Is it allowed to request cancellation of a real estate purchase contract when purchasing a project that has not yet been approved for sale?
Prohibited acts in real estate business are specified in Article 8 Law on Real Estate Business 2014 as follows:
Prohibited acts
1. Real estate business does not meet the conditions prescribed by this Law.
2. Decide to invest in real estate projects that are not in accordance with the planning and plans approved by competent state agencies.
3. Not disclosing or not disclosing complete and truthful information about real estate.
4. Fraud and deception in real estate business.
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Accordingly, trading in real estate projects that have not been allowed to open for sale is one of the strictly prohibited behaviors.
In addition, the court's failure or failure to disclose complete and truthful information about the fact that the real estate has not been allowed to be opened for sale to customers is also one of the violations of the law.