Guidelines for the disclosure of information on real estate and real estate projects introduced for business in Vietnam

Guidelines for the disclosure of information on real estate and real estate projects introduced for business in Vietnam​ (Image from the Internet)

1. Guidelines for the disclosure of information on real estate and real estate projects introduced for business in Vietnam

According to Article 4 Decree 96/2024/ND-CP providing guidelines for the disclosure of information on real estate and real estate projects introduced for business in Vietnam:

- Timing of information disclosure: Real estate business enterprises are responsible for fully disclosing information before signing contracts for sale, transfer, lease, lease-purchase of real estate, transfer of real estate projects in accordance with Article 6 of the Law on Real Estate Business 2023.

- The content of disclosed information must comply with the provisions of Clauses 2, 3, 4, and 5 of Article 6 of the Law on Real Estate Business 2023; the information at Point c, Clause 2 and Points b, d, Clause 3, Article 6 of the Law on Real Estate Business 2023 includes the following documents:

+ Decision approving the detailed planning or the master plan approval decision of the real estate project by the competent state authority under the provisions of the construction law, urban planning;

+ Notice of feasibility study appraisal result or Notice of basic design appraisal result by the competent state authority as prescribed by construction law;

+ Document committing to issue guarantees as prescribed in Clause 2, Article 26 of the Law on Real Estate Business 2023 from domestic commercial banks, branches of foreign banks operating legally in Vietnam.

- Method and form of information disclosure: Real estate business enterprises must disclose information fully, truthfully, and accurately on the housing and real estate market information system as prescribed by the real estate business law and on the enterprise's website.

- Disclosure of information on the housing and real estate market information system is implemented according to the provisions of the Decree guiding certain provisions of the Law on Real Estate Business 2023 regarding the construction and management of information systems, databases on housing and the real estate market.

- Real estate business enterprises are responsible for updating disclosed information within 5 working days from the date the information changes.

2. Procedures and dossiers for the transfer of real estate business contract in Vietnam

The order, procedures, and dossiers for the transfer of real estate business contracts according to Article 13 Decree 96/2024/ND-CP are as follows:

- The transfer of real estate business contracts is conducted in accordance with the 2023 Law on Real Estate Business and Decree 96/2024/ND-CP.

- The order, procedures, and dossiers for the transfer of real estate business contracts are implemented as follows:

+ The transferor and transferee jointly draft a contract transfer agreement according to the form in Appendix XI attached to Decree 96/2024/ND-CP.

The transfer contract agreement must be made in 8 copies (2 copies retained by the project investor, 1 copy submitted to the tax authority, 1 copy submitted to the authority receiving the Certificate issuance dossier, 2 copies kept by the contract transferor, 2 copies kept by the contract transferee); in case of notarization, an additional copy must be kept at the notary public;

+ One of the parties submits the dossier to the notarial practice organization having its headquarters in the province, centrally-run city where the real estate is located to certify the contract transfer agreement. The dossier includes: the original transfer contract agreements; the original contract initially signed with the project investor, in case of transferring one or several houses, constructions within the total number of houses, constructions purchased, lease-purchased under the contract, the original contract or contract appendix showing the transferred houses, constructions signed with the investor must be submitted; documents proving the amount the transferor has paid to the project investor; the original or certified copy of the minutes of handover of houses, constructions (if any) and other documents (if any) as prescribed by the notarization law.

In the case where the contract transferor is a business with real estate business fields, notarization of the contract transfer agreement is not mandatory according to Point b, Clause 2, Article 13 Decree 96/2024/ND-CP; except where the parties wish to notarize;

+ After notarization (except in cases where notarization is not performed) as provided in Point b of this clause, the contract transfer parties are responsible for paying taxes, fees, and charges related to the transfer contract as prescribed by the law on taxes, fees, charges;

+ After fulfilling the provisions at Point c, Clause 2, Article 13 of Decree 96/2024/ND-CP, one of the parties submits the dossier to the project investor to request the investor to confirm the transfer of the contract; the dossier includes: 8 original transfer contract agreements accompanied by the original contracts; in case of transferring one or several houses, constructions within the total number of houses, constructions purchased, lease-purchased under the contract, the original contract or contract appendix showing the transferred houses, constructions signed with the investor must be submitted; documents proving taxes have been paid or exempted, reduced as prescribed by the tax law;

+ Within 5 working days from the date of receiving all required documents as specified at Point d, Clause 2, Article 13 Decree 96/2024/ND-CP, the project investor is responsible for checking, confirming the contract transfer and not collecting any costs. After confirmation, the investor retains 2 original transfer contracts and returns 6 transfer contracts to the filing party along with the received documents as prescribed at Point d, Clause 2, Article 13 Decree 96/2024/ND-CP;

+ From the day the transfer contract is confirmed by the investor, the transferee continues to exercise the rights and obligations of the buyer, lease-buyer with the investor according to the signed contract and transfer contract;

+ Subsequent transfer cases follow the procedure specified in Article 13 Decree 96/2024/ND-CP, the transferor must submit a full dossier of all previous transfers when carrying out the transfer procedures;

+ The transferee in the final transfer contract signed according to Article 13 Decree 96/2024/ND-CP will be granted the Certificate by the competent state agency as prescribed by the law on land.

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