Consulting on customers rights in real estate purchase and sale contracts

Customers rights in real estate purchase and sale contracts are an important factor and mandatory content to protect the rights and interests of the parties involved in the transaction. A clear, complete contract on rights and obligations will help the transaction process go smoothly, avoiding legal disputes that arise. The article below by Long Phan will help customers better understand their rights in real estate purchase and sale contracts.

Main content in real estate purchase and sale contract

According to Clause 1, Article 46 of the Law on Real Estate Business 2023, real estate purchase and sale contracts often include main contents such as:

• Names and addresses of the parties;
• Information about real estate;
• Selling price, rental price, lease purchase price;
• Payment method and term;
• Bank to guarantees guarantee the investor’s financial obligations in the case of selling future housing;
• Time limit for delivery and receipt of real estate and accompanying documents;
• Guarantee;
• Rights and obligations of the parties;
• Liability due to breach of contract;
• Penalty for breach of contract;
• Cases of contract termination and cancellation and handling measures;
• Dispute resolution methods;
• Effective date of the contract.

These provisions are intended to ensure transparency and the legal rights of participating parties when signing real estate purchase and sale contracts.

Rights of the buyer in a real estate purchase contract

Pursuant to Clause 1, Article 20 of the Law on Real Estate Business 2023, the buyer in a real estate purchase and sale contract has the following rights:

• Require the seller to provide full information about the legal status of the real estate, hand over certificates of land use rights, ownership of assets attached to land according to the provisions of law and relevant documents related to;
• Require the seller to complete procedures for buying and selling and handing over real estate according to the deadline agreed in the contract;
• Require the seller to warranty the real estate according to the agreement in the contract and the provisions of law;
• Request the seller to compensate for damage caused by failure to deliver real estate on time, with quality and other commitments in the contract;
• Other rights under contract.

Rights of the seller in a real estate purchase and sale contract

Pursuant to Clause 1, Article 18 of the Law on Real Estate Business 2023, the seller in a real estate purchase and sale contract has the following rights:

• Require the buyer to receive the house and construction works according to the deadline agreed in the contract;
• Require the buyer to pay in full and on time as agreed in the contract;
• Require the buyer to coordinate in carrying out purchase and sale procedures within the time limit agreed in the contract;
• Do not hand over houses or construction works without receiving full payment according to the payment agreement in the contract, unless the parties have otherwise agreed;
• Request the buyer to compensate for damage or repair damage caused by the buyer’s fault;
• Other rights under contract.

Some notes on the rights and obligations of the parties in real estate purchase and sale contracts

1. For buyers:

• Check the handover time: The buyer needs to ensure that the real estate handover time is clearly and specifically stated in the contract. In case of a late handover, the contract should have a reasonable penalty clause to protect the interests of the buyer.
• Real estate quality: You should clearly state the quality, technical standards, and condition of the real estate upon handover. The buyer can request a detailed acceptance record and warranty to avoid future quality disputes.
• Related costs: It is necessary to clarify the costs that the buyer must pay, such as taxes, transfer fees, management fees, etc. This helps avoid incurring unclear costs that affect financial plans.

2. For sellers:

• Legal conditions: The seller needs to ensure that the real estate being traded has no disputes, outstanding debts, or planning violations. Documents such as a Certificate of Ownership, Construction Permit (if any), and related documents need to be complete and valid.
• Payment terms: Must clearly stipulate payment installments, amount and payment time. This helps manage cash flow and avoid delays in payment by the buyer, affecting business plans.
• Handling of violations: Clear regulations on sanctions when the buyer violates, such as late payment or refusal to accept handover without a legitimate reason. Sanctions may include fines, cancellation of the contract, or confiscation of the deposit.

3. Dispute resolution terms:

There should be clear provisions on the method and location of dispute resolution. Normally, the parties will prioritize settlement through negotiation or mediation before going to court or arbitration. This saves time and costs while minimizing legal risks.

Clarifying and negotiating these terms in detail not only helps ensure rights but also minimizes the risk of disputes arising during contract implementation.

Consulting services on the rights of parties in real estate purchase and sale contracts in Long Phan

Participating in a real estate purchase contract can easily cause risks if not clearly understood. Aware of the above difficulties, Long Phan is always willing to support customers in the process of entering into real estate purchase and sale contracts as well as necessary notes on the rights of the parties in the contract to effectively implement them. Our services include:

• Consulting on legal regulations related to the rights of parties in real estate purchase and sale contracts;
• Support customers in drafting and checking contents related to the rights and obligations of the parties in real estate purchase and sale contracts;
• Answer questions during the process of signing real estate purchase and sale contracts;
• Advise on solutions when disputes arise.

Understanding your rights in real estate purchase and sale contracts is an important factor not only to protect your rights and interests but also to avoid legal risks when signing a contract. Together with a team of experienced experts, Long Phan will advise and support customers on issues related to customer rights in real estate purchase and sale contracts. Please contact the hotline immediately 0906735386 for more specific and detailed advice.