What is application for registration for mortgage of off-the-plan assets attached to land in Vietnam?

What is application for registration for mortgage of off-the-plan assets attached to land in Vietnam?

Pursuant to Article 14 of Circular 07/2019/TT-BTP stipulating registration for mortgage of off-the-plan assets attached to land as follows:

1. In case mortgage off-the-plan assets attached to land and mortgagors are not land users, demand submission of documents specified in Clauses 1, 2, 3, 4, 5 and 6 Article 39 of Decree No. 102/2017/ND-CP.

2. In case land registration offices have not adopted electronic cadastral records, use records for mortgage registration of off-the-plan assets attached to land to enable registration for mortgage of off-the-plan assets attached to land, except for cases of simultaneous registration for mortgage of land use rights and off-the-plan assets attached to land.

In Clauses 1, 2, 4, 5 and 6, Article 39 of Decree No. 102/2017/ND-CP stipulating applications for registration of mortgage of land use rights or property on land as follows:

An application for registration of mortgage of land use rights or registration of mortgage of land use rights and property on land or registration of mortgage of property on land shall include:

1. An application form for registration (1 original);

2. A mortgage contract or notarized or certified mortgage contract as per the law (1 original or 1 certified true copy);

4. In case of mortgage of off-the-plan property on land other than housing, apart from documents prescribed in Clauses 1, 2 and 3 of this Article, the applicant must submit the following documents:

a) A construction license as required by law or decision on approval for investment project as required by law (1 non-certified copy), unless the mortgage contract has been notarized or certified; one of drawings demonstrating construction site if the investor mortgages the construction project (1 non-certified copy);

b) A construction license as required by law or decision on approval for investment project as required by law (1 non-certified copy), unless the mortgage contract has been notarized or certified; one of drawings demonstrating construction site of property on land approved by the competent authority in case of mortgage of off-the-plan property on land being other construction work (1 non-certified copy);

5. A notarized or certified agreement between the land user and property on land’s owner in terms of formation of property on land in case of mortgage of property on land in which the land user is not the property on land’s owner (1 original or 1 certified true copy or non-certified copy enclosed with original for collation);

6. Documents justifying any of the following cases:

a) A written authorization if the applicant for registration is an authorized person (1 original or 1 certified true copy or 1 non-certified copy enclosed with original for collation);

b) One of documents justifying that the applicant is exempt from charges for security interest registration as prescribed in Article 12 of this Decree.

Thus, in order to register for mortgage of off-the-plan assets attached to land in Vietnam, the submitter needs to prepare the documents specified above.

Is it possible to request transition of registration for mortgage of property right arising from purchase agreements for houses that are not detached houses in Vietnam?

Pursuant to Article 18 of Circular 07/2019/TT-BTP stipulating transition of registration for mortgage of property right arising from home purchase agreements as follows:

1. Parties to mortgage agreements may request transition of registration for mortgage of property right arising from purchase agreements for houses that are not detached houses in following cases:

a) Already registered for mortgage of property right arising from home purchase agreements requesting to change to registration for mortgage of off-the-plan housing;

b) Already registered for mortgage of property right arising from home purchase agreements requesting to change to registration for mortgage of houses due to off-the-plan houses have been established (underwent acceptance testing and brought into use).

2. In case of already registering for mortgage of property right arising from purchase agreements for detached house according to Law on Housing, when mortgagors issued with certificates and parties continuing to agree on mortgage of land use rights and houses to ensure obligations compliance may apply for any of following cases:

a) Withdraw registration for mortgage of property right arising from home purchase agreements at Transaction and Asset Registration Centers affiliated to Bureau of National Registry of Secured Transactions affiliated to Ministry of Justice (hereinafter referred to as “transaction and assets registration centers”) and register for mortgage of land use rights and residential houses at land registration offices;

b) Change registration as specified in Clause 2 Article 46 of Decree No. 102/2017/ND-CP and register for mortgage of land use rights.

3. In case of change of registration for mortgage of property right arising from home purchase agreements to registration for mortgage of houses, competent agencies and organizations shall not request parties to the agreements to withdraw registration for mortgage of property right arising from home purchase agreements before adopting certifying or verifying procedures with respect to mortgage agreements for houses.

4. In case already registering for mortgage of property right arising from contracts for sale or transfer of assets attached to land other than houses and requesting to change to registration for mortgage of established assets attached to land which underwent acceptance testing and are certified for ownership, the registration change shall be performed similar to changing registration for mortgage of property right arising from home purchase agreements as specified in Articles 46 and 49 of Decree No. 102/2017/ND-CP and this Article.

According to this Article, the parties can request transition of registration for mortgage of property right arising from purchase agreements for houses that are not detached houses and register the mortgage in accordance with the provisions of law in Vietnam.

Best regards!