Delegate Nguyen Truc Son said that forcing real estate transactions through the floor is dominating the legitimate rights of citizens, not in accordance with relevant laws.
In the draft revised Law on Real Estate Business submitted to the National Assembly (consisting of 10 chapters and 92 articles), the Government proposed two types of real estate transactions that must go through the floor, including investors selling, leasing and purchasing houses or future constructions and transferring, leasing, and subleasing land with technical infrastructure. Other transactions are encouraged to go through the floor.
Giving comments at the afternoon meeting on June 19, Permanent Vice Chairman of Ben Tre Provincial People's Committee Nguyen Truc Son said that real estate trading floors are one of the progressive methods for buying, selling, and renting houses. However, if the draft law stipulates that this is the only channel for buying and selling real estate, it will contradict the Enterprise Law or the Civil Code.
Mr. Son analyzed that according to the Enterprise Law, enterprises have the right to choose their business form, search for markets and use methods to do business and approach customers. Enterprises can also buy and sell through personal transactions or through intermediary companies. The Civil Code stipulates that the subjects participating in civil transactions are voluntary.
"If we want to control and prevent corruption in real estate transactions, that is the public sector. That should not affect citizens' rights to find appropriate channels to buy and sell real estate," said Mr. Son, suggesting that real estate transactions should only be one of the methods, not the only one.
Permanent Vice Chairman of Ben Tre Provincial People's Committee Nguyen Truc Son. Photo: Hoang Phong
Deputy Chief Justice of Quang Ngai Provincial People's Court Luong Van Hung also expressed disagreement with this provision, assessing that this provision is inappropriate and conflicts with the provisions of Article 119 of the Civil Code on the form of civil transactions. Because according to the Civil Code, civil transactions are expressed verbally, in writing or by specific actions and are not required to be conducted through a trading floor.
In addition, the above regulation also creates barriers when additional confirmation procedures arise through the exchange, causing additional large costs for this transaction, in which the most clearly identified beneficiary is the exchange.
Meanwhile, in recent times, the operations of many real estate trading floors have not been strictly controlled, and regulations on establishment conditions are still loose. "Many floors operate unhealthy, showing signs of market manipulation, even abetting fraudulent acts, violating the law, legalizing investors' violations, causing damage to consumers," said delegate Hung.
The Deputy Chief Justice of Quang Ngai Provincial People's Court proposed to reconsider the above regulation in the direction of only "encouraging" through the trading floor instead of "requiring".
Deputy Chief Justice of Quang Ngai Provincial People's Court Luong Van Hung. Photo: Hoang Phong
Mr. Nguyen Manh Hung, Standing Member of the Economic Committee, said that in reality, transactions through real estate exchanges have not been managed, there have been many cases of "colluding" between investors and exchanges to raise prices, pushing real estate prices up, causing a virtual fever in the market. On the other hand, transactions through exchanges also create more intermediaries, incurring costs and the legality of contracts traded through exchanges is unclear, whether they can replace notarized contracts or not.
In the current conditions of Vietnam, Mr. Hung said that all real estate transactions should not be forced to go through the floor, but should only be encouraged. If the trading floors operate systematically, systematically, and transparently, then even if it costs more, people will accept and voluntarily participate.
Examining this content before, the majority of opinions at the Standing Committee of the Economic Committee suggested not to make transactions through real estate trading floors mandatory, but only to encourage them. "It is necessary to respect the right of businesses and people to choose to participate in transactions through real estate trading floors. It is not necessary to make it mandatory, but only to encourage organizations and individuals to trade real estate through the floor," the Economic Committee stated its opinion.
According to this agency, there is currently not enough practical basis and legal safety for real estate transactions through the floor. In addition, requiring real estate transactions on paper to go through the floor will increase costs and include them in the price, buyers will have to pay both guarantee fees and transaction floor fees. Mandating transactions through the floor carries the risk of exploiting legal regulations to monopolize, colluding with parties involved in the transaction to evade taxes, and disrupting the market.
It is expected that the draft Law on Real Estate Transactions (amended) will be passed by the National Assembly at the 6th session, late 2023.
Son Ha - Hoai Thu
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