Minister of Construction Nguyen Thanh Nghi has just reported on the expected reception and explanation of opinions discussed in the group on the draft Law on Real Estate Business (amended) which will be discussed by the National Assembly this afternoon, June 23.
Trading through the floor does not increase the selling price
Regarding the regulation requiring real estate transactions through the floor, the Minister said that, besides some opinions agreeing, some opinions suggested that real estate transactions should not be required to be conducted through the floor but should only be encouraged to ensure the freedom and choice of the parties in the transaction.
Explaining, the Minister stated that the regulation that real estate transactions formed in the future are conducted through real estate trading floors is to institutionalize the Party's policy in Resolution 18 of the 13th Central Committee on land.
At the same time, ensure the synchronization of the legal system, perfect the mechanism to prevent and combat "money laundering" and terrorist financing in Vietnam.
In addition, according to the Minister of Construction, it is necessary to strengthen control, publicity, transparency, and protect people's rights in real estate transactions without affecting people's freedom of activities and methods of real estate transactions.
Requiring real estate trading through the floor will also help the State have a tool to manage information about the real estate market, thereby issuing policies to promptly regulate the real estate market to develop healthily and stably.
Minister of Construction Nguyen Thanh Nghi (Photo: Quochoi.vn).
The Minister also emphasized that the regulation of trading through the floor does not unreasonably increase costs for investors or increase selling prices.
Currently, the management and sales costs of investors are usually determined to be between 8 - 10% of the selling price (including personnel costs, advertising, communication, commissions for successful sellers, etc.). This cost is also included in the selling price by investors.
Therefore, investors can spend money (using their own apparatus and resources) to organize sales themselves or establish a floor or hire a real estate floor to do so.
This often saves sales costs for investors, because real estate floors are professional sales units (with available customer data, available links to floors, available marketing and advertising channels, etc.) so they are more effective and efficient.
The Minister also said that through research in many countries, real estate transactions are carried out through real estate floors or agents and brokerage organizations.
Prevent fraud
In addition, the Minister of Construction also affirmed that future real estate transactions have many characteristics such as: assets not yet formed, complex legal aspects of real estate projects, conditions for putting into business must be controlled according to the actual implementation of the project, while these transactions are not notarized.
Therefore, it is necessary to put transactions through the floor to ensure publicity, transparency, management, and help prevent fraudulent acts in real estate transactions.
According to the Ministry of Construction, future real estate transactions conducted through the exchange do not unreasonably increase costs for investors or increase selling prices (Photo: Huu Thang).
He also said that requiring real estate transactions through the floor aims to make the activities of all market participants transparent, avoid risks for people, and limit complaints that cause disorder and social insecurity.
Along with that is to enhance the role and responsibility of real estate service businesses; create a healthy and stable real estate investment and business environment.
However, the Minister affirmed that the drafting agency will report to the Government to continue to carefully study comments on this content, ensuring the completion of regulations on real estate trading floors accordingly.
The draft law stipulates two types of real estate that must be traded through the floor: houses, future construction works, and land use rights with technical infrastructure in real estate projects for people to build their own houses.
The State encourages organizations and individuals to conduct transactions of buying, selling, transferring, leasing, leasing houses, construction works and real land use rights through real estate trading floors .
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