What are criteria for selecting an property auction organization to auction a villa in Vietnam?
What is property auction? What do property auctioned in Vietnam include?
According to the provisions of Clause 2, Article 5 of the Law on Property Auction 2016 , property auction means a method of selling property involving two or more bidders according to the order and procedures prescribed in this Law, except the case specified in Article 49 of this Law.
According to Article 4 of the Law on Property Auction 2016, property to be auctioned as follows:
- Property required by law to be sold through auction, including:
+ State property as defined by the law on management and use of state property;
+ Property over which ownership by the entire people is established in accordance with law;
+ Property being land use rights as defined by the land law;
+ Collateral as defined by the law on secured transactions;
+ Property for judgment enforcement as defined by the law on enforcement of civil judgments;
+ Property being exhibits or means used in administrative violations which are forfeited into the public funds, property distrained to secure the execution of administrative sanctioning decisions in accordance with the law on handling of administrative violations;
+ Property being national reserve goods as defined by the law on national reserves;
+ Fixed assets of enterprises as defined by the law on management and use of state capital invested in production and business at enterprises;
+ Property of enterprises and cooperatives declared bankrupt in accordance with the law on bankruptcy;
+ Property being road infrastructure facilities and the right to collect charges for use of road infrastructure facilities in accordance with the law on management, use and operation of road infrastructure facilities;
+ Property being the mining right in accordance with the mineral law;
+ Property being the right to use or own planted production forests in accordance with the law on forest protection and development;
+ Property being the right to use radio frequencies in accordance with the law on radio frequencies;
+ Property being non-performing loans and collateral for such non-performing loans of the wholly state-owned organization established by the Government to settle non-performing loans of credit institutions in accordance with law;
+ Other property required by law to be sold through auction.
- Property owned by individuals and organizations which will be sold through auction of their own free will according to the order and procedures prescribed in this Law.
What are criteria for selecting property auction organization in Vietnam?
According to Article 3 of Circular 02/2022/TT-BTP (take effect from March 25, 2022), there are 6 criteria for selecting property auction organization as follows:
- Group of criteria on necessary facilities and equipment to secure the auction for the type of auctioned asset.
- Group of criteria on feasible and effective auction plans.
- Group of criteria on the capacity, experience and reputation of the property auction organization.
- Group of criteria on remuneration for auction services and appropriate property auction costs.
- Under the list of property auction organizations announced by the Ministry of Justice.
- Other groups of criteria relevant to the auctioned asset shall be decided by the person having the auctioned asset.
How is evaluation and scoring according to the criteria for selecting organization to auction the villa conducted?
According to Article 5 of Circular 02/2022/TT-BTP (takes effect from March 25, 2022), the evaluation and scoring according to the criteria for selecting an property auction organization is conducted as follows:
- The person having the auctioned property shall self-assess or establish an evaluation team or choose another form to evaluate the criteria for selecting the property auction organization and take responsibility for this assessment.
- The person having the auctioned property shall, based on the information in the application file for participation in the selection of the property auction organization, score it according to all the criteria specified in Appendix I issued with this Circular and handle it. handle situations as prescribed in Clauses 4, 5, 6, and 7 of this Article.
- The selected property auction organization is the organization with the highest total score of all criteria combined. In case there are two or more property auction organizations with the same highest total score, the person having the auctioned property shall consider and decide to choose one of those organizations.
- If within 12 months from the date of submission of the dossier, the property auction organization has a legal representative or the auctioneer of the organization is convicted by a legally effective judgment of the Crime of violating regulations on property auction activities due to acts on behalf of, for the benefit or with the direction, administration or approval of such property auction organization, such property auction organization shall be deducted 50% of the total score.
- If within 12 months from the date of application submission, the property auction organization falls into one of the following cases, the following shall be done:
+ If an auctioneer of their organization is administratively sanctioned for violating regulations on property auction activities, for each auctioneer sanctioned for administrative violations, that property auction organization is minus 5% of the total points;
+ An property auction organization is administratively sanctioned for its violation of regulations on property auction activities, except for the sanctioned acts specified at Point c of this Clause, for each act sanctioned for administrative violations, the asset auction organization shall have 5% of the total points deducted;
+ If the property auction organization fails to make a public announcement of the property auction on the national web portal on property auction as announced by a competent authority, the property auction organization will be deducted 20% of the total points;
+ If an auctioneer of his/her own organization is convicted by a legally effective sentence for a crime of violating regulations on property auction activities that do not fall into the case specified in Clause 4 of this Article, the auction organization is deducted 20% of the total points.
- If within 12 months from the date of application submission, the property auction organization in the case has been refused to consider and evaluate the dossier specified in Clause 7 of this Article or the selection result has been cancelled. If the property auction organization chooses the provisions in Clause 2, Article 6 of this Circular, the auction organization will have 70% of the total points deducted.
- In case there is a basis to determine that the property auction organization intentionally provides incorrect information or falsifies information on criteria in the dossier, the person having the property refuses to consider and evaluate the dossier of property auction organization;
- In case by the end of the date of submitting the application for registration to participate in the selection, but only one property auction organization registers, the property owner shall consider and decide to select such organization if it meets the provisions of the Law on property auction, this Circular and relevant laws.
Circular 02/2022/TT-BTP on selecting an property auction organization issued by the Minister of Justice will officially take effect from March 25, 2022.
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