There will be no more scenes of using sacks of money to buy a house.

That was shared by Dr. Can Van Luc, Chief Economist of BIDV at a recent event of the Vietnam Real Estate Association. This is also a new regulation in the Law on Real Estate Business.

At the Conference "Propaganda, dissemination, effective implementation of policies and laws on land, housing, real estate business " organized by the Vietnam Real Estate Association in coordination with the Ministry of Natural Resources and Environment, Ministry of Construction on October 15, Dr. Can Van Luc pointed out that, according to Article 48 of the Law on Real Estate Business 2023, project investors, real estate businesses, and real estate service businesses must receive payment through accounts opened at credit institutions legally operating in Vietnam.

Payment via bank transfer will help authorities easily collect data on selling prices. Photo: Thanh Vu

At the same time, according to Article 47, real estate business organizations and individuals must record the actual transaction price in the contract; they are responsible for recording the transaction price in the contract that is not correct with the actual transaction price.

Assessing the impact of this policy, Mr. Can Van Luc said that this is a regulation that contributes to increasing publicity and transparency in the market. In addition, requiring home buyers to pay by bank transfer also helps limit the situation of double-quoting in real estate transactions, avoiding tax losses.

In particular, the regulation on buying a house through bank transfer also helps authorities easily grasp information to build a national database on the real estate market. Decree 71/2024/ND-CP also stipulates the collection of input information through real estate trading floors and real estate enterprises.

During the event, Mr. Luc also called on and "reminded" real estate businesses to proactively collect and provide real estate transaction information. In the future, authorities need to study sanctions against businesses that intentionally conceal information.

Currently, cash transactions are mostly made on the secondary market. In addition, this is also where price misquotation often occurs, the number stated on the contract will be lower than the actual value and lower than the land price list. This is a way for sellers to reduce financial obligations, specifically personal income tax.

Source: https://baodautu.vn/batdongsan/se-khong-con-canh-dung-bao-tai-tien-di-mua-nha-d227511.html