real estate lawyer in HCMC

greenwowo

Member

Member since 05 September 2018

Central District

greenwowo

05 September 2018 11:45:45

greenwowo

05 September 2018 11:45:45

Central District

Hi all,

I am buying a resale apartment and would like to see if there is any recommendations out there.

The apartment has just been handed over so I will be signing the sales and purchase contract but I've been told the owner certificate (pink book) will only be issued by the developer in 6-12 months time. Is there any risk to this?

Appreciate any replies.

Sandro LN

Member

Member since 05 February 2018

Ho Chi Minh City, Ho Chi Minh

Sandro LN

09 September 2018 17:18:03

Sandro LN

09 September 2018 17:18:03

Ho Chi Minh City, Ho Chi Minh

Hi Greenwowo,

I am not a lawyer, but it is normal practice in Vietnam, as after the condo is handed over to buyer, the developer need time to split the red book for the whole land into separate pink book to each buyer. 6-12 months is common practice, and some developer will take longer depend on legal/financial status

GuestPoster0147

10 September 2018 02:07:50

GuestPoster0147

10 September 2018 02:07:50

For a new building project 12 months are usual.

A good contract contains that.
And with a good contract you have to pay the last 5-10% of the property price only after you have received the pink book.

I have experienced that Vietnamese who bought a property in a new building project borrowed money from the bank (about half of the property price) with the option to only pay back the money if they received the pink book. The Vietnamese buyers were worried not to receive the pink book. The bank was not worried and gave the money.
By the way, it took several hours in a bank branch until the bank manager approved the contract (credit? mortgage? I don't know).

Kiwiming

Active member

Member since 15 August 2018

Hong Kong

Kiwiming

27 September 2018 11:08:28

Kiwiming

27 September 2018 11:08:28

Hong Kong

greenwowo wrote:
Hi all,

I am buying a resale apartment and would like to see if there is any recommendations out there.

The apartment has just been handed over so I will be signing the sales and purchase contract but I've been told the owner certificate (pink book) will only be issued by the developer in 6-12 months time. Is there any risk to this?

Appreciate any replies.

Hi Greenwowo,

I am also buying a resale apartment and been told the same 6 months to get the pink book. Just received a copy of the contract in Vietnamese and the real estate agent had translated for us in English, I am not sure if we can trust the agent or not, she is working for the seller afterall. Did you managed to have it translated? Maybe we can compare notes! Do you mind if I PM you?

Thanks in advance
Kiwiming

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