What are the rules for transfer of the whole or a part of real estate project in Vietnam?
What are the rules for transfer of the whole or a part of real estate project in Vietnam?
According to the provisions of Article 9 of Decree 02/2022/ND-CP stipulating the rules for transfer of the whole or a part of real estate project in Vietnam as follows:
(1) The transfer of the whole or a part of a real estate project shall be effected when all the conditions specified in Article 49 of the Law on real estate trading are satisfied and shall be applied in case the project is being executed in conformity with the approved project schedule and contents.
(2) For real estate projects specified below, the transfer shall be carried out in accordance with the law on investment:
- Real estate projects approved by investors according to the 2020 Law on Investment;
- Real estate projects that are granted investment registration certificates in accordance with the 2020 Law on Investment.
(3) Real estate projects not specified in Clause 2 of this Article shall be transferred in accordance with the Law on real estate trading and Decree 02/2022/ND-CP.
What are the rules for transfer of the whole or a part of real estate project in Vietnam?
What is the application for transfer of the whole or a part of real estate project in Vietnam?
Pursuant to Article 10 of Decree 02/2022/ND-CP stipulating the application for transfer of the whole or a part of real estate project as follows:
(1) An investor's application for transfer of the whole or part of a real estate project includes:
- Application form for transfer of the whole (or part) of the real estate project specified in Form No. 10 in the Appendix issued with Decree 02/2022/ND-CP;
- Draft contract for transfer of the whole (or part) of the real estate project specified in Form No. 6 in the Appendix issued with Decree 02/2022/ND-CP;
- Documents (copies with originals for comparison, or notarized/authenticated copies) in relation to the real estate project to be transferred, including: decision or approval for investment policy, or investment permit or approval for investment issued by a competent authority; decision for approval of project; 1/500 detailed plan or master plan drawing; documents proving completion of project site clearance; documents proving that the construction of corresponding technical infrastructure works has been completed according to the schedule stated in the project (for the case of transfer of the entire project on infrastructure construction); certificate for the project;
- A report on the execution of the real estate project up to the time of transfer using the form specified in Form No. 12 of the Appendix issued with Decree 02/2022/ND-CP.
(2) A transferee's application for transfer of the whole or part of a real estate project includes:
- Application form for receipt of the whole (or part) of the real estate project specified in Form No. 11 in the Appendix issued with Decree 02/2022/ND-CP;
- Certificate of enterprise registration or certificate of investment registration or documents proving the establishment of the organization (a copy with the original for comparison or a notarized/authenticated copy);
- Documents proving financial capacity and sources of funds to be raised (if any) in accordance with the law to ensure the continued implementation of the project according to the schedule approved by the competent authority; for real estate enterprise that receive the transfer, they must have documents proving their financial capacity specified in Clause 2, Article 4 of Decree 02/2022/ND-CP.
What types of real estate are allowed to be put on the market?
Pursuant to Article 5 of the 2014 Law on Real Estate Trading stipulating as follows:
Types of real estate to be put on the market
Types of real estate to be put on the market must meet all the requirements prescribed in this Law (hereinafter referred to as real estate):
1. Existing buildings of organizations or individuals;
2. Off-the-plan buildings of organizations or individuals;
3. Buildings which are public properties to be put on the market permitted by competent agencies;
4. Types of lands whose land-use rights are permitted to be transferred (hereinafter referred to as land), leased, sublet as prescribed in law on land.
Thus, the following types of real estate will be allowed to be put on the market:
- Existing buildings of organizations or individuals;
- Off-the-plan buildings of organizations or individuals;
- Buildings which are public properties to be put on the market permitted by competent agencies;
- Types of lands whose land-use rights are permitted to be transferred (hereinafter referred to as land), leased, sublet as prescribed in law on land.
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