Conditions for operation of real estate trading floor in Vietnam

Conditions for operation of real estate trading floor in Vietnam

The conditions for operation of real estate trading floor in Vietnam are as follows:

- The real estate trading floor must meet the conditions as stipulated in Article 55 of the Law on Real Estate Business 2023.

- The legal representative of the enterprise and the managing operator of the real estate trading floor are responsible for the activities of the real estate trading floor. The legal representative of the real estate trading floor can simultaneously be the managing operator of the real estate trading floor.

- The real estate trading floor must have a name, a stable transaction address for over 12 months, and technical equipment that meets the requirements based on the activity content of the real estate trading floor.

- The real estate trading floor is responsible for implementing anti-money laundering measures and reporting on anti-money laundering as prescribed by the law on anti-money laundering.

Scope of operation of real estate trading floor in Vietnam

The scope of operation of real estate trading floor in Vietnam is regulated as follows:

- The real estate trading floor operates according to the content stipulated in Article 56 of the Law on Real Estate Business 2023.

- The confirmation of real estate transactions is carried out as follows:

+ Direct real estate transactions are confirmed in writing. In the case of electronic real estate transactions, electronic confirmations are conducted in accordance with the Law on Electronic Transactions 2023, the law on e-commerce, and relevant legal provisions;

+ The written confirmation of real estate transactions must contain the signatures of the enterprise representative who is the project investor or the owner of the real estate, the representative of the real estate trading floor, the individual broker, and the enterprise seal corresponding to the forms of transaction.

More details can be found in Decree 96/2024/ND-CP, which comes into force in Vietnam from August 1, 2024. Decree 02/2022/ND-CP will be invalidated from the date Decree 96/2024/ND-CP becomes effective.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE