What is the information on off-plan housing or building to be disclosed to be put on market in Vietnam?
What is the information on off-plan housing or building to be disclosed to be put on market in Vietnam?
Pursuant to Clause 3, Article 6 of the Law on Real Estate 2023 stipulates as follows:
Disclosure of information on real estate and real estate projects to be put on market
1. Before placing any piece of real estate or real estate project on the market, each real estate enterprise shall be required to adequately, honestly and accurately publish the information specified in clauses 2, 3, 4 and 5 of this Article on the housing and real estate market information system as prescribed in this Law and on their website.
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3. Information on off-plan housing or building to be disclosed includes:
a) Type; location, scale, construction schedule and uses of the real estate; information on the shared area if the real estate is an apartment of the apartment building, building or multipurpose building;
b) The fundamental design included in the prefeasibility study report which has been duly appraised in accordance with regulations of the Construction Law; building permit, if required; notice of construction commencement date; documents on the prescribed acceptance testing of finished infrastructure facilities according to the project schedule; and, in case of an apartment of the apartment building or building used for multiple purposes, including for residence, documentary evidences of the acceptance testing of finished foundation in accordance with regulations of the Construction Law;
c) Documents on LURs as prescribed in clause 2 Article 24 of this Law;
d) Agreement on grant of guarantee for sale or lease purchase of off-plan housing;
dd) Certification given by a competent authority that the off-plan housing meets conditions for sale or lease purchase;
e) Limitations on ownership or rights to use the real estate (if any); mortgage of housing, building or building’s floor area, LURs or real estate project to be put on the market.
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Accordingly, each real estate enterprise shall be required to adequately, honestly and accurately publish the information on the housing and real estate market information system as prescribed in this Law and on their website before placing real estate or real estate project on the market.
What is the information on off-plan housing or building to be disclosed to be put on market in Vietnam?
What are the state policies for real estate business in Vietnam?
Pursuant to Article 7 of the Law on Real Estate 2023, it is stipulated as follows:
State policies for real estate business
1. The State encourages organizations and individuals of all economic sectors to invest and engage in real estate business in conformity with the national and local socio-economic development objectives set out in each period.
2. The State encourages and provides organizations and individuals with incentive policies for investment in social housing and real estate projects given investment incentives.
3. The State shall invest in, and encourage organizations and individuals to make investment in, technical infrastructures outside the project perimeter; assist in construction of technical infrastructures within the perimeters of real estate projects given investment incentives.
4. The State shall invest in, and encourage organizations and individuals to make investment in, urban public utility works and social infrastructure works within the scope of real estate projects.
5. The State shall adopt policies for regulating the real estate market with an aim to ensuring its healthy, safe and sustainable growth.
6. The State shall adopt policies for facilitating non-cash payment for real estate transactions.
7. The State encourages the conduct of sale and purchase, transfer, lease, sublease and lease purchase of housing, buildings and LURs through the real estate trading floor.
Thus, for real estate investment and business, the state has policies according to the above regulations.
In particular, the State encourages organizations and individuals of all economic sectors to invest and engage in real estate business in conformity with the national and local socio-economic development objectives set out in each period.
Vietnam: When does the Law on Real Estate 2023 come into force?
Pursuant to the provisions of Article 82 of the Law on Real Estate 2023 clearly states:
Effect
1. This Law comes into force from January 01, 2025.
2. The Law on Real Estate Business No. 66/2014/QH13, as amended by the Law No. 61/2020/QH14, (hereinafter referred to as “Law No. 66/2014/QH13”) ceases to have effect from the date of entry into force of this Law, except the provisions of clauses 2, 3, 5, 6, 7, 9, 12 and 13 Article 83 of this Law.
Thus, the Law on Real Estate 2023 comes into force from January 1, 2025.
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