Vietnam: How to handle when public property buyers refuse to purchase the public property immediately at the draw?

14:42, 21/01/2018

The Ministry of Finance of Vietnam issued Circular No. 144/2017/TT-BTC guiding Decree No. 151/2017/ND-CP of Vietnam’s Government elaborating the Law on Management and Use of Public Property, replacing Circular No. 35/2016/TT-BTC.

Specifically, according to Circular No. 144/2017/TT-BTC of the Ministry of Finance of Vietnam, if persons obtaining the right to purchase public property refuse to purchase the public property immediately at the draw, proceed as follows:

- If only one registering individual remains and he/she agrees to make the purchase, he/she shall obtain the right to purchase public property;

- If two or more registering individuals remain, a re-draw shall be organized.

Besides, Circular No. 144/2017/TT-BTC also stipulates that the re-selling of public property in form of price listing shall be implemented in the following cases:

- Individuals obtaining the right to purchase property refuse to purchase the property (except for cases under Clause 5 Article 5 of this Circular);

- Individuals obtaining the right to purchase the public property fail to enter into contract for sale of property in a timely manner;

- Individuals obtaining the right to purchase the public property fall are listed under Clause 3 Article 26 of Decree No. 151/2017/ND-CP;

- The listing period expires without any individual registering for purchase of the property.

View other provisions at Circular No. 144/2017/TT-BTC of the Ministry of Finance of Vietnam, effective from February 15, 2018.

- Thanh Lam -

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

36 lượt xem

- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn