Beginning in May next year, standard contracts will provide pre-sale homebuyers better protection in disputes with developers who get into financial difficulty.
In the past, disputes over sales of uncompleted housing property — known as pre-sales real estate — between developers and homebuyers occurred when residential projects scheduled to be completed by a certain date were not delivered as promised, or when developers ran out of money and collapsed.
With the introduction of official standard contracts by the Consumer Protection Commission and the Ministry of the Interior that clearly establish contract guarantees, the government hopes to minimize disputes surrounding pre-sale homes, the commission’s legal division director Chiu Hui-mei (邱惠美) said.
Real-estate developers can agree to the ministry-established contract guarantee or provide an alternative form of guarantee, as long as the developer obtains consent from the homebuyer. For instance, a developer could promise in the pre-sales real-estate contract to refund homebuyers in the event the firm fails to deliver the property.
Another alternative is for the developer and buyer to agree that the money paid by the homebuyer goes directly into a trust fund to avoid buyers running the risk of having the funds siphoned off or not returned if the terms of the sales contract are violated.
The developer could also provide contract guarantees by partnering with another developer and guaranteeing that the partner company would deliver the product in the event of bankruptcy. In return, the developer could also guarantee to deliver on the partner company’s contract in the event the partner developer goes bankrupt.
The ministry said it would begin counseling businesses, including real-estate developers and construction companies, on the new regulations.
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