The One-of-a-Kind Homeownership Guide: Navigating the Paperwork

Purchasing a home is a complex process, but an equally important aspect is the procedure to prove that it's your sole residence. We will guide you through the process of proving that your new home is, indeed, your one and only.

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The proof of ownership of a single property brings enormous benefits, including tax exemptions for individuals on personal income when trading real estate. But do you know the procedure for proving single-home ownership? Let’s find out together.

1Requirements for the procedure for proving single-home ownership

Article 3 of Circular No. 111/2013/TT-BTC and Article 4 of Decree No. 65/2013/ND-CP stipulate the cases for personal income tax exemption when transferring real estate, which must simultaneously meet the following three conditions:

First, at the time of transfer, the individual must own only one house or have the right to use only one land lot (including the case of having a house or work attached to that land).

Land Use Right Certificate, House Ownership and Other Assets Attached to Land

The determination of ownership of the house, land use right, will be based on the Certificate of Land Use Right, House Ownership, and Other Assets Attached to the Land.

Second, by the time of the transfer, the individual must have owned the house or land use right for at least 183 days.

In other words, from the date of issuance of the Certificate of Land Use Right and Ownership to the date of transfer, a minimum of 183 days must be ensured.

Individuals must own the house or land use right for at least 183 days

In cases where the certificate is reissued or replaced under the law, the time of determination of ownership of the house or land use right will still be calculated from the date of issuance of the old certificate (before being reissued or replaced).

Third, the whole house and land use right must be transferred. If an individual has the sole right or joint right to own a house or land but transfers only a part of it, that part will not be tax-exempt.

2Documents for the procedure for proving single-home ownership

The proof of single real estate ownership according to the above three conditions will be declared by the transferring individual and he/she will be responsible for it. If the authorities detect any false declaration, the individual will be subject to tax collection and handled for tax law violations.

The dossier of proof of single real estate ownership includes:

  • Tax declaration dossier for individuals with their signature, committing to be responsible for the truth of the declaration.
  • Copy of the certificate of land use right, papers certifying the ownership of the house or works on the land, and the individual’s commitment of responsibility attached to this document.
  • Real estate transfer contract.
  • Papers as a basis for determining the subjects entitled to tax exemption in case of real estate transfer with personal income tax exemption.

3Details of the procedure for proving single-home ownership

To carry out the procedure for proving single-home ownership, you need to follow the following steps:

Step 1 First, you need to meet the three conditions for proving single-home ownership to determine whether you are eligible for personal income tax exemption when transferring houses and land.

Step 2 Next, you must prepare a full dossier to prove that the real estate transfer is unique.

Step 3 Finally, you need to submit the tax declaration dossier together with the real estate transfer dossier at the one-door liaison office or the Tax Department where the transferred real estate is located.

If your locality has not implemented the one-door mechanism, please submit the dossier directly to the land registration office where the transferred real estate is located.

Submit the tax declaration dossier together with the real estate transfer dossier at the Tax Department

Hopefully, through the above sharing, you now know the procedure for proving single-home ownership. If you have any need, please follow the above guide.

Frequently asked questions

A homeownership guide is important as it helps individuals navigate the complex process of buying a home, providing valuable insights and step-by-step instructions to make informed decisions. It covers various aspects such as understanding the paperwork, choosing the right mortgage, and knowing one’s rights and responsibilities as a homeowner.

The guide offers a comprehensive overview of the home-buying process, with a unique focus on demystifying the paperwork involved. It covers essential topics such as understanding the different types of documents, the importance of disclosure forms, and how to review and negotiate terms. Additionally, it provides valuable insights into choosing the right real estate agent and getting the necessary inspections done.

The guide equips readers with the knowledge to confidently tackle the myriad of documents involved in buying a home. It explains the purpose of each type of paperwork, from purchase agreements to loan estimates, and offers strategies for reviewing and understanding the fine print. By following the guide’s advice, individuals can avoid common pitfalls, ensure transparency, and make well-informed decisions during the home-buying process.

One of the biggest challenges is understanding the complex paperwork and ensuring nothing amiss or unfavorable goes unnoticed. The guide helps by offering a detailed explanation of each document, highlighting potential red flags, and providing tips on negotiating terms. It also assists in recognizing and avoiding scams, ensuring a safe and secure transaction. Additionally, the guide offers insights into working effectively with real estate agents and lenders, streamlining the overall process.

Absolutely! The guide offers a dedicated section for first-time homeowners, providing valuable insights and practical advice. It covers topics such as creating a realistic budget, understanding hidden costs, and exploring different financing options. First-time homeowners will also benefit from learning about the importance of home inspections, choosing the right insurance, and understanding the closing process, ensuring a smooth and stress-free experience.
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