Hanoi, known as Hà Nội in Vietnamese, serves as the capital and the second most populous city in Vietnam. Its real estate market has witnessed a continuous surge in apartment prices for the past 21 quarters, reaching an average price of VND59 million per square meter.
This upward trend in prices has posed significant challenges for young families who are struggling to afford apartments that come with full legal status.
As a result, these families are now considering purchasing apartments without a pink book, which certifies the legal ownership of the property. The soaring apartment prices in Hanoi have created affordability issues, particularly for young families who aspire to own a property with proper legal documentation.
Consequently, these families are compelled to explore alternative options, such as purchasing apartments without a pink book. This decision, driven by financial constraints, exposes them to potential legal risks associated with unclear ownership status.
The exorbitant apartment prices in Hanoi have forced many individuals to take calculated risks when it comes to purchasing a property. Due to the unaffordability of apartments with clear legal status, some buyers are opting for apartments without a pink book which is equivalent to an OC certificate in India.
This choice, driven by the need for more affordable housing options, exposes them to potential legal complications and uncertainties regarding the ownership of the property. Despite the absence of a pink book, the demand for accommodations in Hanoi remains remarkably high.
This is evident from the experiences of apartment owners in the bustling Ha Dong district.
Despite the legal uncertainties surrounding their properties, these owners have witnessed a consistent demand for their apartments, highlighting the dynamic nature of the real estate market in the city.
Pink Book (Certificate of House Ownership and Residential Land Use Rights):
The certificate of house ownership and residential land use rights, commonly known as the pink book, holds significant importance as it is issued by the Vietnamese government to confirm ownership of houses, land use rights, and other assets linked to the land.
Prior to purchasing any real estate, whether it be through inheritance or otherwise, it is compulsory to obtain a pink book. This document not only acts as evidence of ownership but also offers legal protection to the rightful owner.
Foreigners are also eligible to obtain a pink book by either investing in project-based housing construction or inheriting property. Adhering to the legal requirements and following the necessary procedures is crucial in acquiring this essential document.
What is the pink book?Before
In Vietnam, when it comes to property ownership, a "pink book" signifies a land use right certificate. This document is authorized by the government and serves as proof of an individual's or organization's legal ownership or right to utilize land or property.
The pink book contains vital details about the property such as its location, dimensions, intended use, and ownership particulars.
Possessing a valid pink book is imperative for verifying legal ownership and facilitating property transactions.
How can someone obtain a pink book?
If you are considering obtaining a "pink book" (property ownership certificate) in Vietnam, there are several steps you can take to navigate through the process smoothly.
First and foremost, it is crucial to determine your objectives for purchasing real estate in Vietnam, taking into account factors such as location, intended use (residential or commercial), and potential return on investment.
Next, it is advisable to seek the assistance of a reputable real estate agency that can guide available properties and legal requirements. By connecting with a reliable agency, you can streamline the process of acquiring the desired property and ensure compliance with regulations.
Once you have identified a property that meets your criteria, it is customary to deposit to secure the purchase. This deposit serves as a commitment to the transaction and indicates your serious intention to proceed with the acquisition.
Subsequently, you will need to sign a housing purchase contract and arrange for payment. The payment can be made in various forms, including cash, housing mortgage, or a combination of both, depending on your financial situation and preferences.
Finally, the crucial step in the process is to apply for the Pink Book, also known as the Certificate of Real Property Ownership, which is issued by the Ministry of Construction.
This certificate serves as official documentation confirming your ownership of the real estate and other assets in Vietnam and is essential for any future real estate transactions you may undertake.
It is important to note that while investing in property as a foreigner in Vietnam may present challenges, the potential rewards in the vibrant real estate market can be substantial.
Validity and Types of Pink Books:
The Pink Books are categorized into two main types, each serving a specific purpose.
Type 1 is designed to certify ownership of houses and land use rights in urban areas such as cities, towns, or townships.
On the other hand, Type 2 is meant to certify ownership of houses, land use rights, and ownership of condominium units within apartment buildings.
It is important to note that the Pink Book issued after December 10, 2009, adheres to a unified format that applies to all property owners.
This updated version combines various elements such as land use rights, house ownership, and other attached assets, providing a comprehensive overview of the property's ownership and rights associated with it.
Can someone inherit property and obtain a pink book in Vietnam?
In Vietnam, inheritance laws play a crucial role in determining how a deceased individual's estate is distributed.
The legal provisions recognize inheritance as a fundamental right, ensuring that the assets are passed down according to the decedent's will or the established legal guidelines.
The distribution of inheritance is carried out by the wishes outlined in the will if one exists. If the will does not specify the individual shares for each heir, the estate is divided equally among the named beneficiaries, unless there is a mutual agreement to distribute it differently.
However, there are certain circumstances where individuals may be disqualified from receiving an inheritance, such as those who have intentionally harmed the deceased, failed to fulfil their duty of support, or engaged in fraudulent activities related to the will.
In situations where disagreements arise among heirs regarding the distribution of inheritance, they have the option to resolve the issue through negotiation or legal means, which may involve seeking intervention from the court if a resolution cannot be reached amicably.
In Vietnam, the connection between inheritance and property ownership is significant. When someone inherits property, they are granted a pink book, which acts as an official document that verifies their rights to the property.
To ensure a smooth and efficient inheritance process, it is advisable to seek guidance from legal professionals who specialize in this area. By doing so, individuals can navigate the complexities of inheritance with confidence and clarity.
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