What Information about Real Estate Must Be Disclosed Before Putting It into Business According to the 2024 Real Estate Business Law?
What information about housing and construction works to be formed in the future must be disclosed before being put into business?
Pursuant to Clause 3, Article 6 of the Real Estate Business Law 2023, the provisions are as follows:
Public disclosure of information about real estate put into business
1. Real estate business enterprises must fully, honestly, and accurately disclose the information specified in Clauses 2, 3, 4, and 5 of this Article before putting them into business on the housing and real estate market information system as stipulated by this Law and on the real estate business enterprise’s website (if any).
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3. Information about housing and construction works to be formed in the future:
a) Type of real estate; location, scale, construction progress, usage functions of the real estate; information about the shared usage area for real estate that are mixed-use buildings, apartment buildings;
b) Basic design approved according to the provisions of construction law; construction permit in cases where a construction permit is required; construction commencement notice; documents on completion of technical infrastructure construction as required by construction law corresponding to the project progress; documents proving the completion of foundation construction under the construction law for apartments or mixed-use buildings with housing;
c) Documents on land use rights;
d) Agreement on guarantees in the sale and lease-purchase of housing to be formed in the future;
e) Official documents from the competent state authorities regarding the housing, construction works for tourism and lodging purposes to be formed in the future, confirming their eligibility for sale or lease-purchase;
f) Restrictions on ownership, usage rights of real estate (if any); mortgages of houses, construction works, land use rights, real estate projects put into business.
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Real estate business enterprises must fully, honestly, and accurately disclose the above-mentioned information about housing and construction works to be formed in the future before putting them into business on the housing and real estate market information system as stipulated by this Law and on the real estate business enterprise’s website (if any).
What information about real estate must be disclosed before being put into business according to the Real Estate Business Law 2024? (Image from Internet)
What information about real estate projects must be disclosed before being put into business?
Pursuant to Clause 2, Article 6 of the Real Estate Business Law 2023, the provisions are as follows:
Public disclosure of information about real estate, real estate projects put into business
1. Before bringing real estate, real estate projects into business, real estate business enterprises must fully, honestly, and accurately disclose the information specified in Clauses 2, 3, 4, and 5 of this Article on the housing and real estate market information system as stipulated by this Law and on the real estate business enterprise’s website.
2. Information about real estate projects includes:
a) The decision on investment policy or investment policy approval or investment approval of the real estate project;
b) The decision on land allocation, land lease, or land use purpose conversion by the competent state authority;
c) Information about the detailed planning approved by the competent state authority;
d) Sample contracts used for transactions in real estate business as stipulated by this Law.
Thus, before bringing real estate projects into business, real estate business enterprises must fully, honestly, and accurately disclose the following information:
- The decision on investment policy or investment policy approval or investment approval of the real estate project;
- The decision on land allocation, land lease, or land use purpose conversion by the competent state authority;
- Information about the detailed planning approved by the competent state authority;
- Sample contracts used for transactions in real estate business as stipulated by the Real Estate Business Law 2023.
What information about existing housing and construction works must be disclosed before being put into business?
Pursuant to Clause 4, Article 6 of the Real Estate Business Law 2023, it is required that existing housing and construction works be publicly disclosed with the following information before being put into business:
- Certificate of ownership of housing and land use rights (homestead land) or Certificate of land use rights, ownership of housing and assets attached to the land or other certificates of land use rights, ownership of property attached to the land in accordance with land law, which record ownership of housing, construction works or Certificate of ownership of housing or Certificate of ownership of construction works, except for the cases specified in point b of this clause;
- In cases where housing, construction works are within a real estate project of the investor, only the certificate of land use rights in accordance with land law for the land area used for housing, construction works is required;
- Restrictions on ownership, usage rights of real estate (if any); mortgages of houses, construction works, constructed floor area in construction works, land use rights, real estate projects put into business.
The Real Estate Business Law 2023 comes into effect on January 1, 2025.
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