Do You Know About Your House Ownership Terms?

Property

There are more and more people buying houses, but how many people know how much the ownership of this house is? For most people, the house, the most important property, can’t be sloppy! 70 years later, will our house still belong to us? What should we do when it expires? We sort it out for you.

Land use rights are land use rights that the state assigns to organizations, institutions and individuals. According to the “Constitution of the People’s Republic of China”, land ownership belongs to the state and collectives. Land use rights are divided into different useful years according to the type of development at the time of transfer. The maximum tenure of civil residential land is 70 years, the maximum of industrial construction land and comprehensive land is 50 years, and the maximum of commercial construction land is 40 years.

House ownership belongs to individual property rights, a type of private property rights, and is protected by the “Constitution of the People’s Republic of China.” According to Article 64 of the “Property Law of the People’s Republic of China” (implemented on October 1, 2007), private individuals have ownership of their legal income, houses, daily necessities, production tools, raw materials and other real and movable properties. Its life span is permanent.

The difference between land use right and house ownership is: house ownership (i.e. property right) is permanent and has no time limit. As long as the property is not completely destroyed or lost, it can always be enjoyed. “There is no time limit registration column in the property certificate”; land use Right has a time limit. The state grants land users the right to use the land for 40 years, 50 years, and 70 years through land transfer in a period of time.

In other words, the ownership of the house is permanent. As long as the house does not collapse, the house will always belong to the owner. But we are a socialist country, and the land belongs to the country. According to different projects, the lease cycle of national land is also different, 70 years for residential, 50 years for industry/science, education, culture, health and sports/comprehensive, 40 years for business/tourism/entertainment.

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