If the investor does not hand over the future housing according to the committed schedule, who can the home buyer ask for a refund?
Requesting a refund when the investor does not hand over future housing according to the committed schedule is specified in Article 56.Law on Real Estate Business 2014 as follows:
Guarantee for sale, lease and purchase of houses formed in the future
1. Real estate project investors, before selling or leasing future housing, must have a commercial bank capable of guaranteeing the investor's financial obligations to customers. when the investor does not hand over the house on schedule as committed to the customer.
The State Bank of Vietnam announces a list of commercial banks capable of providing guarantees for real estate businesses formed in the future.
2. The scope, conditions, content and guarantee fees are agreed upon by the parties but must ensure the fulfillment of the guarantor's responsibilities specified in Clause 3 of this Article and must be made into a contract. The investor is responsible for sending a copy of the guarantee contract to the buyer or hire-purchase party when signing the purchase or hire-purchase contract.
The guarantee contract has a term until the house is handed over to the buyer or lessee.
3. In case the investor does not hand over the house according to the committed schedule and the buyer or lessee requests, the guarantor is responsible for refunding the advance payment and other amounts to the customer. goods according to the signed housing purchase and lease purchase contract and guarantee contract.
4. Guarantees for the sale, lease and purchase of future housing shall comply with the provisions of this Article and the provisions of law on guarantees.
Accordingly, before selling future housing, the real estate project investor must have a commercial bank capable of guaranteeing the investor's financial obligations to customers when the The investor does not hand over the house on schedule as committed to the customer.
Therefore, when the investor does not hand over the future housing according to the committed schedule, the home buyer can request the guarantor to refund the advance payment and other amounts to them according to the contract. House purchase and sale and signed guarantee contract.