Risks when buying an apartment that customers should avoid

Project opens for sale even though it does not meet the conditions

This risk mostly comes from the buyer not understanding the regulations, not checking the documents carefully and rushing to pay.

Although the law requires that a project must meet all the conditions prescribed by law to be allowed to do business, in reality, many investors just do it superficially for profit. Sometimes the project does not have a certificate of land use rights for the entire project, the documents have not been approved but have already started selling.

Especially for future housing, when investors want to open for sale, they must complete the foundation. Many people do not know about this regulation, leading to risks.

Risks when buying an apartment that customers should avoid - 1 — When buying an apartment, you need to be careful to avoid possible risks. (Illustration: Truong Cong Hieu).

For future projects, especially complexes and apartment buildings, in addition to having the legal documents stated in Article 55 of the Law on Real Estate Business, they must complete the foundation in the field, reaching about 20% of the building's construction progress. In addition, the Department of Construction has regulations that for a future housing project to be eligible for business, the foundation must be accepted by the Department and announced on the official website of the Department of Construction. After satisfying the conditions prescribed by law, the future housing project is eligible for sale.

Another important condition is that the project must be guaranteed by a large commercial bank in Vietnam. In case of an incident and the investor cannot continue to build the project and is forced to refund the investor, the bank will pay first. This is a regulation to protect home buyers, so investors need to understand it clearly to ensure their rights.

Risks in Contracting

When buying an apartment for the first time, buyers will be overwhelmed by the number of different contracts. They think that buying a house requires signing a sales contract, but when the broker presents it, they realize that there are all kinds of contracts such as "Investment cooperation contract", "Business cooperation contract", "Capital contribution contract"...

The law clearly states that when buying a future house, the buyer cannot pay 100% of the house value to the investor. The signed sales contract must show installment payments according to the construction progress.

That is why investors will circumvent this by using different forms of contracts such as: Investment cooperation contracts, business cooperation contracts, capital contribution contracts... Of course, these types of contracts are not in accordance with the form prescribed by the Ministry of Construction, but investors still often use them to illegally mobilize capital.

Fire safety risk

This is a factor that you must consider carefully when buying an apartment. Equipment such as sirens, fire alarms, fire suppression systems, and fire extinguishers must be fully prepared and always ready to use immediately if an incident occurs.

In parallel, the fire escape is also an extremely important factor. It is best to make an iron door, always closed but never locked.

Even if an accident occurs, the fire cannot spread to the emergency exit and other floors. If the apartment elevator is not working, you can go out through the emergency exit.

Parking dispute

Recently, many disputes over parking spaces between apartment buyers and investors or building management have occurred.

To avoid this trouble when moving into a high-rise apartment, you need to take the time to carefully study the contract and discuss this issue clearly with the investor.

Apartment buyers must be clear about parking standards before signing the apartment purchase contract. Some points that apartment buyers need to pay attention to are: How many motorbikes and cars can be parked in each apartment? Is parking included in the selling price or must it be purchased separately/rented for a limited time? If there is a commercial area in the project, will residents share the parking garage with visitors or will it be private?

Risk of buying an illegal floor

For profit, sometimes investors will intentionally build more floors than the number of floors permitted by the authorities. Usually, this violation will affect the apartments on the top floors.

Therefore, if you decide to buy the top floor of an apartment building, you need to carefully find out whether the building has extra floors to avoid future problems.

There have been cases where when inspectors discovered construction violations beyond the number of floors, investors had to demolish or leave the top floor as a common living area for all residents.

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