Buying a house, for ordinary people, is a big decision in their lives. But there are also a lot of troubles and problems that come with it, from housing prices, location, loans to taxes and so on, all of which are headaches. One of the most troubling issues for home buyers is property rights.
Recently, a family in Shanghai received a notice that the land use right of their house has reached 70 years, and they need to re-sign the land use right transfer contract and pay the land use right transfer fee. If you do not agree to the renewal or do not meet the conditions, ** has the right to repossess the land and the buildings on it. This makes a lot of people confused and anxious. So, what's really going on?Is the house we bought subject to the 70-year property limit?Who will the house belong to when the property expires?In this article, we will answer these questions one by one.
1. Understand 70 years of property rights
First of all, we need to understand that the house we are buying is actually made up of two parts: one is the house itself, and the other part is the land under the house. The house itself is our private property, and we have permanent ownership with no time limit.
However, the land beneath the house is not our private property, but the public property of the state, and we only have a limited right to use it, with a time limit, the so-called 70-year property right.
This statement is actually somewhat inaccurate, because it does not involve the ownership of the house, but the right to use the land. We have the ownership of the house, but only the right to use the land under the house, because the ownership of the land is owned by the state. So, when you buy a house and pay for it, the state allows your house to exist on the land below for 70 years, which is where the "70-year property right for a residence" comes from.
2. What should I do after the expiration of 70 years of property rights?
So, when the 70-year tenure expires, will our house still be ours?Do we need to pay extra to continue living?This is the biggest concern for many home buyers. In fact, the answer to this question has been clear: auto-renewal.
The answer comes from China's Civil Code. The Civil Code is the highest-level civil law in China, which was adopted on May 28, 2020 and officially entered into force on January 1, 2021.
This means that if you buy residential land, then your land use right will be automatically extended after it expires, and you do not need to submit any application or formalities, and you do not have to worry about repossession of your land or house.
However, you may be required to pay a renewal fee, the amount and manner of which will be determined in accordance with other laws and policies. If you are buying non-residential land, such as commercial or industrial land, then when your land use rights expire, you will need to deal with it according to the law, you may need to re-sign contracts, pay higher fees, and even face land and house repossession. These circumstances will depend on the agreement between you and ** and the content of the agreement.
The introduction of this regulation provides clear protection for many home buyers, and also dispels many people's worries. We no longer have to worry about the house being taken away after 70 years, and we don't have to worry about it going to be in ruins. We only need to pay the appropriate renewal fee in accordance with the law and continue to enjoy our house and land.
In short, the house we buy only has the right to use the land, not the permanent ownership of the land. But don't worry, under the provisions of the Civil Code, the right to use residential land will be automatically renewed. As long as we follow the law and pay the appropriate renewal fee, we will continue to enjoy our house and land. A 70-year title is a complex but important issue, and as home buyers, we should have a clear and correct understanding of it.
Don't blindly believe or spread false or one-sided information, and don't worry too much about or ignore the issue. Analyze and deal with it rationally, so that our house can truly become our place to live. Finally, welcome to leave your comments and discussions.