owner?
A co-owned house is a form of the house where many people share the same name on a main pink book. The people named in the book all have rights and a say in that land. The red book of co-ownership is a certificate of joint ownership, in which there are equal or more 2 owners without the spouse or children of the owner. The co-ownership pink book is also known as the private land share book, the common pink book.
However, you should still pay attention to some specific issues according to the regulations on co-owners to be careful in buying and selling. Pursuant to Point b, Clause 2, Article 167 of the Land Law:
“A group of land users whose land use rights can be divided into parts for each member of the group, if each member of the group wants to exercise the right to his or her share of the land use right, he/she must carry out the procedures for dividing the parcel of land. according to regulations, carry out procedures for issuance of certificates of land use rights, ownership of houses and other land-attached assets, and exercise the rights and obligations of land users.”
In addition
At the same time when buying and selling real estate; although the law recognizes joint owners with rights and obligations corresponding to their share of ownership; when a common owner sells his share of ownership, the other common owner has the right to preemptively buy. Within 3 months from the date on which the other common owners receive the notice; on the sale and the conditions of sale; If no common owner buys it, that owner is entitled to sell it to another person.
Thus, the owner can only sell the house with the consent of the remaining co-owners; this poses a risk of disputes arising when there is a disagreement between the co-owners; resulting in the owner not being able to carry out the purchase and sale procedures in accordance with the law.
Features of buying a co-owned house
Advantages of co-owners
- Firstly we will certainly see the price advantage; With a co-owned house, the selling price will always be much cheaper than a house with a separate pink book. The house is always beautifully designed, clean and luxurious.
- Secondly, The location of the house is usually near the edge of the city; so moving to the center is also quite close, convenient to go, full electricity and water.
- Thirdly, The house is near the center, the existing population is crowded, and the surrounding facilities are full; If you buy to live and settle down, it is very ideal.
- The price of a co-owned house with an area of about 30m2; a usable area of 60m2, the selling price in District 12 is about 1 billion 2 to 1 billion 5.
- Finally, Flexible payment: Many landowners or investors allow customers to pay flexibly; You don’t need to pay 100% right away, but you can still move in right away.
Disadvantages of co-owners
- Firstly, The first downside we can see is the pink book problem; many people with the same name. So when you want to sell a house, all the people who own a house on that land must sign it; then you can sell, this is a bit difficult.
- Secondly, No bank mortgage: With a co-owned house, you will not be able to get a bank mortgage on this house; because the pink book is not your own.
- Thirdly, Small house area: For co-owners, the land area is usually no more than 30m2; So quite cramped if your house is crowded.
Notes when buying a co-owned house
The basic notes when you buy a co-owned home are as follows:
- See the original documents, your residential area has been residential or not; planned or not. If it is planned, it is easy to lose the house.
- The original pink book is being mortgaged to the bank or not. If so, it should be noted, because the bank can recover the assets at any time.
- It is necessary to distinguish between a co-owner and a separate pink book house. Currently, a lot of real estate sales sell co-owned houses; but deceive customers with private book advice. It is a child’s book in the main book, not the separate book of that house.
- The co-owner is different from the micro-equity notary. Co-owners have more legal and trust than notarization.
- Determine whether your real needs are buying to live or buying to invest. If buying to live, it is highly recommended to buy a co-owned house, because the price is cheap; New house, clean, beautiful, densely populated, close to the center. And if you buy to invest, you should not buy, because it is very difficult to resell and the profit is not much.
Consulting service of LSX Lawfirm
Above is LSX Lawfirm’s advice on the content of the problem “Notes when buying a co-owned house in Vietnam”. And all the above knowledge to use in work and life. If you have any questions and need more advice and help, please contact the hotline for the reception. Lawyer X is a place that provides reputable and fast business services at reasonable prices. Customers will be extremely satisfied when using our services.
- FB: www.facebook.com/luatsux
- Tiktok: https://www.tiktok.com/@luatsux
- Youtube: https://www.youtube.com/Luatsux
Related article
- Regulations on the issuance of red books for apartment houses in Vietnam
- Documents proving eligibility for owning houses in Vietnam
- The role and principles of application of case law in a trial in Vietnam
Related questions
– Firstly, The law still recognizes this as a pink book, having the same value as a separate pink book. However, when buying, selling, and borrowing, you may encounter certain difficulties.
– Secondly, When buying land or a house in the pink book of co-ownership (common book), the owner will be issued a separate book with the same value as the only book. The difference here is that someone’s notebook will be in that person’s name. The book shows how much the total used area is between the buyers and sellers.
Firstly, check and verify information about the total number of people involved in the co-ownership.
Secondly, check the document and transfer history as well as the owner of the document.
Thirdly, Check if the land is in the planning of the State or not,…
In case of sale of a part of ownership and there is a violation of the right of priority to purchase, within three months from the date of detecting the violation of the right of priority to purchase, the joint owner according to the part among the owners the joint owner has the right to request the Court to transfer to him/her the rights and obligations of the buyer; the party at fault causing damage must compensate for the damage.
Contact LSX Lawfirm
Finally, hope this article is useful for you; answer the question: “Notes when buying a co-owned house in Vietnam”. If you need more information, please contact LSX Law firm: at +84846175333 or Email: [email protected].
Conclusion: So the above is Notes when buying a co-owned house in Vietnam. Hopefully with this article can help you in life, please always follow and read our good articles on the website: lsxlawfirm.com
