Types of Contracts in Real Estate Business: Key Contents and Categories
Types of Contracts in Real Estate Business
Based on Article 44 of the Law on Real Estate Business 2023, the types of contracts in the real estate business include:
[1] Types of real estate business contracts include:
- Contract for the sale, lease purchase of houses
- House rental contract
- Contract for the sale, lease purchase of construction works, and construction floor areas in buildings serving tourism and accommodation purposes
- Rental contract for construction works, and construction floor areas in buildings serving tourism and accommodation purposes
- Contract for the sale, lease purchase of construction works, and construction floor areas in buildings serving educational, medical, sports, cultural, office, commercial, services, industrial purposes, and multi-purpose buildings
- Rental contract for construction works, and construction floor areas in buildings serving educational, medical, sports, cultural, office, commercial, services, industrial purposes, and multi-purpose buildings
- Contract for the transfer of land use rights with technical infrastructure in real estate projects
- Lease contract, sublease contract for land use rights with technical infrastructure in real estate projects
- Contract for the transfer of the entire real estate project
- Contract for the transfer of part of a real estate project
- Contract for the transfer of sale, lease purchase contracts of houses, construction works
[2] Types of real estate service business contracts include:
- Real estate trading floor service contract
- Real estate brokerage service contract
- Real estate consultancy service contract
- Real estate management service contract
What are the types of contracts in real estate business? What are the main contents? (Image from the Internet)
What are the main contents of contracts in the real estate business?
Based on Article 46 of the Law on Real Estate Business 2023, the main contents of contracts in the real estate business include:
[1] Contracts for the sale, lease, lease purchase of houses, and construction works must have the following main contents:
- Names and addresses of the parties
- Information about the real estate
- Sale price, rental, lease purchase price
- Payment methods and terms
- Bank guarantees for the financial obligations of the investor in the case of selling future-formed houses
- Deadline for the handover of the property and accompanying documents
- Warranty
- Rights and obligations of the parties
- Liability for breach of contract
- Penalties for breach of contract
- Cases of termination, cancellation of contracts and remedial measures
- Dispute resolution methods
- Effective date of the contract
[2] Contracts for the transfer, lease of land use rights with technical infrastructure in real estate projects must have the following main contents:
- Names and addresses of the parties
- Information about the type of land, area, location, number, boundaries, and condition of the parcel, and properties associated with the land (if any)
- Land use period; transfer price, rental or sublease rental of land use rights, including properties associated with the land (if any)
- Payment methods and terms
- Deadline for the handover of the land and accompanying documents
- Rights and obligations of the parties
- Rights of third parties to the parcel (if any)
- Liability for breach of contract
- Penalties for breach of contract
- Measures for handling the contract expiration consequences in the case of rental, sublease of land use rights
- Cases of termination, cancellation of contracts and remedial measures
- Dispute resolution methods
- Effective date of the contract
[3] Contracts for the transfer of the entire or part of a real estate project must have the following main contents:
- Names and addresses of the parties
- Basic information of the approved project
- Detailed information about the entire project or part of the project being transferred
- Transfer price
- Payment methods and terms
- Deadline for the handover of the entire project or part of the project and accompanying documents
- Rights and obligations of the parties
- Responsibilities of the parties in carrying out administrative procedures related to land use rights
- Liability for breach of contract
- Penalties for breach of contract
- Cases of contract termination and remedial measures
- Dispute resolution methods
- Effective date of the contract
[4] Real estate service business contracts must have the following main contents:
- Names and addresses of the parties
- Objects and contents of the service
- Service requirements and results
- Service implementation duration
- Service fees, remuneration, brokerage commissions
- Payment methods and terms
- Rights and obligations of the parties
- Dispute resolution methods
- Effective date of the contract
How are payments handled in real estate transactions and projects?
Based on Article 48 of the Law on Real Estate Business 2023, payment in real estate business is regulated as follows:
Payment in Real Estate Business
Payment in real estate transactions and projects is agreed upon by the parties in the contract and must adhere to legal regulations.
Project investors, real estate business entities, real estate service business entities receive payments according to the real estate business contract, real estate service business contract from customers through accounts opened at domestic credit institutions or legally operating branches of foreign banks in Vietnam.
Penalties and compensation for damage due to delayed payment by the buyer, the transferee, the lessee, the lease purchaser, or delayed property handover by the seller, the transferor, the lessor, the lease purchaser are agreed upon by the parties and must be recorded in the contract.
Accordingly, payment in real estate transactions and projects is agreed upon by the parties in the contract and must comply with legal regulations.
