According to relevant regulations, China's civil housing property right is up to 70 years, so many buyers will worry about the problem after the 70 year property right expires. What should we do when the 70 year property right expires? Who will own the house after 70 years? Let's take you to know.
House 70 years property rights expired how to do
Generally speaking, if the property right of a house has expired for 70 years, it can be automatically renewed, because the ownership of the house always belongs to you, but the land occupied by the house belongs to the state.
The 70 year property right of the house does not mean that you can only use the house for 70 years. When the 70 year service life of the house has expired, it can be divided into two situations:
If the government has no plan to take back the land, or has no legitimate reason to take back the land, then the buyers only need to pay the land transfer fee according to the land price at that time to regain the use of the land for a period of time, and the fee is not too expensive, because the land area spread to your house is generally only about 10 square meters (please refer to your land certificate for the specific area);
If the government wants to take back the land occupied by the buyer's house to meet the needs of public interest, it will compensate the owner of the house according to the local compensation standard.
Who will the house belong to 70 years after buying a house in China
According to relevant laws and regulations, residential construction land use right will be automatically renewed upon expiration. It can be jointly proposed by the house owners to pay the land transfer fee, which should be lower than the price of similar land transfer fees, similar to the difference between the cost price and the market price. If the land user does not apply for renewal, the land use right and the above ground real estate shall be recovered free of charge by the state. The right to housing will naturally disappear.
Generally speaking, after the 70 year property right of the house has expired, it will not lose the ownership of the house, as some people say, but will be automatically renewed by the owner, who only needs to pay the land use right transfer fee.