10:15 | 20/08/2024

According to Decree 96/2024/ND-CP, what conditions must the real estate trading floor in Vietnam meet from August 1, 2024?

According to Decree 96/2024/ND-CP, what conditions must the real estate trading floor in Vietnam meet from August 1, 2024?

According to Decree 96/2024/ND-CP guiding the Law on Real Estate Business, what conditions must the real estate trading floor in Vietnam meet?

Pursuant to Article 15 of Decree 96/2024/ND-CP stipulating the operating conditions of real estate trading floors in Vietnam as follows:

- Real estate trading floors must meet the conditions stipulated in Article 55 of the Real Estate Business Law 2023, specifically:

+ The manager and operator of the real estate trading floor must meet the following conditions:

+ Have the right to manage businesses in Vietnam according to the provisions of the Enterprise Law 2020;

+ Complete a training course on managing and operating real estate trading floors and be certified by a training institution as having completed the course on managing and operating real estate trading floors.

- Real estate trading floors must be established and registered for operation as regulated in Article 54 of the Real Estate Business Law 2023.

- Real estate trading floors must issue and publicly disclose the real estate transaction process through the real estate trading floor.

- Real estate trading floors must register a fixed place of operation, have material and technical facilities that ensure the implementation of activities of the real estate trading floor.

Note: the Government of Vietnam stipulates detailed conditions above.

- The legal representative of the enterprise and the manager and operator of the real estate trading floor must take responsibility for the operation of the real estate trading floor. The legal representative of the real estate trading floor can simultaneously be the manager and operator of the real estate trading floor.

- Real estate trading floors must have a name, a stable trading address lasting more than 12 months, and technical equipment that meets the requirements according to the content of activities of the real estate trading floor.

- Real estate trading floors have the responsibility to implement anti-money laundering measures, report on anti-money laundering in accordance with the laws on anti-money laundering.

Decree 96 stipulates the conditions real estate exchanges must meet from August 1, 2024.

According to Decree 96/2024/ND-CP, what conditions must the real estate trading floor in Vietnam meet from August 1, 2024? (Internet image)

What are operations of real estate trading floors in Vietnam?

Pursuant to Article 16 of Decree 96/2024/ND-CP stipulating the activities of real estate trading floors as follows:

(1) real estate trading floors operate according to the contents stipulated in Article 56 of the Real Estate Business Law 2023, specifically:

- Verify the legality and conditions for putting real estate into business for those entering transactions through the real estate trading floor; list, provide information on real estate eligible for business in accordance with the Real Estate Business Law 2023.

- Provide services, support, and supply information to help customers seek and select real estate.

- Provide real estate brokerage services, support parties in negotiating and trading real estate. Real estate brokerage activities in the real estate trading floor must meet the conditions and comply with the provisions in Section 2 Chapter VII of the Real Estate Business Law 2023.

- Provide services and support parties in drafting and signing real estate transaction contracts.

- Provide services and support parties in payment, handing over documents, papers, and real estate (if any) for transactions through the real estate trading floor.

- Store information, documents, and papers on real estate and real estate transactions carried out through the real estate trading floor.

- Provide other related support services for transactions through the real estate trading floor.

- Confirm transactions through the real estate trading floor; provide transaction information through the real estate trading floor to the provincial real estate business management authority.

Note: the Government of Vietnam stipulates detailed contents above.

(2) Confirmation of real estate transactions is conducted as follows:

- Real estate transactions in traditional forms are confirmed in writing. In case of real estate transactions in electronic forms, electronic confirmation is conducted in accordance with the Electronic Transactions Law, e-commerce laws, and relevant legal regulations.

- The written confirmation of real estate transactions must include signatures of representatives of the enterprise (project investor or real estate owner), the real estate trading floor representative, the individual broker, and the seal of the enterprise corresponding to the transaction form.

What is the procedures for issuing practicing certificates for real estate brokers in Vietnam?

Pursuant to Clause 2 Article 31 of Decree 96/2024/ND-CP stipulating the procedure for issuing practicing certificates for real estate brokers in Vietnam as follows:

- The Chairman of the Examination Board reports to the Chairman of the Provincial People's Committee on the organization of the examination and certifies the results of the examination.

- Based on the report of the Chairman of the Examination Board and the examination results approved by the Chairman of the Examination Board, the Chairman of the Provincial People's Committee approves the list of individuals eligible for the license (as per the form in Appendix XXII of Decree 96/2024/ND-CP).

Within 10 working days from the date of receiving a complete dossier, the Provincial People's Committee organizes the issuance and signing of the license.

- The Provincial People's Committee shall keep the dossier of the licensed individual for 10 years from the date of license issuance.

Note: The license is returned to the individual at the Provincial People's Committee or as notified by the Provincial People's Committee. If the license holder does not pick it up directly, it will be sent by post.

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