From January 01, 2025, what conditions must houses and construction works meet to be put into business in Vietnam?
From January 01, 2025, what conditions must houses and construction works meet to be put into business in Vietnam?
Based on Clause 1, Article 14 of the Law on Real Estate Business 2023, the conditions for houses and construction works to be put into business are as follows:
Conditions for houses and available construction works to be put into business
1. Houses and construction works to be put into business must meet the following conditions:
a) Have a Certificate of house ownership and the right to use homestead land or Certificate of land use rights, house ownership, and other assets attached to the land or other certificate of land use rights, ownership of assets attached to the land according to land law regulations, which acknowledge house or construction work ownership; or Certificate of house ownership, or Certificate of construction work ownership, except for houses, construction works, and construction floor areas in real estate projects regulated at Clauses 2 and 3 of this Article;
b) Not subject to disputes about land use rights associated with houses or construction works, ownership disputes regarding houses or construction works put into business that are being notified, accepted, and resolved by competent authorities; in case of disputes, these must have been resolved by competent authorities through legally effective judgments, decisions, or rulings;
c) Not subject to any distraint to ensure judgment enforcement;
d) Not prohibited from transactions by law;
dd) Not under suspension or temporary suspension of transactions according to law regulations;
e) Have publicized information as stipulated in Article 6 of this Law.
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Houses and construction works to be put into business must meet the following conditions:
- Have a Certificate of house ownership and the right to use homestead land or Certificate of land use rights, house ownership, and other assets attached to the land or other certificate of land use rights, ownership of assets attached to the land according to land law regulations, which acknowledge house or construction work ownership; or Certificate of house ownership, or Certificate of construction work ownership, except for houses, construction works, and construction floor areas in real estate projects regulated at Clauses 2 and 3 of Article 14 of the Law on Real Estate Business 2023;
- Not subject to disputes about land use rights associated with houses or construction works, ownership disputes regarding houses or construction works put into business that are being notified, accepted, and resolved by competent authorities; in case of disputes, these must have been resolved by competent authorities through legally effective judgments, decisions, or rulings;
- Not subject to any distraint to ensure judgment enforcement;
- Not prohibited from transactions by law;
- Not under suspension or temporary suspension of transactions according to law regulations;
- Have publicized information as stipulated in Article 6 of the Law on Real Estate Business 2023.
From January 01, 2025, what conditions must houses and construction works meet to be put into business in Vietnam? (Image from the Internet)
What are the principles for business of available houses and construction works in Vietnam?
According to Article 13 of the Law on Real Estate Business 2023, the principles for business of available houses and construction works are as follows:
- The purchase and sale of houses, construction works, and construction floor areas in construction works must be associated with the land use rights, except for the cases regulated otherwise by the Land Law and House Law. Owners of condominium apartments, construction floor areas in construction works, and construction works with multiple owners have the right to use land in common form.
- The buyers and lease-purchasers of houses, construction works, and construction floor areas in construction works in accordance with this Law shall be granted certificates of land use rights, ownership of assets attached to land for the houses, construction works, or construction floor areas already purchased or leased. The procedures, order, and competent state authority for granting certificates of land use rights, ownership of assets attached to land shall comply with land law regulations.
- The sale and lease-purchase of houses must comply with the provisions on the duration of house ownership as stipulated in the House Law. The sale and lease-purchase of construction works and construction floor areas in construction works must comply with the provisions on the duration of use of construction works as stipulated in construction law.
- The sale and lease-purchase of houses, construction works, and construction floor areas in construction works must comply with the provisions on form, purpose, duration of land use, and registration of land and assets attached to land according to land law.
- The buyers and lease-purchasers of houses, construction works, and construction floor areas in construction works shall establish ownership rights for the houses, construction works, or construction floor areas already purchased or leased. The establishment of ownership rights for houses, construction works, or construction floor areas for the buyers and lease-purchasers starts from the time when the buyers and lease-purchasers have fully paid for the purchase or lease-purchase price and have received the handover of the houses, construction works, or construction floor areas, unless otherwise agreed by the parties.
- The purchase and lease-purchase of houses, construction works, and construction floor areas in construction works must include dossiers on houses, construction works that meet the conditions as specified in this Law. The purchase and sale of houses, construction works, and construction floor areas in construction works must clearly distinguish the common use areas and private use areas of the owners.
What acts are prohibited in the real estate business in Vietnam?
According to Article 8 of the Law on Real Estate Business 2023, the prohibited acts in the real estate business include:
- Conducting real estate business without meeting the conditions stipulated in this Law.
- Forging documents, intentionally falsifying information about real estate, or real estate projects put into business.
- Failing to publicly disclose information about real estate, or real estate projects put into business as required by real estate business law.
- Committing fraud, deception, or swindling in the real estate business.
- Collecting money from the sale, lease-purchase of houses, construction works, or construction floor areas in future-formed construction works not conforming to this Law; using money collected from the buyers, lease-purchasers of houses, construction works, or construction floor areas in future-formed construction works contrary to legal regulations.
- Failing to perform or fully perform financial obligations towards the State.
- Granting, using real estate brokerage practicing certificates contrary to real estate business law regulations.
- Collecting, managing, and using fees, charges, and other money related to the real estate business contrary to legal regulations.
The Law on Real Estate Business 2023 will take effect from January 01, 2025.
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