News about bank guarantees

National Assembly Deputy Nguyễn Việt Hà (Tuyên Quang delegation) commented on the draft amended Law on Real Estate Business, asking for stronger protections for buyers of off-plan homes. He warned that the right to refuse a bank guarantee (Article 20, clause 3) could shift risk to buyers, and proposed barring waivers where a guarantee is mandatory; if the right is kept, refusal should be a separate, voluntary written confirmation given after full disclosure. He also proposed paying the remaining 5% (Article 20, clause 1, point b) upon receipt of the land-use right certificate, since buyers who have paid 95% of the contract value are unlikely to walk away. He further asked for clearer rules on deposit handling under 'the signed agreement' (Article 18, clause 6) so that such agreements comply with law, and commented on developers' obligations when transferring projects (Article 32, clause 1, point e).