Requirements in terms of real estate to be put on the market in Vietnam

Requirements in terms of real estate to be put on the market in Vietnam (Internet image)

1. 04 types of real estate to be put on the market in Vietnam

In Article 5 of the Law on real estate trading 2014, the types of real estate to be put on the market must meet all the requirements prescribed in the Law on real estate trading 2014 (hereinafter referred to as real estate):

(1) Existing buildings of organizations or individuals;

(2) Off-the-plan buildings of organizations or individuals;

(3) Buildings which are public properties to be put on the market permitted by competent agencies;

(4) Types of lands whose land-use rights are permitted to be transferred (hereinafter referred to as land), leased, sublet as prescribed in law on land.

2. Rules for real estate trading in Vietnam

Article 4 of the Law on real estate trading 2014 stipulates the rules for real estate trading as follows:

- Contracting parties have equality before the law; freedom to conclude a contract on the basis of respect for their legitimate rights and interests provided that such agreement is not in contravention of law.

- Real estate to be put on the market must meet all the requirements prescribed in the Law on real estate trading 2014.

- The real estate trading must be conducted honestly, publicly and transparently.

- Any organization or individual is entitled to conduct real estate trading in the area beyond national defense and security protection zone according to land-use planning approved by competent agencies.

3. Requirements in terms of real estate to be put on the market in Vietnam

In Article 9 of the Law on real estate trading 2014, the requirements in terms of real estate to be put on the market are as follows:

- A building to be put on the market shall satisfy the following requirements:

+ The ownership of the building on land is registered in the Certificate of land use right (hereinafter referred to as Certificate of land).

Regarding an off-the-plan building in the real estate project, it is only required to have the Certificate of land as prescribed in regulations of law on land.

+ There is no dispute about the land and ownership of the building on land.

+ The building is not distrained.

- Types of land permitted to be put on the market shall satisfy the following requirements:

+ There are Certificates of land as prescribed in regulations of law on land.

+ There is no dispute about the land.

+ The land is not distrained;

+ The land use term is still unexpired.

4. Requirements in terms of real estate projects to be put on the market in Vietnam

In Article 12 of the Law on real estate trading 2014, the requirements in terms of real estate projects to be put on the market are as follows:

- The real estate projects shall be complied with land-use planning, urban planning, rural construction planning and follow the plan approved by competent agencies.

- Procedures for real estate projects to be put on the market shall be complied with regulations of laws on investment, land, construction, urban area, housing and corresponding regulations of law.

- Real estate projects shall be carried out on schedule with quality assurance as prescribed in laws on construction.

5. Prohibited acts for real estate to be put on the market in Vietnam

In Article 8 of the Law on real estate trading 2014, the prohibited acts are as follows:

- Real estate trading does not satisfy requirements prescribed in this Law.

- The real estate projects are not complied with planning approved by competent agencies.

- Failure to disclose, or untruthfully disclose about the real estate.

- Fraud and deception in real estate trading.

- Illegal mobilization of funds; illegal use of mobilized capital of organizations or individuals and option fee of off-the-plan real estate buyers or lessees for improper purposes.

- Failure to fulfill or completely fulfill financial obligations to the State.

- Grant and use of real estate broker license in contravention of the provisions of this Law.

- Collection of charges, fees and money amounts related to real estate trading in contravention of the provisions of law.

Ngoc Nhi

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