Only a deposit of no more than 5% of the sale price is required when buying a house under construction in Vietnam
Is it correct that only a deposit of no more than 5% of the sale price is required when buying a house under construction in Vietnam? - Mr. Phuong (Ha Noi)
Only a deposit of no more than 5% of the sale price is required when buying a house under construction in Vietnam
Clause 5 Article 23 of the Law on Real Estate Business in 2023 (effective from January 1, 2025) on the case of buying and selling future houses is as follows:
Principles of doing business in houses, buildings under construction
.....
5. The project investor of a real estate project may only collect a deposit of not more than 5% of the sale price, lease purchase price of houses, buildings under construction, floor area under construction in the building from the depositor to buy, lease when the houses, buildings under construction have met all the conditions for business according to the provisions of this Law. The deposit agreement must clearly state the sale price, lease purchase price of houses, buildings under construction, floor area under construction in the building.
From January 1, 2025, the purchase and sale of houses under construction will not be allowed to place a deposit of more than 5% of the sale price.
In addition, the deposit agreement for the purchase and sale of houses under construction must clearly state the sale price, lease purchase price of houses, buildings under construction, floor area under construction in the building.
Only a deposit of no more than 5% of the sale price is required when buying a house under construction in Vietnam - Source: Internet
Can the handover of houses under construction in Vietnam be authorized?
Article 27 of the Law on Real Estate Business in 2023 (effective from January 1, 2025) stipulates on the handover of houses, buildings under construction as follows:
Handover of houses, buildings under construction
1. The handover of houses shall be carried out in accordance with the provisions of the law on housing.
2. The project investor of a real estate project shall hand over the construction works, floor area under construction in the building to the buyer, lessee in accordance with the contract signed and ensure the following principles:
a) The construction works have been completed, the acceptance work has been checked and put into operation and use in accordance with the provisions of the law on construction;
b) The handover of construction works, floor area under construction in the building shall be made in writing;
c) The conditions, procedures, and authorities for the handover of construction works shall be carried out in accordance with the provisions of the law on construction.
3. The buyer, lessee of construction works, floor area under construction in the building shall directly receive the handover of construction works, floor area under construction in the building or authorize in writing under the provisions of the Civil Code for a representative to receive the handover of construction works, floor area under construction in the building.
Therefore, the buyer or lessee of a future house can authorize someone else to receive the handover of the house. However, the authorization to receive the handover of a future house must be in writing.
What types of houses and construction works under construction in Vietnam can be put into business?
Article 22 of the Law on Real Estate Business in 2023 (effective from January 1, 2025) stipulates the types of houses and construction works under construction that can be put into business as follows:
Houses and construction works under construction that can be put into business
1. Types of houses under construction, except for types of houses that are public assets under the provisions of the Housing Law.
2. Types of construction works under construction specified in Clause 2, Article 5 of this Law.
3. Floor area in construction works under construction specified in Clause 3, Article 5 of this Law.
Thus, houses and construction works under construction that can be put into business include:
- Types of houses under construction, except for types of houses that are public assets;
- Types of construction works under construction, including: construction works with the function of serving the purposes of education, health, sports, culture, offices, commerce, services, tourism, accommodation, industry, and construction works with the function of serving mixed purposes.
- Floor area in construction works under construction.
Best regards!
