Types of houses and construction works available for business under the Real Estate Business Law 2023
Which Types of Existing Houses and Buildings are Allowed for Business under the Real Estate Business Law 2023?
Based on Article 12 of the Real Estate Business Law 2023, the following is stipulated:
Existing Houses and Buildings Allowed for Business
1. Types of existing houses, except for those considered public assets under the Housing Law.
2. Types of existing buildings specified in Clause 2, Article 5 of this Law.
3. Portions of floor area in existing buildings as specified in Clause 3, Article 5 of this Law.
The types of existing houses and buildings allowed for business include:
- Types of existing houses, except for those considered public assets under the Housing Law.
- Portions of floor area in existing buildings, all existing buildings, buildings to be formed in the future, including those serving educational, healthcare, sports, cultural, office, commercial, service, tourism, hospitality, industrial purposes, and mixed-use buildings.
*Which Types of Existing Houses and Buildings are Allowed for Business under the Real Estate Business Law 2023?*
What are the Principles of Business for Existing Houses and Buildings?
Based on Article 13 of the Real Estate Business Law 2023, the principles of business for existing houses and buildings are stipulated as follows:
- The sale and purchase of houses, buildings, and portions of floor area in buildings must be associated with land use rights, unless otherwise stipulated by the Land Law, Housing Law. Owners of apartments, portions of floor area in buildings, buildings with multiple owners, have the right to use land under the common use form.
- Buyers, lease-purchasers of houses, buildings, portions of floor area in buildings, as stipulated by this Law, are granted certificates of land use rights, ownership of assets attached to the land by the State for the purchased, leased-purchased houses, buildings, and portions of floor area in buildings. The sequence, procedures, and competent state agencies for granting certificates of land use rights, ownership of assets attached to the land are carried out according to the land legislation.
- The sale and lease-purchase of houses must comply with the ownership duration regulations specified by housing law. The sale and lease-purchase of buildings and portions of floor area in buildings must comply with the usage duration regulations for buildings as stipulated by construction law.
- The sale and lease-purchase of houses, buildings, portions of floor area in buildings must comply with the regulations on forms, purposes, land use duration, and the registration of land and assets attached to the land as stipulated by land legislation.
- Buyers, lease-purchasers of houses, buildings, portions of floor area in buildings establish ownership rights over the purchased, leased-purchased houses, buildings, and portions of floor area in buildings. The establishment of ownership rights for the buyers, lease-purchasers happens when the payment is fully made, and the houses, buildings, or portions of floor area in buildings are handed over, unless otherwise agreed by the parties.
- The sale, purchase, lease-purchase of houses, buildings, and portions of floor area in buildings must include records that meet the conditions stipulated by this Law. The sale and purchase of houses, buildings, and portions of floor area in buildings must clearly delineate areas and equipment for common and individual ownership and use.
When Does the Real Estate Business Law 2023 Take Effect?
According to Article 82 of the Real Estate Business Law 2023:
Effectiveness
1. This Law takes effect from January 1, 2025.
2. The Real Estate Business Law No. 66/2014/QH13, amended and supplemented by Law No. 61/2020/QH14 (hereinafter referred to as Law No. 66/2014/QH13), ceases to have effect 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 2023 takes effect from January 1, 2025.
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