05 things you should know about real estate trading floor in Vietnam

05 things you should know about real estate trading floor in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. What is real estate trading floor?

According to Clause 6, Article 3 of the Law on Real Estate Business 2014, real estate trading floors mean places where real estate sale, transfer, lease, sublease, or lease purchase transactions are carried out.

2. Requirements for real estate trading floor establishment in Vietnam

According to Article 69 of the Law on Real Estate Business 2014, the requirements for real estate trading floor establishment are as follows:

- Any organizations or individuals who wish to provide real estate trading floor service must establish the enterprise.

- The real estate trading floor enterprise must have at least 02 employees obtaining broker license; the manager of real estate trading floors must obtain a broker license.

- A real estate trading floor must have regulations, name, address, facilities and technical satisfying requirements in terms of operation.

3. Real estate trading floor operation in Vietnam

Real estate trading floor operation includes:

- Conduct real estate sale, transfer, lease, sublease or lease purchase transactions.

- Organize the real estate sale, transfer, lease, sublease or lease purchase; publicly provide or post information about real estate to potential clients check documents on the real estate eligible for transactions;

Act as a broker between contracting parties in negotiation and conclusion of agreement on real estate sale, transfer, lease, sublease, or lease purchase.

(Article 70 of the Law on Real Estate Business 2014)

4. Rights and obligations of real estate trading floor service providers in Vietnam

4.1. Rights of real estate trading floor service providers

The rights of real estate trading floor service providers are specified in Article 71 of the Law on Real Estate Business 2014, specifically as follows:

- Request their clients to provide documents and information about the real estate to be put on the trading floor.

- Refuse to put on real estate unconformable to be put on the market on the trading floor.

- Collect fee from clients whose real estate is put on real estate trading floor.

- Request the clients to Pay compensation for damage caused by the clients.

- Exercise other rights specified in the agreement.

4.2. Obligations of real estate trading floor service providers

Real estate trading floor service providers shall perform the following obligations:

- Ensure real estate conformable for transactions before putting on the real estate trading floor.

- Provide sufficient and truthful documents and information about the real estate and take responsibility for documents and information provided by the enterprise.

- Ensure facilities, technical and requirements for operation of real estate trading floor.

- Conform to the reporting as prescribed in regulations of law and subject to inspection carried out by competent agencies.

- Fulfill tax obligations to the State as prescribed in regulations of law.

- Pay compensation for damage caused by the enterprise.

- Fulfill other obligations specified in the agreement.

(Article 72 of the Law on Real Estate Business 2014)

5. Rights and obligations of real estate trading floor participants in Vietnam

According to Article 73 of the Law on Real Estate Business 2014, the rights and obligations of real estate trading floor participants include:

- Any real estate trading floor participant has following rights:

+ Request the real estate trading floor provider to provide documents and information about the real estate;

+ Conclude the agreement with the real estate trading floor provider on real estate sale, transfer, lease, sublease, or lease purchase.

+ Request the real estate trading floor provider to Pay compensation for damage caused by the participant.

+ Exercise other rights specified in the agreement.

- Any real estate trading floor participant has following obligations:

+ Conform to regulations of real estate trading floor;

+ Pay charges to real estate trading floor providers;

+ Pay compensation for damage caused by the participant.

+ Fulfill other obligations specified in the agreement.

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