Buying a house on paper, also known as buying a house in the future, is a form of home buying that many people choose. The advantage of this early investment is that the amount of money you spend on the initial investment will be much lower than if you bought a house. Usually, the first sale phase has a better price than the next phase.
However, according to experts, various reasons make many people still spend hundreds of millions of dong to billions of dong to deposit to buy a house on paper even though there are many risky cases.
Most homebuyers follow the crowd mentality and lack legal knowledge when signing all kinds of contracts with investors. Buyers are also not aware of or have no conditions to fully access the legal provisions at the time of dispute resolution when the investor breaks the contract.
Many people are also not aware that the contract is the most essential key for the parties to protect their legitimate interests and resolve disputes with each other. When there is a dispute, the lawyer who approaches the contract recognizes that the buyers are weaker.
The housing market formed in the future is being divided into 2 phases. In the first stage, the investor needs to sell and needs customers, so the behavior of the business at this time is entirely different from the period after the price of housing increases. The buyer needs the seller more. Accordingly, when the investor needs customers, no business will break the contract or cancel the deposit with the buyer.
However, customers had difficulty and late payment by the time the project was in motion, and the owner was heavily fined, demanding to cancel the contract. If the project is late, the owner only apologizes with a “heart letter,” while the business will fine customers who pay late.
So how to limit the risk when buying a house on paper? Stay tuned for part 2 of this article.