In order to protect their interests and anticipate potential risks that may arise in the future, the buyer should pay attention to the following points before signing the contract to purchase an apartment:

• Checking the Legal Status of the Project

Before signing a contract to purchase an apartment, it is crucial to carefully check the legal status of the project.

1. Verify the Documents of the Project Developer: Ensure that you check all relevant documents provided by the project developer, including business licenses, 1/500 urban planning, construction permits, and bank guarantees.

2. Research Information on Government Websites: You can also search for project information on the websites of the Department of Construction or the Department of Natural Resources and Environment where the project is located. If necessary, directly contact their hotlines to obtain the most accurate information.

• Contract Value and Added Value

The apartment purchase contract is a written agreement between the buyer and the seller to determine, modify, or terminate rights and obligations in a specific social relationship. This contract must be based on voluntary, fair, cooperative, and honest principles.

It is essential to note that project developers often include terms favorable to them in the contract. On the other hand, buyers often have limited time to read and fully understand the contract, leading to potential legal complications after payment for the apartment.

Buyers should thoroughly read and understand all terms in the contract to be aware of the fees they are required to pay. The contract value is not solely the agreed upon price of the apartment but also includes other related fees such as land use tax and other taxes and fees.

Some buyers may overlook this aspect, resulting in additional costs later. Upon receiving the apartment, the buyer may be asked to pay extra for items such as completion deposit, certificate issuance fee, or the developer may arbitrarily increase management service fees or add other fees without prior agreement with the residents.

Furthermore, real estate transactions are subject to a 10% value-added tax (VAT) on the taxable value. However, this value is not the one stated in the contract. The Circular No. 06/2012/TT-BTC issued by the Ministry of Finance stipulates that "For real estate business activities, the tax base for VAT calculation is the transfer price of real estate minus the price of land, which is subtracted to calculate VAT." Therefore, many developers may take advantage of buyers' lack of attention to manipulate this amount by calculating the tax based on the entire contract value.

• Payment Method

The payment method must be clearly negotiated, including installment payments, and the consequences of late payments according to the specified timeline.

•  Delivery Time

The delivery time is essential for apartments that are still in the process of formation. Therefore, pay attention to this provision in the contract and ensure a clear agreement regarding the developer's responsibility and compensation amount if there are delays in delivery.

However, in practice, the actual delivery time may be earlier or later than the estimated time stated in the contract, but it should not exceed 90 days. If there is a delay, the developer must provide a written explanation to the buyer. Additionally, the seller must notify the buyer at least 15 days before the actual handover date to inform them about the specific time, location, and procedures for receiving the apartment.

• Receiving the Ownership Certificate Time

The ownership certificate (often called "pink book") is a crucial document determining the rights and value of the purchased apartment. Therefore, paying attention to the handover time of this certificate is essential. The process of obtaining the ownership certificate is the responsibility of the developer, and the buyer should note that they are not required to pay any additional fees related to this issuance.

• Handover Area

The buyer needs to clarify whether the area mentioned in the contract refers to the net usable area or the gross floor area.

• Handover Condition

When signing the apartment purchase contract, carefully review the list of materials to be handed over. For basic or fully completed apartments, the buyer should inspect the delivered equipment such as ceiling, lighting, kitchen cabinets, sanitary fixtures, doors, etc., paying attention to details like size and brand.

Read the appendix detailing the equipment to be handed over. Upon receiving the apartment, rely on this appendix to compare and request the developer to comply. If there is no prior agreement, refrain from accepting the handover as there have been cases where the developer did not deliver enough or made supplementary promises without fulfilling them.