HOME DEPOSIT AND WHAT YOU NEED TO KNOW
Along with the general trend of the real estate world is to pay a deposit to buy a house, the project is not too unfamiliar to customers. Customers understand that it is one of the procedures to own the apartment they want. However, how is the deposit here understood? What is the law like? How to ensure your rights and minimize risks for you, this article will help you answer those questions.
1. What is deposit?
Deposit is one of the security measures specified in Clause 1, Article 318 of the Civil Code. Deposit is the result of an agreement between two parties where one party hands over money or precious metals, gems or other valuables for a period to secure the conclusion or performance of a civil contract. the.
Thus, we can understand, the real estate sale and purchase contract is basically governed by the civil law. And the deposit is to ensure that the sales contract will be fulfilled.
2. What is the deposit amount?
Currently, the law does not specify the amount of deposit, but customers need to understand.
Deposits are for good faith only to secure the performance of the sale and purchase contract.
The deposit amount is agreed upon by the two parties to buy and sell and does not exceed 20% of the value of the apartment to reduce risk for both.
3. The nature of the deposit
Depositing an amount of money without sale and purchase contract raises concerns and worries for buyers.
However, according to real estate experts as well as those who have performed contracts, this is very normal. This does not mean the appropriation of capital. Because this amount is signed by the two parties to a contract which contains very specific terms, customers and investors both agree with those terms and have signed each other, so it is not worrying.
4. The deposit transaction is invalid in the following cases:
The participant has no civil act capacity
Participants in the transaction are deceived or forced
A collateral is a type of property that is prohibited by law from circulation
Transaction content in contravention of law
Deposit transactions are not made in writing according to regulations
5. Risks from deposits.
In civil law about the deposit if clear. To ensure the performance of the contract, the buyer gives the seller a sum of money.
In case the buyer does not sign the contract, the deposit will be forfeited.
Conversely, in case the seller does not perform the contract, it must return the deposit plus a fine equal to the amount of the deposit or more if the two parties agree.
Because of the above reason in some cases the seller takes advantage of the loophole so that the buyer does not sign the contract and misappropriates the number of stakes.
6. To avoid risks in the deposit process, customers should pay attention
Do not pay a deposit with too large amount.
Deposit must be made in writing and witnessed by someone.
Note the words in the text, carefully consider when signing and delivering the deposit. Customers need to be alert to make the right decision when delivering a deposit so that they can grasp the opportunity and good price without encountering unnecessary risks in the process of entering into a house when the contract has not been signed. conclusion.
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