Vietnam: The advance payment shall not exceed 20% of the listed sale price

14:54, 10/01/2018

This is a notable content of Circular No. 144/2017/TT-BTC of the Ministry of Finance of Vietnam guiding Decree No. 151/2017/ND-CP of Vietnam’s Government elaborating the Law on Management and Use of Public Property.

According to Circular No. 144/2017/TT-BTC of the Ministry of Finance of Vietnam, individuals registering to purchase public property in the form of price listing are responsible for making advance payment upon registration. Heads of agencies assigned to organize selling of public property shall determine the advance payment amount which ranges from 10% up to 20% of the listed sale price.

Also according to Circular No. 144/2017/TT-BTC, agencies assigned to organize selling of public property are responsible for returning the deposit to registering individuals who do not manage to purchase public property, except for cases below where registering individuals do not receive their deposit:

- Registering individuals refuse to purchase public property after obtaining the right to purchase the property;

- Registering individuals fail to enter into contract for sale of property in a timely manner after obtaining the right to purchase the property;

- Registering individuals fail to pay for the property or obtain the property after obtaining the right to purchase the property and entering into contract for sale of the property;

- Individuals mentioned under Clause 3 Article 26 of Decree No. 151/2017/ND-CP of Vietnam’s Government register for purchase of property.

View relevant 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

42 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