Procedures for notifying off-plan housing eligible for sale, lease and purchase in Vietnam

Procedures for notifying off-plan housing eligible for sale, lease and purchase in Vietnam (Internet image)

1. Procedures for notifying off-plan housing eligible for sale, lease and purchase in Vietnam

The notice procedure for off-plan housing eligible for sale, lease purchase according to Article 8 Decree 96/2024/ND-CP is as follows:

- Before signing a contract for the sale or lease purchase of off-plan housing, the project investor must send a written notice to the provincial real estate business management authority where the project is located about the off-plan housing eligibility, accompanied by one set of documents specified in Clause 2, Article 8 Decree 96/2024/ND-CP.

The written notice from the project investor to the provincial real estate business management authority about the eligible housing for sale, lease purchase must include the contents specified in Appendix XV issued with Decree 96/2024/ND-CP.

- The dossier includes copies and original for comparison or legally valid electronic copies or certified copies of the following documents:

+  Documents  as  stipulated  in  Clause  2  and  Points  a,  b  Clause  3  Article  24  Real  Estate  Business  Law  2023;

+  Completion  minutes  of  technical  infrastructure  construction  of  the  project  corresponding  to  the  approved  project  progress  as  stipulated  by  construction  laws.In  case  of  apartment  buildings  or  mixed-use  buildings  with  housing,  there  must  be  a  completion  certificate  of  foundation  construction  as  per  construction  law  regulations.

- If the project investor has mortgaged off-plan housing or part of the project or the entire project, the determination of the housing release from the mortgage follows the provisions of Clause 2, Article 183 Housing Law 2023.

- Within 15 days from the date of receiving the notice and accompanying dossier as stipulated in Clauses 1 and 2, Article 8 Decree 96/2024/ND-CP, the provincial real estate business management authority is responsible for inspecting the conditions of the off-plan housing of the real estate project put into business according to the provisions of Real Estate Business Law 2023 and respond in writing to the project investor about the eligible housing for sale, lease purchase; if not eligible, the reasons must be clearly stated; simultaneously, the written response must be posted on the housing and real estate market information portal.

The written response from the provincial real estate business management authority to the project investor about the eligible housing for sale, lease purchase must comply with the contents specified in Appendix XVI issued with Decree 96/2024/ND-CP.

If the provincial real estate business management authority does not respond within the stipulated time, the enterprise has the right to file a lawsuit or complaint according to legal regulations.

2. Regulations on equity of real estate enterprises and total investment of real estate projects in Vietnam

Regulations on equity of real estate enterprises and total investment of real estate projects in Vietnam according to Article 6 Decree 96/2024/ND-CP are as follows:

- The equity of a real estate enterprise in case the real estate enterprise is selected by the competent state agency as the investor, designated as the owner implementing the real estate project according to the provisions of investment law, auction law; bidding law, housing law, urban development law; is recognized as the project investor according to the provisions of housing law, is determined based on:

+  Results  of  the  financial  statement  or  the  result  report  for  the  equity  item  audited  in  the  year;  in  the  absence  of  results  for  the  year,  use  the  audited  financial  statements  or  result  report  for  the  previous  year  as  prescribed  by  enterprise  law,  audit  law,  and  accounting  law;

+  For  enterprises  established  and  operating  for  less  than  12  months,  the  equity  is  determined  according  to  the  contributed  charter  capital  as  prescribed  by  enterprise  law.

- The total investment for real estate projects is determined according to the provisions of investment law.

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