The slow issuance of home ownership certificates, commonly known as pink books, to residents living in apartment buildings is largely due to investors’ violations of regulations on mortgages and construction.
Condo buildings in Thu Duc District. The slow issuance of home ownership certificates, known as pink books, to residents living in apartment buildings is the result of investors’ violations of regulations on mortgages and construction
At a question-and-answer session during the 17th meeting of the municipal council on December 9, Deputy Le Minh Duc raised a question on how the issuance of home ownership certificates for residents can be expedited, noting that they are currently being granted very slowly.
Thang noted that some 17,000 cases have failed to receive home ownership certificates. However, the department has since grouped these cases and issued 2,000 certificates.
The department is in the process of handling the remaining 15,000 cases, Thang said, adding that the legal issues, involving illegal construction and written land contracts, have impeded the issuance of pink books.
Thang also pointed out three main reasons for delays in the issuance of apartment ownership certificates. The first reason was that investors had mortgaged their projects to take out bank loans. After the projects were completed, the investors failed to pay off the mortgages, so management agencies could not grant apartment ownership certificates to residents.
In addition to the illegal construction of projects, investors have yet to complete infrastructure systems, leading to delays in certificate issuance.
Discussing solutions, the director of the municipal department explained that management agencies will collaborate with banks to handle issues related to mortgages. Accordingly, banks will maintain control over some parts of projects owned by investors, such as commercial centers, and give the remainder to residents so that they can be granted pink books.
Besides this, the department will cooperate with the HCMC Department of Construction to warn residents of apartment purchases and the issuance of home ownership certificates and will mandate that home sale contracts include investors’ responsibilities. SGT
Hanoi’s recently-released list of housing ventures for foreign homebuyers may draw in less interest than expected as reputable developers are not involved, and complex legal barriers tower on the horizon.
The Hanoi Department of Construction has announced a list of 16 housing projects in which foreigners can buy.