How are multi-owner apartments in Vietnam managed?

08:50, 10/03/2016

On February 15, 2016, the Ministry of Construction of Vietnam issued Circular No. 02/2016/TT-BXD, which specifies the management of privately owned portions of multi-owner apartments.

According to Circular No. 02/2016/TT-BXD of the Ministry of Construction of Vietnam, the management of privately owned portions of multi-owner apartments is prescribed as follows:

- Privately owned area or equipment as prescribed in Clause 1, Article 100 of the Law on Housing should be specified in apartment purchase and sale contract, apartment lease purchase contract or area other than the apartment (hereinafter referred to as ‘the purchase and lease purchase contract').

- Apart from the purchase and lease purchase contract, the investor should provide the drawings as prescribed to buyers, tenants.

- If the purchase and lease purchase contract is signed before the effective date of this Regulation, definition of privately owned area and equipment as well as provision of the drawings shall be instructed in the Law on Housing at the time of signing or based on the purchase and lease purchase contract if not prescribed by laws.

- Apartment owners may directly use or authorize others to manage their privately owned portion but should ensure that the use and management of such portion accord with approved designs and do not affect other privately-owned areas of other owners or shared areas of the apartment.

View more details at Circular No. 02/2016/TT-BXD of the Ministry of Construction of Vietnam, effective from April 02, 2016.

-Thao Uyen-

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