Question: Due to not understanding the real estate market as well as related legal regulations, I intend to ask a broker to guide me in buying a house in Hai Duong City. If the broker intentionally gives false information to me to buy, will they be punished?
NGUYEN GIANG(Cam Giang)
Reply:
According to Decree 16/2022/ND-CP, real estate brokerage companies that provide false information about real estate they broker will be fined from 200-250 million VND; individuals will be fined from 100-125 million VND.
You should not completely trust the staff or brokerage company, but must clearly see the real estate documents, verify the reality (such as going to the site to see the location of the property, checking planning information, consulting with neighbors...) to avoid legal risks and future losses.
The 2023 Law on Real Estate Business (effective from August 1, 2024) strictly regulates the conditions for individuals to practice real estate brokerage, that is, they are not allowed to practice real estate brokerage independently as before. Specifically, according to Clause 2, Article 61 of the 2023 Law on Real Estate Business, individuals practicing real estate brokerage must have a real estate brokerage practice certificate. That person must practice in a real estate trading floor service business or a real estate brokerage service business. Therefore, you should choose a broker from a reputable company.
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