Vietnam: What are the real estate and benefits of real estate owners? What are the requirements in terms of real estate to be put on the market?
What are the real estate and benefits of real estate owners in Vietnam?
Real estate:
To answer the question "What are the benefits of real estate owners?", it is first necessary to understand what real estate is.
The 2015 Civil Code does not provide a definition of real estate, but only lists assets that are real estate according to Clause 1, Article 107 of the 2015 Civil Code, including:
- Land;
- Houses and constructions attached to land;
- Other property attached to land and buildings;
- Other property as prescribed by law.
Real estate is one of the important and strongly developed sectors in the economy of a country. real estate, including land and property attached to land, is not only an important part of social infrastructure but also a valuable source of wealth.
Real estate and benefits of real estate owners:
Owning real estate brings significant benefits to individuals and communities. real estate is often likely to increase in value over time. Owning real estate can be profitable by buying, selling, renting, or developing. This helps create a stable income and long-term investment opportunities.
What are the requirements in terms of real estate to be put on the market in Vietnam?
Pursuant to the provisions of Article 9 of the Law on Real Estate Business 2014, the requirements in terms of real estate to be put on the market in Vietnam are:
- A building to be put on the market shall satisfy the following requirements:
+ The ownership of the building on land is registered in the Certificate of Land Use Rights. Regarding an off-the-plan building in the real estate project, it is only required to have the Certificate of Land Use Rights as prescribed in regulations of law on land.
+ There is no dispute about the land and ownership of the building on land.
+ The building is not distrained.
- Types of land permitted to be put on the market shall satisfy the following requirements:
+ There are Certificates of land as prescribed in regulations of law on land.
+ There is no dispute about the land.
+ The land is not distrained;
+ The land use term is still unexpired.
What are the responsibilities of investors of real estate projects in Vietnam?
Pursuant to the provisions of Article 13 of the Law on Real Estate Business 2014, the responsibilities of investors of real estate projects in Vietnam are specified as follows:
- Invest in construction, trading, management, and operation of real estate projects as prescribed.
- Ensure financial resources to run the projects on the approved schedule.
- A house or a building is only transferred to clients if that building or other infrastructure is finished on schedule as specified in the approved project and they are connected to general infrastructure in such area; in case a house or an unfinished building is transferred, the whole outside of such house or construction must be completed.
- Apply for Certificate of Land Use Rights, ownership of houses and property on land granted to the buyer or the renter and issued by competent agencies within 50 days from the day on which the house or the building is transferred to the buyer or from the deadline of lease purchase, except that the buyer or the renter requests in writing that they shall apply themselves for the Certificate.
- Do not authorize any organization to participate in investment cooperation, joint venture, association, business cooperation, or capital contribution to sign the agreement on real estate sale, transfer, or lease purchase.
What are the rules for real estate trading in Vietnam?
Pursuant to the provisions of Article 19 of the Law on Real Estate Business 2014, the rules for real estate trading in Vietnam are:
- The selling of a building must be associated with the piece of land.
- An apartment building or a mix-used building shall be sold according to the rules as follows:
+ Delimit general area, equipment, and private area and equipment of owners;
+ Any buyer purchasing apartments in the apartment buildings or mixed-use buildings shall have joint rights to use the land. They shall agree about stable and prolonged use duration, or agree about land lease duration regarding lease land.
- The buyer of buildings, apartments, areas in apartment buildings or mix-used buildings shall be granted Certificate of Land Use Rights, ownership of land, and property on land.
- The building sale documents shall be submitted together with documents on buildings.
- The date of ownership transfer is the date on which the seller transfers the building to the buyer or the buyer pays off the total amount to the seller unless otherwise agreed.
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