The Procedures for Purchasing an Apartment at Heritage West Lake – What Do You Need to Own an Apartment?
Buyers should thoroughly research the project’s planning before purchasing an apartment at Heritage West Lake. For the Heritage West Lake project, developed by the reputable CapitaLand, a leading developer in Asia, you do not need to worry about legal issues such as disputes or lawsuits. However, you still need to be aware of certain constraints or restrictions on transfer due to reasons related to the seller, such as collateral, mortgages, guarantees, promises to sell, exchanges, gifts, and more.
- To ensure transparency and safety in the transaction, the Buyer should collaborate with a reputable and responsible real estate company or broker. They are responsible for conducting a thorough investigation of property-related information, verifying the status of the red book (land use rights certificate) and pink book (ownership certificate), and ensuring accurate information about the individuals listed on these documents. This will help ensure that the Buyer and Seller receive proper guidance and peace of mind throughout the transaction.
Step 1: Earnest Money Deposit
Sometimes, the Buyer may negotiate directly with the Seller and may not need to make an earnest money deposit. Instead, they can schedule a meeting at a notary office to make the payment and transfer ownership. However, for most real estate transactions, making an earnest money deposit is essential to secure the deal and maintain the agreed-upon price until the Transfer Contract signing date.
The Real Estate Agent typically prepares the Earnest Money Contract to complete the earnest money deposit. This contract contains detailed information about the parties involved: the Buyer, the Seller, and the Real Estate Agent (acting as a witness). It also includes information about the property to be purchased, such as the land use rights certificate number, ownership certificate, and other related assets. The contract also outlines the sale price, payment terms, the rights and obligations of the parties, and penalty provisions in case the transaction is canceled. Additionally, the contract may include agreements about transfer taxes, fees, and other transaction-related costs.
Step 2: Drafting the Sales Contract for Heritage West Lake Apartment
After completing the earnest money deposit process, the next step is to prepare the necessary documents for signing the Purchase and Sale Contract for the property at the notary office or the agreed-upon location mentioned in the Earnest Money Contract. The parties involved should be ready with the following procedures and documents:
Seller’s responsibilities include providing:
- House Ownership Certificate: These documents certify the property’s ownership and land use rights. They represent the property’s legal status.
- Chip-embedded national ID card and scanned QR code: This document verifies the Seller’s identity. If the Seller is married, information about both spouses is required. In some cases, household registration book and residence information confirmation may be needed. If the Seller is a legal entity, they must provide a business registration certificate.
- Marriage registration or certificate of single status: This is necessary to verify the Seller’s marital status.
Buyer’s responsibilities include providing:
- Chip-embedded national ID card and scanned QR code: This document verifies the Buyer’s identity. If the Buyer is married, information about both spouses is required. In some cases, household registration book and residence information confirmation may be needed. If the Buyer is a legal entity, they must provide a business registration certificate.
- Marriage registration or certificate of single status: This is necessary to verify the Buyer’s marital status.
- Notary office for drafting the Purchase and Sale Contract: The notary office will prepare the contract based on information provided by both parties and then the parties will review and confirm the details in the agreement.
Step 3: Notarizing the Purchase and Sale Contract for the Heritage West Lake Apartment
The parties involved in the property transfer process will jointly perform the notarization process to transfer ownership. The location for the signing can be flexible and can include a notary office, bank, or any agreed-upon location mentioned in the Earnest Money Contract. However, signing the contract at a notary office is often preferred for convenience, as it facilitates resolving any issues that may arise during the transaction.
(Both the Buyer and the Seller should ensure they bring all original documents prepared in Step 2 to the notary office to ensure accuracy and completeness of the ownership transfer process.)
Step 4: Transferring the Red Book and Paying Taxes as Required
Once all the procedures for signing the Purchase and Sale Contract are completed, the parties involved must proceed to pay the taxes as required by law. Specifically, these taxes include land use transfer tax, personal income tax, land registration fees, and appraisal fees.
The Buyer needs to prepare a document set to carry out the process of transferring the red book to the new owner. This document set includes:
- Chip-embedded national ID card (CD): This document verifies the Buyer’s identity.
- Marriage registration or certificate of single status: This is necessary to verify the Buyer’s marital status.
- Notarized Purchase and Sale Contract with signatures from both parties: A notary public has signed and notarized this contract.
- Original red book: This document certifies ownership and land use rights.
After the administrative department reviews and confirms that all parties’ documents meet the legal requirements, they will proceed with the red book transfer process. Typically, this process takes at most ten working days from receiving all required documents.
Heritage West Lake Apartment Price
To own an apartment at Heritage West Lake, you must prepare a financial amount ranging from 100 to 280 million VND per square meter. An estimated 3 billion VND or more budget is required, depending on the apartment type.
Tân Long Land is proud to be a reputable and trustworthy real estate company, serving as a distributor for many renowned developers in the real estate market. With a professional and dedicated team, we ensure that our customers receive the best products and services. For detailed information about the Heritage West Lake project, please get in touch with us at:
- Website: bdstanlong.vn
- Hotline: 0989.734.734
- Address: 39B Xuan Dieu, Tay Ho, Hanoi
