Cases of mandatory bank transfer when buying and selling houses

Buying and selling houses requires a transfer of money. This is a new regulation that will be applied from August 1, 2024. This regulation aims to increase transparency in real estate transactions, limit risks and ensure benefits for participating parties. The application of payment via bank transfer will impact many aspects of the real estate market. The following article will analyze in detail the cases where bank transfer is required when buying and selling houses.

How are transaction prices in real estate business regulated?

According to Article 47 of the Law on Real Estate Business 2023, transaction prices in real estate business are specifically regulated as follows:

• The price for selling, transferring, leasing, and leasing real estate and real estate projects put into business is agreed upon by the parties and stated in the contract; In case the State has regulations on prices, the parties must comply with those regulations.
• Organizations and individuals doing real estate business record the correct actual transaction price in the contract; Responsible for recording the transaction price in the contract that does not match the actual transaction price.

It can be seen that transaction prices in real estate business must reflect the actual value of real estate. Parties participating in the transaction are not allowed to agree on virtual prices or falsely declare the transaction value. This is to ensure transparency and fairness in the real estate market.

In what cases is it mandatory to bank transfer when buying and selling houses?

Article 48 of the Law on Real Estate Business 2023 regulates payment in real estate business as follows:

“Project investors, real estate businesses, real estate service businesses receive payments under real estate business contracts, real estate service business contracts from customers through an account opened at a domestic credit institution or foreign bank branch legally operating in Vietnam.”

At the same time, Clause 4, Article 9 of the Law on Real Estate Business 2023 regulates cases of not establishing real estate businesses as follows:

• Individuals doing small-scale real estate business
• Organizations and individuals selling houses, construction works, construction floor areas in construction works for non-business purposes or selling, leasing, lease-purchasing houses, construction works, area Construction floor area in construction works below small scale.

Thus, mandatory bank transfer applies to customers buying houses in housing projects, construction works, construction floor areas in construction works of investors, real estate businesses. real estate, real estate service businesses.

As for individuals doing small-scale real estate business, selling houses, construction projects, construction floor areas in construction projects for non-business purposes or selling, leasing, or lease-purchasing housing , construction works, construction floor area in under-sized construction works, etc., bank transfer is not required.

In case the house purchase transaction is carried out multiple times, the total value of the payments reaches the above prescribed level and a transfer is required. This is to prevent splitting transactions to avoid mandatory transfer regulations.

Benefits of buying a house require bank transfer

Ensure transparency in transactions

Bank transfers when buying or selling houses create clear evidence of the transaction. All information about the amount, time and transaction object is recorded accurately. This helps management agencies easily monitor and control real estate transactions.

Payment via bank also helps limit the situation of declaring transaction value lower than actual value. When all transactions are made through the banking system, it becomes more difficult to hide the true value of real estate. This contributes to creating a more transparent and fair real estate market.

In addition, bank transfers also help prevent money laundering through real estate transactions. When all money has to go through the banking system, it becomes much more difficult to hide the origin of illegal money.

Minimize the risk of fraud and disputes

Paying for house purchases via bank transfer helps minimize risks related to counterfeit money or money of insufficient value. When transactions are made through banks, both buyers and sellers can be assured of the authenticity and completeness of the transaction amount.

Bank transfers also create clear proof of payment, helping to minimize disputes between parties. In the event of a dispute, the parties can easily prove that payment has been made through bank statements.

Using wire transfer also helps limit the risk of loss or loss of money during the transaction process. Compared to carrying large amounts of cash, bank transfers are much safer and more convenient.

Convenient for proving the origin of assets

Buying a house requires a bank transfer, creating favorable conditions for proving the origin of assets. When all transactions are made through the banking system, buyers can easily prove the legal source of money to buy real estate.

Having clear evidence of the origin of the property gives buyers more advantages in future transactions. For example, when you want to resell real estate or use real estate as collateral, proving the origin of the asset will become simpler.

In addition, bank transfers also help buyers easily declare and pay taxes related to real estate transactions. This not only ensures legal compliance but also avoids future legal risks.

Real estate business consulting services

With the complexity of legal regulations and procedures related to buying and selling houses, real estate buying and selling consulting services become increasingly necessary. At Long Phan, consulting services on buying and selling houses include reviewing legal documents of real estate. Consultants will check the legality of related documents, ensuring the real estate has no disputes or potential legal issues.

Consultants also assist in drafting and reviewing sales contracts. We ensure that the contract complies with legal regulations, protecting the rights of both parties involved in the transaction. In addition, consulting services also include guidance on payment procedures via bank transfer. We will advise on how to make transfers safely and according to regulations, helping the transaction go smoothly.

Finally, consulting services on buying and selling houses also include support for post-transaction procedures. This includes registering ownership, declaring and paying taxes related to real estate transactions.

Buying and selling houses requires a transfer of money is a new regulation to enhance transparency and safety in real estate transactions. This regulation brings many benefits to participating parties, while contributing to building a healthy and sustainable real estate market. If you need detailed advice on buying and selling houses process or support in real estate transactions, please contact Long Phan immediately via hotline: 0906735386 for quick support.