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Fears over plans to leave out notary services in property sales

October 25, 2016 by robert Leave a Comment

Fears over plans to leave out notary services in property sales By Dinh Dung – The Saigon Times Daily HCMC – The Ministry of Construction has put forward ideas to leave out the notary legal service procedure that is seen as a must in housing transactions; however, many property experts are concerned the move will produce more potential risks to buyers and sellers. The construction ministry said simplifying administrative procedures and saving money is why they are proposing the Ministry of Justice amend the current Housing Law, allowing contracts of selling, giving, mortgaging, exchanging and leasing properties within six months to be done without requiring notarization. The ministry reasoned that when those activities occur the organization that grants ownership certificates will have to check conditions and legal status of those properties. Therefore, notary services were unnecessary. However, many people are concerned that cutting down the procedure will not improve the current situation and will only allow more risks to appear in property transactions in the future. Lawyer Tran Duy Canh, managing partner of Luat Viet Advocates and Solicitors Company, told the Daily that notary services served as a legal guardian to protect both sellers and buyers, thus it would be too risky to discard the legal service. Canh said the proposal fails to appreciate the current condition of the local property market where land and housing policies change very often, and buyers or sellers will not have a chance to access those policies and understand clearly the regulations. “Many people…




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