Cases of revocation of practicing certificates for real estate brokers in Vietnam

Cases of revocation of practicing certificates for real estate brokers in Vietnam (Image from the Internet)

On July 24, 2024, the Government of Vietnam issued Decree 96/2024/ND-CP detailing certain provisions of the Law on Real Estate Business 2023.

Cases of revocation of practicing certificates for real estate brokers in Vietnam

According to Article 33 of Decree 96/2024/ND-CP, individuals with a certificate will have their certificates revoked in the following cases:

- The certified individual loses civil act capacity;

- The certified individual provides dishonest declarations in the application file for the certificate;

- The certificate is erased or altered;

- The certified individual lends or rents out their certificate to others for practice;

- The certified individual violates the provisions of Article 8 of the Law on Real Estate Business 2023.

Certificates issued by the People's Committee of a specific province or city must be revoked by that same People's Committee; in cases where another competent authority revokes it as per legal regulations, this authority must notify in writing the People's Committee of the province or city that issued the certificate to proceed according to Clause 3, Article 33, of Decree 96/2024/ND-CP.

After a revocation decision is made, the issuing People's Committee must notify the certificate holder to submit the certificate. Simultaneously, the provincial People's Committee must announce on its electronic information portal the name of the revoked certificate holder and delete the name of the certified individual from the provincial People's Committee portal.

Cases of revocation of licenses and termination of operation of real estate trading floor in Vietnam

According to Clause 4, Article 17 of Decree 96/2024/ND-CP, the provincial real estate business regulatory authority issues decisions to revoke licenses and terminate operation of real estate trading floor in the following cases:

- Real estate trading floors violate the provisions of Article 8 of the Law on Real Estate Business 2023 and other related laws. Within 7 working days from the date of revocation of the license, the provincial real estate business regulatory authority must notify in writing the Ministry of Construction and the local tax authority where the trading floor is registered about the license revocation.

Within 60 days from the date of license revocation, the real estate trading floor must pay all outstanding taxes, settle all other debts, complete procedures to terminate contracts with employees, and settle service contracts signed with customers. If service contracts with customers remain unfinished, the trading floor must negotiate with customers on the execution of those service contracts.

- In cases where the real estate trading floor voluntarily terminates its operations, it must notify in writing the provincial real estate business regulatory authority and the local tax authority where it is registered at least 30 days before the anticipated termination date. Within 7 days from receiving the termination notification from the real estate trading floor, the provincial real estate business regulatory authority must notify in writing the Ministry of Construction.

Before terminating operations, the real estate trading floor must pay all outstanding taxes, settle all other debts, complete procedures for terminating contracts with employees, and settle service contracts signed with customers. If service contracts with customers cannot be completed, the trading floor must negotiate with customers on the execution of those service contracts.

More details can be found in Decree 96/2024/ND-CP which comes into force in Vietnam from August 1, 2024.

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