Is it compulsory to notarize land sale agreement in Vietnam?
Is it compulsory to notarize land sale agreement in Vietnam? Is it permissible for the contracting parties to decide the effective date of land sale agreement in Vietnam?
Hello Lawnet. I want to invest in land on a small scale as this is my side job. If I buy another person's land, does the land sale agreement between me and that person need to be notarized? Thank you.
Is it compulsory to notarize land sale agreement in Vietnam?
Pursuant to Article 17 of the Law on Real Estate Trading in 2014 stipulating real estate trading agreement in Vietnam as follows:
1. Types of real estate trading agreement:
a) Building sale agreement;
b) Building rent agreement;
c) Lease purchase agreement;
d) Land transfer, lease, and sublease agreement;
dd) Agreement on transfer of all or a portion of real estate project.
2. A real estate trading agreement must be made in writing. The agreement notarizing or authenticating shall be agreed by contracting parties, excluding building sale or lease purchase agreements or land transfer agreements concluded by households and individuals prescribed in Clause 2 Article 10 of this Law.
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Pursuant to Clause 2, Article 10 of the Law on Real Estate Trading in 2014 stipulating as follows:
2. Any organizations, households and individuals who conduct small-scale or irregular transactions of real estate sale, transfer, lease-out, and lease purchase shall not be required to set up enterprises, but they shall make tax declaration as prescribed.
As regulations above, land sale agreement in Vietnam must be notarized in accordance with the law.
Is it permissible for the contracting parties to decide the effective date of land sale agreement in Vietnam?
Pursuant to Clause 3, Article 17 of the Law on Real Estate Trading in 2014 stipulating the effective date of land sale agreement in Vietnam as follows:
3. The effective date of the agreement shall be agreed and stated in the agreement by contracting parties. If the agreement has been notarized or authenticated, the effective date of the agreement is the notarizing or authenticating date. If the contracting parties have not agreed or the agreement has been not notarized or authenticated, the effective date is the date on which the agreement is signed.
As regulations above, contracting parties have the right to decide the effective date of land sale agreement in Vietnam.
Best regards!
