Newest regulations on the date of establishing property ownership in Vietnam

Newest regulations on the date of establishing property ownership in Vietnam (Internet image)

Newest regulations on the date of establishing property ownership in Vietnam

Article 12 of the Housing Law 2023 stipulates thedate of establishing property ownership in Vietnam as follows:

(1) In case of direct investment in the construction of housing, the time of establishing ownership is when the housing construction is completed as per construction law regulations.

(2) In case of purchase, lease-purchase of housing not specified in (4), the time of establishing ownership is when the buyer or lease-purchaser has fully paid and received the handover of the housing, unless otherwise agreed by the parties.

(3) In case of capital contribution, gift, or exchange of housing, the time of establishing ownership is when the recipient of the contribution, gift, or exchange has received the handover of the housing from the contributor, donor, or exchanger, unless otherwise agreed by the parties.

(4) In case of purchase or lease-purchase of housing between the project investor in housing construction and the purchaser or lease-purchaser, the time of establishing ownership is determined in accordance with real estate business laws.

(5) In case of inheritance of housing, the time of establishing ownership is determined in accordance with civil law regulations.

(6) Other cases are implemented according to relevant legal regulations.

Note: Housing transactions specified in (2), (3), and (4) must comply with housing transaction conditions and the contract must be effective as stipulated in the Housing Law 2023.

Regulations on means of private housing development in Vietnam

- Individuals in rural areas build housing through the following methods:

+ Self-organized construction or hiring other organizations or individuals for construction or receiving support for housing construction;

+ Hiring competent units or individuals for construction in cases where construction law requires competent entities for construction;

+ Cooperating to help each other build housing.

- Individuals in urban areas build housing according to the methods stipulated in point a and point b clause 1 Article 55 of the Housing Law 2023 and the following methods:

+ Cooperating to renovate and refurbish urban areas including housing or to rebuild condominiums according to the regulations of the Housing Law 2023;

+ Cooperating to help each other build housing by contributing land use rights, capital, labor, materials, and efforts of the cooperative members.

The cooperative members must agree on the methods of contributing land use rights, capital, labor, materials, efforts, implementation time, member rights and obligations, and ensure to commit to the cooperation agreement.

(Article 55 of the Housing Law 2023)

Subjects and Conditions for Housing Ownership in Vietnam

Article 8 of the Housing Law 2023 stipulates the subjects and conditions for housing ownership in Vietnam as follows:

* Subjects eligible for housing ownership in Vietnam include:

- Domestic organizations and individuals;

- Overseas Vietnamese as per nationality laws;

- Foreign organizations and individuals as stipulated in clause 1 Article 17 of the Housing Law 2023.

* Conditions for housing ownership in Vietnam include:

- Domestic organizations and individuals can own housing through investment in construction, purchase, lease-purchase, receipt of gifts, inheritance, capital contribution, exchange, or housing for resettlement as per legal regulations; other forms as prescribed by law;

- Overseas Vietnamese permitted to enter Vietnam can own housing linked with the rights to use residential land as stipulated by land laws;

- Foreign organizations and individuals can own housing as stipulated in clause 2 Article 17 of the Housing Law 2023.

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