Will the owner be allowed to gift the off-the-plan housing in Vietnam? What are the methods of the transactions in housing?
What are the methods of the transactions in housing in Vietnam?
Pursuant to Article 117 of the Law on Housing 2014 stipulates the methods of transactions in housing as follows:
Transactions in housing include agreements on housing sale, lease, and lease purchase, transfer of agreements on commercial housing sale, gifting, exchange, inheritance, mortgage, capital contribution, lending, permission for stay, and management authorization.
Will the owner be allowed to gift the off-the-plan housing in Vietnam? What are the methods of the transactions in housing?
Will the owner be allowed to gift the off-the-plan housing in Vietnam?
Pursuant to Article 118 of the Law on Housing 2014 stipulates the requirements applied to houses entered into transactions as follows:
Requirements applied to houses entered into transactions
1. Any house regarding transactions in housing sale, lease purchase, gifting, mortgage, or capital contribution shall meet the requirements below:
a) There is the Certificate as prescribed, except for cases prescribed in Clause 2 of this Article;
b) There is no dispute, complaint, or proceedings for homeownership; the term of homeownership has not expired if the house is under a term contract on housing;
c) The house is not distrained;
d) There is no decision on land revocation, notification of housing clearance or demolishment issued by the competent agency.
The requirements prescribed in Point b and c of this Clause shall not apply to transactions in off-the-plan housing sale or lease purchase.
2. The following transactions in housing are not required the Certificate:
a) Transactions in off-the-plan housing sale or mortgage;
b) Transactions in house of gratitude gifting;
c) Transactions in state-owned housing sale or lease purchase; social housing or non-state-owned housing serving the relocation sale or lease purchase; housing sale prescribed in Clause 4 Article 62 in this Law;
d) Transactions in housing lease, lending, permission for stay, management authorization;
dd) Transactions in housing inheritance;
e) Transactions in transfer of agreement on commercial housing which is under residential construction projects including the case in which the house is received from the investor but the application for the Certificate of that house has not sent to the competent agency.
Any documentary evidence on requirements pertaining to the house to be entered into the transaction as prescribed in this Clause shall comply with regulations of the Government.
Thus, based on Clause 1 of the above provisions, any house regarding transactions in housing sale, lease purchase, gifting, mortgage, or capital contribution shall meet the requirements below:
- There is the Certificate as prescribed;
- There is no dispute, complaint, or proceedings for homeownership; the term of homeownership has not expired if the house is under a term contract on housing;
- The house is not distrained;
- There is no decision on land revocation, notification of housing clearance or demolishment issued by the competent agency.
In addition, Clause 2 of this Article also stipulates that the transactions in off-the-plan housing sale is not required the Certificate.
Thus, for off-the-plan housing sale, only sale or mortgage is allowed.
What are the conditions for the donors to gift off-the-plan housing in Vietnam?
Pursuant to Clause 1, Article 119 of the Law on Housing 2014 stipulates that any entity who sells, leases, leases and sells housing, transfers agreements on commercial housing sale, gives, exchanges, bequeaths, mortgages, lends, permit to stay in housing, or authorizes housing management must satisfy the following requirements:
- He/she is the homeowner, or the person permitted and authorized by the homeowner to enter into housing as prescribed in this Law and law on civil; if the agreement of commercial housing is transferred, he must be the buyer for housing of the investor or the transferee of the agreement on housing sale;
- If the entity is a person, he must have full civil capacity to enter into transactions in housing as prescribed in law on civil; if the entity is an organization, it must have legal personality, except for the organization giving house of gratitude.
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