Regulations on real estate counseling services management services in Vietnam

Regulations on real estate counseling services management services in Vietnam (Internet image)

Regarding this issue, LawNet responded as follows:

1. Regulations on real estate counseling services in Vietnam

Regulations on real estate counseling services under Article 74 of the Law on Real Estat Trading 2014 are as follows:

- Any organizations or individuals who wish to provide real estate counseling services must establish the enterprise.

- Real estate counseling services contain:

+ Legal counseling on real estate;

+ Counseling on real estate creation and trading;

+ Counseling on real estate finance;

+ Counseling on real estate price;

+ Counseling on real estate sale, transfer, lease, sublease or lease purchase agreement.

- Counseling content and scope, rights and obligations of contracting parties, real estate counseling fees shall be agreed by contracting parties.

- The real estate counseling service providers shall take responsibility for commitment in the agreement and compensation for damage caused by the enterprise.

2. Regulations on rreal estate management services in Vietnam

Regulations on real estate management services under Article 75 of the Law on Real Estat Trading 2014 are as follows:

- Any organizations or individuals who wish to provide real estate management services must establish the enterprise. If they provide residential apartment building or mix-used building management services, they must satisfy requirements prescribed in law on housing.

- Real estate counseling services contain:

+ Sell, transfer, lease out, sublet or lease purchase the real estate as authorized by building owners or land owners;

+ Provide services to ensure the normal operation of the real estate;

+ Maintain or repair the real estate;

+ Manage, observe the real estate enjoyment of the clients under agreement;

+ Enjoy rights and fulfill obligations to clients or the State as authorized by the building owners or the land owners.

- Content, time and scope of real estate management, rights and obligations of contracting parties and real estate management price shall be agreed by the contracting parties.

- The real estate management service enterprise takes responsibility for commitment in the agreement and pay compensation for damage caused by the enterprise.

3. Regulations on disclosure of real estate to be put on the market in Vietnam

Regulations on disclosure of real estate to be put on the market under Article 6 of the Law on Real Estat Trading 2014 are as follows:

- 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.

- 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.

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