What are conditions for off-plan housing and building to be put on market in Vietnam?
What are off-plan housing and building?
Pursuant to Article 3 of the Real Estate Business Law 2023:
Article 3. Interpretation of terms
In this Law, the terms below are defined as follows:f
[...]
- Existing housing, construction works are those that have been completed and accepted into use according to the provisions of the construction law.
- Off-plan housing and building refer to those underway in the construction investment process or those not yet accepted into use according to the provisions of the construction law.
[...]
Thus, off-plan housing and building are those undergoing construction investment processes or not yet accepted for use as per the provisions of the construction law.
What are conditions for off-plan housing and building to be put on market in Vietnam? (Image from the Internet)
What are conditions for off-plan housing and building to be put on market in Vietnam?
Based on Article 24 of the Real Estate Business Law 2023, the conditions for off-plan housing and building to be put on market are stipulated as follows:
[1] Housing, construction works have been commenced according to construction law regulations.
[2] Having one of the following land use right documents:
- Land allocation decision
- Land lease decision and contract for leasing land use rights as prescribed by land law
- Decision permitting the change of land use purpose
- Land use rights certificate
- Certificate of house ownership and homestead land use rights
- Certificate of land use rights, house ownership, and other assets attached to the land
- Other certificates on land use rights, ownership of assets attached to land as per land law
[3] Having the following documents:
- Construction permit for housing, construction works and the application for construction permit in cases where construction permits are required under construction law
- Notification of commencement of housing, construction works and construction design documents in cases where construction permits are not required under construction law
- Documents on acceptance of completion of technical infrastructure construction as per construction law according to project progress; in case of apartments or mixed-use buildings with housing, documents proving acceptance of the completed foundation according to construction law must be available
[4] Before selling, leasing, or buying future-formed housing, the project investor must notify the provincial real estate business management agency about the eligibility of housing for sale, lease purchase.
Within 15 days from receiving the notification, the provincial real estate business management agency is responsible for checking the conditions of the housing to be put into business and replying in writing to the project investor about the eligibility of housing for sale, lease purchase; if conditions are not met, reasons must be clearly stated.
[5] Housing, construction works must be in a real estate project approved by a competent state agency according to law and must be included in the approved project content for the purpose of constructing housing, construction works for sale, or lease purchase.
[6] Meet the following conditions:
- Not in dispute over land use rights associated with housing, construction works, ownership dispute of housing, construction works involved in business being informed, accepted, and resolved by a competent authority; if there is a dispute, it must have been resolved by a competent authority with a legally binding verdict, decision, or ruling
- Not under seizure to ensure the execution of a judgment
- Not in the cases where transactions are prohibited by law
- Not in a period of transaction suspension according to law
- The project investor must have completed land financial obligations including land levy, land rent, and related taxes, fees, charges (if any) to the State as prescribed by law for land associated with housing, construction works put into business
- The project must meet the following requirements:
+ The real estate project must conform to land use planning and plans.
+ The real estate project must comply with approved planning as per construction and urban planning laws.
+ The process, procedures for investment and construction of real estate projects must comply with legal provisions on: planning, investment, land, construction, housing, and related laws.
+ Compliance with construction permits in cases where construction permits must be issued.
+ The real estate project must be invested and built according to schedule, planning, design, and within the project's implementation period approved by a competent state agency.
Additionally, housing construction investment projects must fulfill requirements according to housing law.
[7] Information about real estate, real estate projects to be put into business has been publicly disclosed according to regulations.
[8] The floor space area in future-formed construction works to be put into business must not only meet the above conditions but also the conditions stipulated in clause 3, Article 14 of the Real Estate Business Law 2023.
What information about off-plan housing and building must be disclosed publicly in Vietnam?
According to clause 3, Article 6 of the Real Estate Business Law 2023, the information on off-plan housing and building that must be disclosed includes:
- Type of real estate; location, scale, construction progress, utility of the real estate; information about common usage areas for real estate that is an apartment building, construction works, or mixed-use building
- Base design in the feasibility study report for construction investment that has been appraised as per construction law; construction permit for cases where construction permits must be issued; construction commencement notice; documents on acceptance of completed technical infrastructure construction as per construction law according to project progress; documents proving acceptance of foundation construction for apartments or mixed-use buildings with housing as per construction law
- Documents on land use rights
- Agreement on guarantee in the sale, lease-purchase of future-formed housing
- Official letter from a competent state agency regarding the eligibility of future-formed housing for sale, lease purchase
- Restrictions on ownership, usage rights of real estate (if any); mortgage of housing, construction works, floor space area in construction works, land use rights, real estate projects put into business
