What are the existing housing and building business rules in Vietnam under the Law on Real Estate 2023?
What are the existing housing and building business rules in Vietnam under the Law on Real Estate 2023?
Based on the provisions of Article 13 of the Law on Real Estate 2023, there are 06 existing housing and building business rules as follows:
- Only housing, buildings or their floor areas associated with LURs can be traded, unless otherwise prescribed by the Land Law and the Housing Law. Owners of apartments of apartment buildings, floor areas of buildings or multi-owner buildings shall be entitled to use land in the form of shared use.
- Each buyer or tenant-buyer of housing, building or its floor area under this Law shall be issued by the State with a certificate of LURs and ownership of property on land in respect of the housing, building or its floor area which they buys or obtains under a lease purchase agreement. Procedures for issuing such certificate shall be followed in accordance with the Land Law.
- Provisions on housing ownership duration set out in the Housing Law shall apply to sale or lease purchase of housing. Selling or offering lease purchase of a building or its floor area shall be subject to provisions on duration of buildings set out in the Construction Law.
- Selling or offering lease purchase of housing, buildings or their floor areas shall also be bound by provisions on forms, purposes and duration of land use, and registration of land and property on land set out in the Land Law.
- Each buyer or tenant-buyer of housing, building or its floor area shall have the ownership of the housing, building or its floor area which they buys or obtains under a lease purchase agreement established. Such ownership shall be established from the time when the buyer or tenant-buyer has fully paid the purchase or lease purchase price and received handover of the housing, building or its floor area, unless otherwise agreed upon by the parties.
- The sale and purchase, and lease purchase of the housing, building or its floor area must be supported by documents proving that the housing or building meets relevant conditions set out in this Law. Determination of area and equipment of shared ownership/shared use and those subject to separate ownership/use rights of owners must be included in the agreement on sale and purchase of the housing, building or its floor area.
What are the existing housing and building business rules in Vietnam under the Law on Real Estate 2023? (Image from the Internet)
What are existing housing and buildings to be put on market in Vietnam?
Pursuant to the provisions of Article 12 of the Law on Real Estate 2023, existing housing and buildings to be put on market are as follows:
- Existing housing of various types, except those considered as public property as prescribed by the Housing Law.
- Existing buildings including those used to serve education, healthcare, sports, culture, office, trade, service provision, tourism, accommodation or industrial purpose, and multipurpose buildings.
- Floor areas of the existing buildings including those used to serve education, healthcare, sports, culture, office, trade, service provision, tourism, accommodation or industrial purpose, and multipurpose buildings.
What are the State policies for real estate business in Vietnam?
Pursuant to the provisions of Article 7 of the Law on Real Estate 2023, there are the following State policies for real estate business:
- The State encourages organizations and individuals of all economic sectors to invest and engage in real estate business in conformity with the national and local socio-economic development objectives set out in each period.
- The State encourages and provides organizations and individuals with incentive policies for investment in social housing and real estate projects given investment incentives.
- The State shall invest in, and encourage organizations and individuals to make investment in, technical infrastructures outside the project perimeter; assist in construction of technical infrastructures within the perimeters of real estate projects given investment incentives.
- The State shall invest in, and encourage organizations and individuals to make investment in, urban public utility works and social infrastructure works within the scope of real estate projects.
- The State shall adopt policies for regulating the real estate market with an aim to ensuring its healthy, safe and sustainable growth.
- The State shall adopt policies for facilitating non-cash payment for real estate transactions.
- The State encourages the conduct of sale and purchase, transfer, lease, sublease and lease purchase of housing, buildings and LURs through the real estate trading floor.
Law on Real Estate Business 2023 comes into forces from January 1, 2025.
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