Contract for Real Estate Service Business: Issues to Know

1. Types of Real Estate Service Business Contracts

According to Clause 1, Article 61 of the Law on Real Estate Business 2014, real estate service business contracts include the following types:

- Real estate brokerage service contract;- Real estate consultancy service contract;- Real estate management service contract.

2. Contents of Real Estate Service Business Contracts

Based on Clause 4, Article 61 of the Law on Real Estate Business 2014, real estate service business contracts include the following main contents:

- Names and addresses of the parties;- Objects and contents of the services;- Requirements and results of the services;- Duration for service provision;- Service fees, remuneration, commissions;- Methods and deadlines for payment;- Rights and obligations of the parties;- Dispute resolution;- Effective date of the contract.

3. Form of Real Estate Service Business Contracts

Real estate service business contracts must be made in writing. The notarization and certification of the contracts are agreed upon by the parties.

The effective date of the contract is as agreed upon by the parties and stated in the contract.

- In case the contract is notarized or certified, the effective date of the contract is the date of notarization or certification;- In case the parties do not have an agreement or the contract is not notarized or certified, the effective date of the contract is the date the parties sign the contract.

This content is regulated in Clauses 2 and 3, Article 61 of the Law on Real Estate Business 2014.

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