"Is there a 'seven-day no-reason return' for online shopping, and 'no reason to check out' when buying a house?Recently, the Wuhan Real Estate Development Association of Hubei Province proposed that 8 properties for sale in Wuhan voluntarily participate in the "30-day no reason to check out" activity. From November 28 to December 31 this year, buyers can choose to check out once within 30 days from the date of subscription without any penalty if they sign a no-reason check-out agreement when subscribing for a house in 8 properties for sale.
As soon as the news came out, it attracted the attention of many people in the industry and the public. "'30 days no reason to check out' is the equivalent of setting a 'cooling-off period' for the purchase of a home, giving time to fully consider whether the house is worth buying. In the eyes of industry insiders, this initiative can not only protect the rights and interests of home buyers, but also enhance the public's confidence in buying homes. What are the specific rules for "no reason to check out"?What should home buyers pay attention to?The reporter paid a visit.
30 days no reason to check out.
There is also a "cooling-off period" for buying a home
On November 29, Wuhan Real Estate Development Association issued a document saying that 8 properties for sale in Wuhan voluntarily participated in the "30-day no reason to check out" activity. Specifically, the above-mentioned 8 real estate projects promise that between November 28 and December 31 this year, buyers who subscribe normally and sign the "30-day no reason to check out agreement" can enjoy the no-reason check-out service once within 30 days from the date of subscription. After the buyer submits the application for check-out without reason and the relevant materials, the developer shall refund all the money paid by the buyer within the agreed time without charging any liquidated damages. The reporter noted that the first batch of 8 real estate projects to participate in the "30-day no reason to check out" activity are all developed by local state-owned enterprises in Wuhan, distributed in the core urban area of Wuhan, with unit prices ranging from 14,000 yuan square meters to 34,000 yuan square meters, of which 4 real estate projects are open this year.
As soon as the recent event was launched, many consumers came to consult. On December 11, a real estate consultant of Wuhan Chengtou Mobei Jingyuan project said in an interview with reporters that since the introduction of this policy, the number of visits in December has been twice that of November, and the transaction volume has also increased. Originally, some hesitant home buyers expressed more confidence in buying a house after learning about the no-reason check-out policy. Subsequently, as for the relevant refund time, other staff members of the marketing center replied, "If you want to check out, we have an application process here, and you need to submit relevant information." It will take more than a month to get a refund from the time you submit your application. At the same time, the reporter also inquired whether to check out unconditionally, and the staff said, "It's okay to make sure the notes are good before the transaction." ”
The reporter of Shandong Business Daily and Super Leopard News Network noticed that driven by the first batch of 8 activity real estate, Wuhan Real Estate Association is organizing the second and third batches of real estate to sign up for activities. "At present, the Housing Society is also encouraging other enterprises to participate, but it is not yet known whether there will be follow-up projects. A local industry insider in Wuhan told reporters that "30 days without reason to check out" is actually equivalent to setting a "cooling-off period" for buying a house, during which buyers have time to fully consider whether the house is worth buying;During the cooling-off period, buyers can also rationally measure their income and expenditure, and whether they can afford to repay the monthly payment, so as to avoid the occurrence of "payment interruption".During the cooling-off period, buyers can also have a certain amount of time to inspect the developer's brand, reputation, and quality of the house, so that buyers can buy a house after the cooling-off period after careful consideration, and also avoid losses caused by impulsive consumption.
Many places have been included in the ranks.
Associated with high inventory levels in the market.
In fact, "no reason to check out" is nothing new. As early as 1995, the Beijing SOHO Modern City project proposed to check out without any reason. Then, in 2008, many developers in China made similar promises, and in 2015, Evergrande Real Estate even included all of its residential properties in the country in the ranks of "no reason to check out". At that time, in the eyes of buyers, once the contract was signed, it was difficult to check out and return the deposit, which was the biggest "pain point" leading to frequent real estate disputes, and the developer's promise of "no reason to check out" was equivalent to giving buyers a "reassurance". Then, in 2016, a large real estate company announced that it would implement no reason to check out of all its real estate residences nationwide. Especially since 2020, with the intermittent resumption of work, many real estate companies have set off a wave of "no reason to check out", but the regional measures are slightly different, some are check-out, some are refunded locked** deposits, and the check-out period is as little as 30 days to 60 days, and as many as 90 days to 180 days.
It is worth noting that this year alone, in February, 38 real estate projects for sale in Fangshan District, Beijing voluntarily promised in the form of a spontaneous alliance that if the buyer proposed to move out before signing the formal purchase contract, the deposit would be refunded within 30 days. In August, Zhushi Group's Pearl River Flower City, Pinshi Yunhu Flower City, Pearl River Huayu Flower City and other projects in Guangzhou also launched the "30-day no reason to check out" activity. According to relevant reports, the commitment of each project was made under the promotion of the housing and construction departments of various cities. "Therefore, although the 'deposit' can not be refunded according to the law, in practice, many developers will still make some concessions according to the actual situation. At the same time, if the developer voluntarily promises to refund the deposit, it means that the buyer will have no 'worries' about buying a new house in the specified real estate project. A sales consultant of a real estate project in Fangshan District explained that as long as there is no formal purchase contract, you can consider whether to buy, and if you want to check out, the deposit can be returned quickly and without barriers.
A reporter from Shandong Business Daily and Super Leopard News Network found that the real estate projects in most cities launched the "30-day no reason to check out" activity, which is closely related to the high inventory in the market and the difficulty of de-escalation. Taking Wuhan as an example, in the ranking of commercial housing inventory in major cities released by CRIC last year, Wuhan's residential inventory in the narrow sense ranked second in the country, second only to Qingdao. According to data released by the Wuhan Municipal Bureau of Housing and Urban-Rural Development, as of the end of June this year, Wuhan has approved the pre-sale of 159914 commercial housing units that have not yet been signed online. According to CRIC monitoring data, in December this year, Wuhan is expected to have 35 real estate projects with a total volume of about 800,000 square meters and a total of about 6,700 units. "In the current environment, 'no reason to check out' is actually a way to boost buyers' confidence. "In the eyes of industry insiders, the purpose of launching the no-reason check-out activity is to protect the rights and interests of home buyers and enhance their confidence in buying houses.
Check out the "deposit" cat greasy".
Written contracts still need to be watched.
For consumers, what issues need to be paid attention to when buying this type of housing?It is worth mentioning that although there have been "no reason to check out" real estate projects in many cities, including Wuhan, there are very few cases where "no reason to check out" is actually completed. At the same time, the reporter found that the "no reason to check out" of real estate companies does not mean unconditional check-out and timely refund.
In this regard, the reporter asked the relevant lawyer, and the lawyer Zhou Zhengfeng said that the developer clearly agreed on the rules of the game for no reason to check out on the "No Reason to Check Out Agreement" provided by the developer. The buyer may exercise the right to vacate without reason only after satisfying the conditions stipulated in the no-reason check-out agreement.
On the surface, it is said that there is no reason to check out, but when the rules are formulated, many developers have made a lot of restrictive conditions for this no reason to check out. For example, the buyer is required to pay a certain percentage of the down payment without default, or even to pay off the purchase price in advance if there is a lump sum payment, or to repay the mortgage loan in a lump sum before the buyer can meet the conditions for moving out without reason. Zhou Zhengfeng said.
It is worth mentioning that the reporter saw on the black cat complaint platform that there were many consumers who had previously participated in other projects "no reason to check out", and they were able to successfully "check out without reason", but the check-out payment was delayed again and again. In June this year, a consumer said on the Black Cat complaint platform that he bought a commercial house from a real estate company in 2022, and the real estate company promised to check out without any reason, and the refund period was 3-6 months. The consumer successfully checked out through legal channels in 2023, but as of his posting, he still has not received a refund. In this regard, Zhou Zhengfeng pointed out that checking out without reason has gradually become a hot spot for complaints from the majority of home buyers, and has become a means for developers to attract customers, marketing and financing. Local real estate authorities have put forward clear requirements for check-out without reason, stipulating that if a real estate development enterprise sells by way of check-out without reason, it shall clearly publicize the refund time limit, refund requirements and the obligations of both parties.
Nationwide, the degree of standardization varies from place to place, and there is no unified standard and general rules. Experts said that on the one hand, the relevant departments should establish regulatory norms that are compatible with the whole process of "no reason to check out" as soon as possibleOn the other hand, developers should take honesty and trustworthiness as the lifeline of their enterprises to improve product quality and service. Only in this way can buyers consume clearly and trade with peace of mind.
During the interview, some industry insiders also suggested that when buyers sign a contract with the developer to buy a house, they should carefully read the terms and conditions one by one to fully understand the check-out requirements and their additional conditions. If in doubt, ask the developer for an explanation in time. "For the key issue of 'checking out without reason', which is easy to cause trouble, it must be agreed on in writing. If it can't be put into words, the recording evidence should also be retained. Industry insiders reminded.