Forms of disclosure of real estate to be put on the market in Vietnam

Forms of disclosure of real estate to be put on the market in Vietnam (Internet image)

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

1. Forms of disclosure of real estate to be put on the market in Vietnam

According to Clause 1, Article 6 of the Law on Real Estate Trading 2014, an enterprise conducting real estate trading (hereinafter referred to as real estate enterprise) shall take responsibility for disclosure of real estate according to the following forms:

- On the website of the real estate enterprise;

- At the Head office of Project management board regarding investment project on real estate trading;

- On the real estate trading floors regarding real estate trading through trading floors.

2. Information about real estate in Vietnam

According to Clause 2, Article 6 of the Law on Real Estate Trading 2014, information about real estate contains:

- Type of the real estate;

- Location of the real estate;

- Information about planning related to the real estate;

- Scale of the real estate;

- Characteristics, utilities and quality of the real estate; information about each utility and general use area if the real estate is a mixed-use building or an apartment building.

- Actual conditions of constructions or services related to the real estate;

- Documents on ownership of buildings and land and documents related to real estate construction; guarantee agreement, written permission for off-the-plan building sale or lease purchase transactions granted by competent agencies;

- Restrictions on ownership of or rights to use real estate (if any);

- Real estate sold, transfer, lease, sublease, lease purchase price.

3. Rules for real estate trading in Vietnam

Rules for real estate trading according to Article 4 of the Law on Real Estate Trading 2014 are 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.

4. Policies of the State regarding real estate trading in Vietnam

Policies of the State regarding real estate trading according to Article 7 of the Law on Real Estate Trading 2014 are as follows:

- The State encourages organizations and individuals of all economic sectors to invest in real estate trading in accordance with the national and local socio-economic development objectives in each period.

- The State shall exempt or reduce land use levies or land rent, or give preferential credit to organizations or individuals who invest in social housing and projects given investment incentives.

- The State shall invest in technical infrastructures on the outer perimeter of projects; giving investment support to technical infrastructures on the inner perimeter of project given investment incentives.

- The State shall invest and encourage organizations and individuals to invest in urban public works or social constructions related to real estate projects.

- The State shall provide mechanisms and policies to stabilize the housing market in case of fluctuations, thereby guaranteeing benefits of investors and clients.

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