3 methods of legal examination of a real estate project are extremely effective
Real Estate Legal – Whether you have enough money or a lot of money, you also need to consider and carefully review all the legal aspects of the real estate project. Our following article will outline 3 useful methods, without any fancy process. That customers have "scanned" the legal real estate effectively.
Three Most Effective Real Estate Legal Examination Methods
1) Legal documents related to that real estate:
The main types of real estate legal certificates:
- Certificate of land use right and house ownership,
- Certificate of land use right of the whole project area (may include many books combined)
- Planning 1/500.
Customers can check for unusual information, by comparing the actual image of the property with the information in the book. Finding the solution for those unusual details, before buying real estate, will limit the risk.
2) Check the passport of the real estate:
If one of these two types of passport is missing, customers need to be careful when deciding to spend money to buy a house.
- Written notice of the project eligible for house sale issued by the Department of Construction
- Bank guarantee certificate.
The document certifying that the project is eligible to sell the house formed in the future announced by the Department of Construction means that the project has completed all legal documents and completed the foundation. This is the legal time (as stipulated in the law) the project owner is allowed to raise capital from customers. The added safety for buyers is that usually the progress of projects announced by the Department of Construction is eligible to raise capital, that is, the work is about to enter the construction of the body.
The guarantee certificate issued by the bank is meaningful, if the investor does not hand over the house on time, the credit institution will compensate the customer for the damage on behalf of the investor. If buying a house in the future, checking with this certificate, customers can rest assured that the project's legal status has been carefully screened by credit institutions in many stages.
3) Finally, the most important and easiest for customers are:
Take the initiative to take a bank loan for free real estate legal examination
One of the simplest ways to get a real estate legal check is to take the initiative to get a loan. In fact, sometimes getting a home loan can offer more advantages than not taking out a loan at all. Therefore, if you want to check the legality of the project but are "blind to the law", customers should take the initiative to borrow a bank loan even though they have enough money to pay. The reason is that the bank's legal operations are very strict, which will protect the interests of buyers.
During the loan process, the bank will conduct a series of legal checks, so that the legality of the project will be thoroughly reviewed. The project will almost certainly not get a loan if the law is not right. As a general rule of the credit industry, banks do not lend at all costs because they have strict lending regulations and must exclude bad debts (problematic or potentially risky projects). Thus, the bank not only plays the role of providing credit but also an effective assistant to ensure some legality for investors.
Legal source Real estate: Thuan Hung Real Estate
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