Hello, my husband and I are planning to buy land to build a house. With busy work, we plan to buy land through a broker, but we are still wondering about this because we are not sure if buying land through a broker is reputable or not. So about the matter “Should I buy land through a broker or not in Vietnam?” Let’s find out with LSX in the article below.
Legal grounds
- Law on Real Estate Business 2014
What is a land broker?
According to the provisions of Clause 2, Article 3 of the Law on Real Estate Business 2014, Law No. 66/2014/QH13 clearly states:
Real estate brokerage is acting as an intermediary for parties in the purchase, sale, transfer, lease, sublease, and lease purchase of real estate.
In simple terms, real estate brokers (land brokers) operate on the method of consulting, marketing, and advertising real estate to customers who want to buy, sell, transfer or lease. , sub-lease, lease-purchase real estate.
Should I buy land through a broker or not in Vietnam?
To answer the question of whether to buy land through a broker? You must first understand the benefits and risks of this approach. From there you can come up with your own answer.
Benefits of buying land through a broker
Firstly, save time searching and hunting land
For a non-professional real estate buyer, especially this is the first time, accessing real estate information for transactions should not be too difficult. But it certainly takes time to search real estate websites, social networking groups or track seller contacts, etc. However, getting the information will definitely take a lot of effort. , time spent tinkering with the land for sale. Especially, selecting the right information, recognizing the real and fake information really confuses buyers and takes a lot of time.
Meanwhile, if you choose to buy real estate through a real estate broker, you can shorten the search time. Select the exact and relevant listings for sale. Because when buying land through a broker, they will do this for you and help the process of finding out and transactions take place quickly.
Second, choose to buy a suitable house with the right property value
When choosing to buy real estate through a brokerage, they certainly have limitations on the real estate requirements that need to be transacted in terms of area, price, location, etc. And real estate consultants of the companies will help you. Filter out properties for sale with suitable prices and conditions for you to choose from.
Meanwhile, these properties have also been asked by the seller for a selling price based on price advice close to the market to easily sell. Therefore, buyers through brokers will almost always choose real estate at a good price.
Third, be supported with effective and fast home buying procedures
Buying real estate through a broker, you will receive legal advice and support. Helping real estate transactions take place quickly, safely signing in accordance with procedures, limiting risks and losing time when doing transfer procedures.
Risks when buying land through brokers
Firstly, some real estate brokers lack credibility
In essence, real estate brokerage is a form of referral service, supporting the connection between buyers and sellers of real estate according to an agreement. However, if you choose to have an unfaithful broker, it can lead to fraud such as price collusion, legal corridors of real estate, etc. And if you trust too much, the buyer can easily easily trapped.
Therefore, in order to minimize risks, buyers need to choose brokerage services from reputable companies and exchanges. To be legally defined on rights as well as obligations, to control activities in accordance with law.
Second, there are brokerage fees and commissions for the service
With the option of whether to buy real estate through this broker, if yes, you will definitely lose a commission. Because this is using the service, the transaction is faster and more convenient than buying real estate yourself. Usually the commission charged on a successful trade is 1-3% of the transaction value. In addition, there is a service fee charged on the case, regardless of whether a successful transaction is achieved or not.
So should you buy land through a broker or not?
Whether you should buy real estate through a broker will depend on whether you want to save money to gain transaction experience or not. If you don’t choose a brokerage service, you must choose a professional unit and check and master the agreements in the transaction instead of entrusting the whole job.
What are the real estate brokerage fees?
Remuneration fee
Remuneration fee is the fee that the client will have to pay to the brokerage firm regardless of the outcome of the transaction. After the customer registers at the real estate trading floor, the real estate company will send staff to work directly with the customer, sign a service contract and survey the actual situation of the property. .
When customers register to use the services of a real estate brokerage company, the remuneration fee can range from 50,000 to 550,000 VND (depending on the actual value of the property). This commission is non-refundable and will be deducted from the brokerage commission if the transaction is successful.
Commission
When signing the contract, the parties will agree on a commission fee that the real estate brokerage company is entitled to. This fee is calculated based on a percentage of the actual property value or a percentage of the difference between the sale price of the property and the price quoted by the broker, even a specific amount. may be agreed upon by the parties. The law does not interfere with this fee, all are the results of negotiations between the parties.
The real estate agent will collect this fee based on the agreement with the customer or the price schedule set by the company. Currently, each successful purchase / sale transaction will receive a commission from 1.2 to 5% of the value of the property. Everyone knows that a real estate contract is often of great value. Thus, if a house is sold for 1 to 2 billion, the broker has pocketed several tens of millions. This is an extremely attractive amount for employees in this profession.
To receive a few percent of this contract value, real estate brokers have to trade off a lot of knowledge, skills and bravery. Professional brokers also confirm that, to enjoy this commission is not easy at all. Real estate brokers have to do everything from finding products, finding customers, implementing marketing strategies, taking care of and persuading customers to sign contracts to handling procedures for customers
Services of LSX
Prestigious professional services: Firstly, the team of consultants and consultants for many years in the field of civil status, and customer support.
On-time: Certainly, with the motto “Get your lawyer right at your fingertips”, we ensure the service always performs on time. The rights and interests of customers always come first.
Cost: Besides, LSX’s service costs are highly competitive; depending on the nature of the particular case. So, we want our guests to have the best possible service experience. Therefore, costs which guaranteed to be the most suitable and economical for customers.
Confidentiality of client information: Finally, all brand information of client LSX will be 100% confidential.
Please contact us immediately if you have any questions about “Should I buy land through a broker or not in Vietnam?”
Contact LSX
Finally, hope this article is useful for you to answer the question about “Should I buy land through a broker or not in Vietnam?” If you need any further information, please contact LSX Law firm: at +84846175333 or Email: [email protected]
Please see more
- Procedure of land acquisition for project implementation in Vietnam
- Sequence of recovering encroached land in Vietnam
- Land valuation income method in Vietnam
Frequently asked questions
The Law on Real Estate Business 2014 stipulates:
Organizations and individuals providing real estate brokerage services must establish an enterprise in accordance with the provisions on enterprise establishment under the 2014 Enterprise Law; and there must be at least 02 people with real estate brokerage practice certificates, except for the case specified in Clause 2, Article 62 of the Law on Real Estate Business 2014;
Individuals have the right to conduct independent real estate brokerage services (not having to establish a business) but must have a real estate brokerage practice certificate and register to pay tax in accordance with tax laws.
Real estate brokerage is the activities of consulting, advertising and marketing real estate to customers wishing to buy and sell real estate.
A professional real estate broker with solid knowledge of projects, investors, market prices in his area of operation. Provide information about projects, promotional policies
Search for potential customers.
Legal advice, support customers in contract signing procedures.
Maintain relationship with customers.
Research and update real estate situation. Real estate valuation and auction activities.
Implement the business development strategy of the board of directors. These are the main jobs of real estate agents. Each person has different tasks and requirements depending on the field
The Law on Real Estate Business 2014 stipulates: “Individuals have the right to conduct independent real estate brokerage services but must have a real estate brokerage practice certificate”.
Therefore, people operating in this field need to have a practicing certificate before joining to become a legal and trusted real estate broker.
Conclusion: So the above is Should I buy land through a broker or not in Vietnam?. Hopefully with this article can help you in life, please always follow and read our good articles on the website: lsxlawfirm.com
