What are modifications of registered secured interests into off-plan properties in Vietnam?
Please provide me what are regulations on modifications of registered secured interests into off-plan properties in Vietnam? What do applications for registration of mortgage of housing or off-the-plan housing projects in Vietnam comprise?
1. What are modifications of registered secured interests into off-plan properties in Vietnam?
Cases of modifications of registered secured interests into off-plan properties specified in Clause 4, Article 18 of Decree 102/2017/ND-CP on registration of security interests, with the following provisions:
4. Collateral is off-plan property which has already formed, unless it is circulating property in the ordinary course of business or motor vehicle whose frame number already recorded upon security interest registration.
If collateral is off-the-plan property on land (including off-the-plan housing) which has already formed, the procedures for modification shall be initiated concurrently with those for certifying property ownership to the land use right certificate;
2. What do applications for registration of mortgage of housing or off-the-plan housing projects in Vietnam comprise?
Applications for registration of mortgage of housing or off-the-plan housing projects specified in Article 40 of Decree 102/2017/ND-CP on registration of security interests, with regulations determine:
1. If the housing or off-the-plan housing project in the project of an investor is put up for mortgage, an application for registration of mortgage shall include:
a) Documents prescribed in Clause 1, Clause 2 and Point a Clause 6 Article 39 of this Decree;
b) Original of Certificate or decision on land allocation or land lease issued by competent authority to the investor;
c) 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;
d) One of drawings as per the law demonstrating construction site of project or in the project that has been approved by the competent authority if the investor mortgages the housing project (1 non-certified copy);
2. If off-the-plan housing of a natural person, juridical person, or household in a housing project is put up for mortgage, an application for registration of mortgage shall include:
a) Documents prescribed in Clause 1, Clause 2 and Point a Clause 6 Article 39 of this Decree;
b) The contract for purchase of housing concluded by the mortgagor and investor in accordance with law on housing (1 original or 1 certified true copy).
If the mortgagor is a transferee of contract for purchase of housing, a written assignment of contract is further required in accordance with law on housing (1 original or 1 certified true copy).
3. If land use right and off-the-plan housing is put up for mortgage or off-the-plan housing of a natural person, juridical person, or household which is constructed on his/her/its own land plot is put up for mortgage, an application for registration of mortgage shall include:
a) Documents prescribed in Clauses 1, 2, 3 and 6 Article 39 of this Decree;
b) A construction license as required by law, unless the mortgage contract has been notarized or certified (1 non-certified copy).
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