What is the deposit for buying a house in Vietnam? Can I have a sample contract for a house and land purchase deposit in 2024 in Vietnam?

Sample contract for a house and land purchase deposit in 2024 in Vietnam

You can refer to the sample contract for a house and land purchase deposit here.

What is the deposit for buying a house in Vietnam? Can I have a sample contract for a house and land purchase deposit in 2024 in Vietnam? - image from internet

What is the deposit for buying a house in Vietnam?

Pursuant to Article 328 of the Civil Code in 2019 stipulating deposit as follows:

Deposit

1. Deposit is an act whereby one party (hereinafter referred to as the depositor) transfers to another party (hereinafter referred to as the depositary) a sum of money or precious metals, gemstones or other valuable things (hereinafter referred to as the deposited property) for a period of time as security for the entering into or performance of a contract.

2. Upon a contract being entered into or performed, any deposited property shall be returned to the depositor, or deducted from the amount of an obligation to pay money. If the depositor refuses to enter into or perform the contract, the deposited property shall belong to the depositary. If the depositary refuses to enter into or perform the contract, it must return the deposited property and pay an amount equivalent to the value of the deposited property to the depositor, unless otherwise agreed.

Therefore, the current law does not specifically regulate the amount of deposit required when buying a house. It depends on the agreement between the buyer and the seller.

In practice, the deposit amount usually ranges from 10% to 30% of the house value.

What documents are required for notarization of ready-made contract for a house and land purchase in Vietnam?

Pursuant to Clause 1 Article 40 of the Law on Notarization in 2014 stipulating notarization of ready-made contracts and transactions as follows:

Notarization of ready-made contracts and transactions

1. A notarization request dossier shall be made in one set, comprising:

a/ A notarization request containing information on full name and address of the notarization requester, contents to be notarized and list of enclosed papers; name of the notarial practice organization, full name of the dossier recipient, and time of dossier receipt;

b/ The draft contract or transaction;

c/ A copy of the personal identity paper of the notarization requester;

d/ A copy of the ownership certificate or use right certificate or its substitute paper as permitted by law for assets subject to ownership or use right registration under law, in case the contract or transaction is related to those assets;

dd/.Copies of other papers related to the contract or transaction as required by law.

2. The copies specified in Clause 1 of this Article may be photocopied, printed or typewritten copies containing full and accurate contents as the originals and do not need to be certified.

3. A notary shall check the papers in a notarization request dossier. When the dossier is complete and valid as prescribed by law, he/she shall accept it and record it in the notarial register.

4. Notaries shall guide notarization requesters to comply with regulations on notarization procedures and relevant regulations on performance of contracts and transactions; clearly explain to notarization requesters their rights, obligations and lawful interests as well as the significance and legal consequences of their entry into contracts or transactions.

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As regulations above, documents required for notarization of ready-made contract for a house and land purchase in Vietnam are:

- A notarization request containing information on full name and address of the notarization requester, contents to be notarized and list of enclosed papers; name of the notarial practice organization, full name of the dossier recipient, and time of dossier receipt;

- The draft contract or transaction;

- A copy of the personal identity paper of the notarization requester;

- A copy of the ownership certificate or use right certificate or its substitute paper as permitted by law for assets subject to ownership or use right registration under law, in case the contract or transaction is related to those assets;

- Copies of other papers related to the contract or transaction as required by law.

Best regards!