From January 1, 2025, payments in real estate business must be carried out via bank account in Vietnam

From January 1, 2025, payments in real estate business must be carried out via bank account in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. From January 1, 2025, payment in real estate business must be carried out via bank account in Vietnam

According to Article 48 of the Law on Real Estate Business 2023, regulations on payment in real estate business are as follows:

- Payment for a transaction involving a piece of real estate or a real estate project shall be agreed upon by the parties in the contract and comply with regulations of law.

- Real estate project investors, real estate enterprises, and real estate service enterprises shall receive payments for real estate business contracts or real estate service contracts from clients through their accounts opened at Vietnamese credit institutions or foreign bank branches lawfully operating in Vietnam.

- Penalties and compensation for damage caused by late payment by the buyer, transferee, lessee or tenant-buyer or late handover of the real estate by the seller, transferor, lessor or landlord shall be agreed upon by the parties and specified in the contract.

Thus, according to the new regulations, Real estate project investors, real estate enterprises, and real estate service enterprises shall receive payments for real estate business contracts or real estate service contracts from clients through their accounts.

According to the Law o Real Estate Business 2014, regulations on payment for real estate transactions are as follows:

- The payment for real estate transactions shall be agreed by contracting parties and followed the regulations of laws on payment.

- Penalties and compensation for damage caused by late payment from the buyer, transferee, lessee, or renter, or late real estate transfer from the seller, transferor, or lessor shall be agreed by contracting parties and stated in the agreement.

2. Transaction prices in real estate business in Vietnam

Pursuant to Article 47 of the Law on Real Estate Business 2023, transaction prices in real estate business are regulated as follows:

Selling, transfer, lease or lease purchase price of the real estate or real estate project to be put on the market shall be agreed upon by the parties and specified in the contract. If the State issues regulations on prices, contractual parties shall comply with such regulations.

Entities conducting a real estate business transaction must correctly specify the actual transaction price in the signed contract; assume responsibility for any difference between the transaction price specified in the contract and the actual one.

3. What are the uses of contracts in real estate business in Vietnam?

Article 45 of the Law on Real Estate Business 2023 stipulates the uses of contracts in real estate business as follows:

- When entering into any real estate business contract or real estate service contract, organizations and individuals are required to comply with provisions of the Law on Real Estate Business and the Civil Code.

- Investors of real estate projects and real estate enterprises shall use standard form contracts prescribed in Article 44 of the Law on Real Estate Business 2023, and make their real estate business contracts publicly available as prescribed in point d clause 2 Article 6 of the Law on Real Estate Business 2023 before application.

- Real estate business contracts specified in Article 44 of the Law on Real Estate Business 2023 shall not be used in sale, lease, lease purchase or sublease of social housing.

Nguyen Ngoc Que Anh

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