Do real estate brokerage service providers receive remuneration when customers purchase land at a loss in Vietnam?

Do real estate brokerage service providers receive remuneration when customers purchase land at a loss in Vietnam?

At Article 64 of the Law on Real Estate Business 2014 there are regulations on real estate brokerage remunerations as follows:

1. The real estate brokerage service providers shall receive remunerations from clients regardless of results of real estate sale, transfer, lease, sublease or lease purchase between their clients and a third person.

2. The real estate brokerage remunerations shall be agreed by contracting parties regardless of brokerage transfer price.

Based on current regulations in Vietnam, the real estate brokerage fee will be agreed upon by the parties in the contract regardless of the price of the brokered transaction. Therefore, in case the customer buys and sells land at a loss, the real estate broker can still receive a remuneration.

Do real estate brokerage service providers receive remuneration when customers purchase land at a loss in Vietnam? (Image from the Internet)

Do real estate brokerage service providers receive commission when customers purchase land at a loss in Vietnam?

In Article 65 of the Law on Real Estate Business 2014 there are regulations on real estate brokerage commissions as follows:

1. The real estate brokerage service providers shall receive brokerage commission when their clients sign agreements on real estate sale, transfer, lease, sublease or lease purchase.

2. The real estate brokerage commission shall be agreed by contracting parties.

According to this Article, the real estate brokerage commission is agreed upon by the parties in the contract in Vietnam. Therefore, real estate brokers can still receive commissions when customers purchase land at a loss.

What are rights and obligations of real estate brokerage service providers in Vietnam?

At Article 66 of the Law on Real Estate Business 2014 there are regulations on rights of real estate brokerage service providers as follows:

1. Provide real estate brokerage services as prescribed in this Law.

2. Request their clients to provide documents and information about the real estate.

3. Receive remunerations or commission as specified in the signed agreement.

4. Hire other real estate brokerage service providers to provide real estate brokerage services within the scope of the signed agreement provided that take responsibility for brokerage result to the clients.

5. Exercise other rights specified in the agreement.

In Article 67 of the Law on Real Estate Business 2014 there are regulations on obligations of real estate brokerage service providers as follows:

1. Abide by the signed agreement.

2. Provide documents and information about the real estate brokered by them and take responsibility for documents and information provided by them.

3. Support contracting parties in negotiation and conclusion of agreement on real estate sale, transfer, lease, sublease or lease purchase.

4. Conform to the reporting as prescribed in regulations of law and subject to inspection carried out by competent agencies.

5. Pay compensation for damage caused by the provider.

6. Fulfill tax obligations to the State as prescribed in regulations of law.

7. Fulfill other obligations specified in the agreement.

Thus, real estate brokerage service providers will have the above rights and obligations in Vietnam.

What do real estate brokerage services in Vietnam include?

At Article 63 of the Law on Real Estate Business 2014 there are regulations on real estate brokerage content as follows:

1. Look for partners who meet requirements given by clients for agreement negotiation and conclusion.

2. Act as authorized representative to follow procedures for real estate sale, transfer, lease, and sublease or lease purchase.

3. Provide information and support contracting parties in negotiation and conclusion of agreement on real estate sale, transfer, lease, sublease or lease purchase.

According to this Article, real estate brokers will include the above content in Vietnam.

Best regards!