Apartment buyers can be issued pink books within no more than 60 working days provided that the investor is eligible to apply for a certificate of guarantee documents. The first issue anyone is interested in when buying a house is the certificate of land use rights, ownership of houses and other assets attached to land, also known as the pink book or red book. This document is not only a legal basis to prove ownership but also acts as a security asset when making bank loan transactions.
Many people wonder how long it will take to receive the pink book if they buy a new apartment directly from the investor.
Article 9 of the 2023 Housing Law stipulates that organizations and individuals that meet the conditions and have housing will be granted a certificate. Housing recorded ownership in the Certificate must be available housing.
For housing invested in and built under a project, the certificate is not issued to the investor of the housing construction investment project but the certificate is issued to the buyer or lease-purchaser of the house, unless the investor Housing construction investment projects requiring certification for unsold or lease-purchased housing; In case the investor of the project invests in building houses for rent, he/she will be issued a certificate for that house.
At that time, after completing the obligations to the state and banks, the investor will be eligible to carry out the procedure to apply for a pink book. In some cases, the apartment building has not been issued a pink book because the investor has not yet fulfilled its financial obligations or the investor is mortgaging the apartment project at the bank before applying for the pink book and has not yet released the mortgage but is still doing so. Currently selling apartments to buyers.
Thus, the apartment buyer will be issued a pink book when the apartment is available and the investor is eligible to apply for a pink book.
Regarding the responsibilities of investors of commercial housing construction projects, including commercial apartment projects, Clause 8, Article 39 of the Housing Law stipulates that, within 50 days from the date of handing over the house to the tenant, purchase or from the date the lessee has paid in full as agreed, the dossier must be submitted to the competent state agency to issue a certificate to the buyer or lessee of the house, unless the buyer, Voluntary rental purchase procedures to apply for a certificate receive.
At the same time, Clause 3, Article 17 of the Law on Real Estate Business 2023 also similarly stipulates a period of 50 days from the date of handing over the house to the buyer or from the time the lessee has paid in full according to the law. If the agreement is reached, the dossier must be submitted to a competent state agency to issue a certificate, unless the buyer voluntarily completes the procedure.
Thus, the time limit for an investor building a commercial apartment project to apply for a pink book to the buyer is 50 days from the date of handing over the apartment, unless the buyer requests to go through the procedures themselves.
Regarding the time limit for granting certificates, Clause 6, Article 22 of Decree No. 101/2024 stipulates that in case of registration and issuance of certificates of land use rights and ownership of assets attached to land to the transferee of land use rights, Land use, ownership of houses, construction works, construction items in real estate projects is no more than 10 working days.
Thus, in the case of issuing a pink book for the first time to an apartment buyer, it will not exceed 60 working days.
However, Decree 101/2024 also clearly states that the time prescribed above is calculated from the date of receipt of documents that ensure completeness and consistency as prescribed in Point a, Clause 1, Article 19 of the Decree; does not include the time it takes for a competent authority to determine financial obligations related to land, the time it takes to fulfill the financial obligations of the land user, and the time it takes to consider and handle cases of land use that violate the law. law, appraisal solicitation time, public listing time, posting information on mass media,...
So in reality, the time it takes for pink books to reach people may take longer.
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