Rights of Sellers, Lessors, and Lease Purchasers of Available Housing and Construction Works under the Business Real Estate Law of 2023
What are the rights of the seller or lessor of existing housing and construction works under the Real Estate Business Law of 2023?
Based on Article 18 of the Real Estate Business Law of 2023, the rights of the seller, lessor of existing housing, and construction works are regulated as follows:
(1) For the seller, lessor of housing, construction works, and floor area in a construction work, the rights include:
- To request the buyer, lease-purchaser to receive the housing, construction works, or floor area in a construction work according to the agreed schedule in the contract;- To request the buyer, lease-purchaser to pay in full according to the agreed schedule and method in the contract;- To request the buyer, lease-purchaser to cooperate in the procedures for buying, lease-purchasing as agreed in the contract;- Not to hand over the housing, construction works, or floor area in a construction work before full payment is made according to the agreed payment schedule, except where there is a different agreement;- To request the buyer, lease-purchaser to compensate or repair damages caused by their fault;- Other rights as per the contract.
(2) For the lessor of housing, construction works, and floor area in a construction work, the rights include:
- To request the lessee to receive the housing, construction works, or floor area in a construction work according to the agreed schedule in the contract;- To request the lessee to pay in full according to the agreed schedule and method in the contract;- To request the lessee to maintain and use the housing, construction works, or floor area in a construction work as agreed in the contract;- To request the lessee to compensate or repair damages caused by their fault;- To renovate, upgrade the housing, construction works, or floor area in a construction work for lease with the lessee's consent without causing any inconvenience to the lessee;- To request the lessee to return the housing, construction works, or floor area in a construction work upon the lease expiration; if the contract has no specified lease term, the lessor can only repossess the property after giving a 6-month notice;- To unilaterally terminate the lease contract when the lessee engages in particularly serious actions such as delaying rent payment for 3 months or more without the lessor's consent, using the property for unauthorized purposes, intentionally causing serious damages, or subleasing without agreement;- Other rights as per the contract.
Rights of the seller, lessor, lease-purchaser of existing housing and construction works under the Real Estate Business Law of 2023
What are the requirements for real estate business projects under the new Real Estate Business Law?
Based on Article 15 of the Real Estate Business Law of 2023, the requirements for real estate projects are as follows:
- The real estate project must comply with the land use planning and plans.- The real estate project must comply with the approved planning according to construction law and urban planning law.- The procedures for investment and construction of real estate projects must adhere to laws on planning, investment, land, construction, housing, and related legislation.- Construction permits must be obtained where required.- The real estate project must be constructed according to the approved progress, planning, and design within the investment project timeline approved by the competent state agency.- For investment projects in housing construction, in addition to the above conditions, the project must also meet requirements under the housing law.
When does the Real Estate Business Law of 2023 take effect?
Based on the provisions of Article 82 of the Real Estate Business Law of 2023, it is specified as follows:
Effective Date
1. This Law takes effect from January 01, 2025.
2. The Real Estate Business Law No. 66/2014/QH13 as amended and supplemented by Law No. 61/2020/QH14 (hereinafter referred to as Law No. 66/2014/QH13) ceases to be effective from the effective date of this Law, except as provided in Clauses 2, 3, 5, 6, 7, 9, 12, and 13 of Article 83 of this Law.
Thus, the Real Estate Business Law of 2023 takes effect from January 01, 2025.
LawNet