What happens after 70 years? Who gets the house?Finally, a definite answer

2022-06-01 0 By

Since the reform and opening up, China’s real estate industry has been booming, and the housing price in various regions is also high.There are plenty of people who have to pay their mortgages for most of their lives.In the process of buying and selling houses, we also more or less understand that houses with large property rights only have 70 years of property rights.So one can’t help but ask here, if I’ve already paid for a house, why is there such a thing as home ownership?After the property expires, 70 years after you get the house, who gets the house?Where am I supposed to live until then?Here’s a look with xiaobian.First, China’s real estate status quo first with you clear a concept, is housing property rights, as the name implies that the owner of the property of the house has the right to possess, use, income and disposal.According to the data, the national average housing price has reached 10,900 yuan per square meter in August 2021.Many people can’t buy a house in their whole life, especially in big cities like Beijing, Shanghai, Guangzhou and Shenzhen, where buying a house and settling down are two very difficult things.Someone said, you can borrow money from the bank to buy a house, so that you have to pay the mortgage every month.After the loan, you need to pay extra attention to your work and make no big mistakes so that you can meet the mortgage payment on time.A large part of each month’s income is used to pay the mortgage, and the rest of the money can be used for their own control, which greatly reduces their quality of life.Because most people buy a house with a mortgage, few buy a house with a full lump sum.The people who borrowed money to buy a house have been paying back the mortgage, and if the house price goes down now, it’s unfair to the people who bought the house, so the house price doesn’t go down, it just stays stable or goes up.For this reason, some people even go to real estate speculation, because the annual housing price in general into the trend of rising, especially in the past few years more people speculation.But then the state explicitly stipulated that houses were for living in, not for speculation.This will reduce the phenomenon of real estate speculation.Now China has also introduced some policies to limit the number of houses that can be purchased, which also helps prevent housing prices from rising.But experts say prices are unlikely to fall sharply, as many would-be home buyers have discovered, despite a slump that saw nearly 400 property developers go bust last year.Second, housing property rights about housing property rights, generally speaking, the term of land use rights has 40 years, 50 years and 70 years.Different years have different scope of application, we buy a house, to pay special attention to look at how long the property right of the house.So-called 70 years property right, point to the droit period of building property right namely, it is civil residence not only, commercial building and industrial building also have property right.In addition, the 70-year ownership is only counted from the time the developer completes the approval process for the use of the land, not when the property is handed to you.For example, a developer bought land in 2009, but did not build houses immediately, and did not complete the construction until 2019.When the house is sold to the owner under the transaction contract, the owner will only have 60 years to use the house.If at a later time, the owner wants to sell his house, the buyer of the second-hand house will have the use of the house for a shorter period of time.At this point, you might think that since the house is only 70 years old at most, the number of years to their hands is even shorter.So when 70 years comes up, who should these houses go to?Where am I going to live?According to the Civil Code, a home can be automatically renewed after 70 years of ownership, as long as the owner goes through all the formalities.It should be noted that although there is no need to apply for automatic renewal, automatic renewal also requires relevant renewal fees.The Civil Code also stipulates that the renewal fee should be much lower than the transfer fee for the right to use the construction land, which means that the automatic renewal fee you need to pay will not be a high price.And if you automatically renew it, it doesn’t mean you can use it in perpetuity.If the time of automatic renewal is up, we still need to go through the relevant automatic renewal procedures.Now, the question is, what is the cost of automatic renewal?How much more do I have to pay to continue to own the right to use the house?But neither the Civil Code nor the Property Law clearly stipulates how much money should be paid.This should be regulated by other relevant laws and regulations.Because each region is different for the term of land use rights, so the amount of payment is also different.This ensures a fair and equitable transaction.But in terms of the significance and nature of the property, the automatic renewal fee should not be a particularly large expense.Experts also said China is improving related laws and regulations to make automatic renewal fees more transparent and fair.So when you buy a house you don’t have to worry about what happens when the house expires?I believe the government will give a clear answer in the near future.You can buy without having to worry about what happens when the title expires.At this point someone might ask, that automatic renewal fee is also a fee, I should have taken it into account.The automatic renewal fee is a small price to pay for your home, and it’s more realistic to consider the neighborhood and the future of the property.Conclusion In recent years, the spread of the epidemic has slowed down China’s economic development, slowed down consumption and reduced investment. The same is true of the real estate industry. In the past year, many real estate developers have gone bankrupt.Real estate is a very important industry in China. In the future, China’s real estate development should draw lessons from it, be good at starting from reality, accelerate the transformation to high-tech field, and form brand advantages.About “property rights will expire how” this problem, we only need to relevant departments for renewal procedures, can continue to live in the original house.I believe that the people who get a clear answer in the mind also relieved, after all, the house is to spend most of the life of the hard-earned money to buy, there is no room for error.Do you have any other questions about the term of housing property rights?