Regulations on registration of real estate trading floor in Vietnam from August 1, 2024

Regulations on registration of real estate trading floor in Vietnam from August 1, 2024 (Image from the Internet)

Regulations on registration of real estate trading floor in Vietnam from August 1, 2024

Article 14 Decree 96/2024/ND-CP stipulates the registration of real estate trading floor in Vietnam from August 1, 2024 as follows:

(1) Organizations and individuals establishing a real estate trading floor shall submit the dossier as stipulated in (2) to the state management agency on real estate business at the provincial level where the head office of the real estate trading floor is located (submit the dossier directly or send the dossier via postal system or online submission) to be granted an operation license.

(2) The registration dossier includes:

- Application for the operation of the real estate trading floor (as per the form in Appendix XVII);

- Certificate of enterprise registration as stipulated in Clause 5, Article 9 of the Law on Real Estate Business 2023;

- Documents proving the right to use the office of the real estate trading floor;

- A copy of the certificate of completion of the course in management, operation of the real estate trading floor of the manager of the real estate trading floor;

- A list of real estate brokers who have been granted a real estate brokerage practice certificate.

(3) Within 15 working days from the date of receipt of a complete dossier, the state management agency on real estate business at the provincial level shall be responsible for inspecting the dossier and granting the Operation License for the Real Estate Trading Floor (as per the form in Appendix XVIII);

In case of refusal, it must notify in writing and specify the reasons. After granting the Operation License, the state management agency on real estate business at the provincial level reports to the Ministry of Construction to post the information of the real estate trading floor on the Ministry of Construction's electronic portal.

Information about the real estate trading floor includes: Name of the real estate trading floor; the name of the enterprise establishing the real estate trading floor; names of the managers of the real estate trading floor; address and contact phone number of the real estate trading floor.

In case of changes in the name, address, legal representative, and other contents in the registration dossier, within 10 working days from the date of the decision on the change, the real estate trading floor must send a written document to the state management agency on real estate business at the provincial level where the real estate trading floor is registered to be granted a new Registration Certificate. The state management agency on real estate business at the provincial level reports to the Ministry of Construction for management and information updates.

Operations of real estate trading floor from August 1, 2024

The operations of real estate trading floor are stipulated in Article 56 Law on Real Estate Business 2023 as follows:

- Inspect the legality and eligibility for trade of real estates introduced through the real estate trading floor; post, provide information on real estates that are eligible for trading according to the provisions of the Law on Real Estate Business 2023;

- Provide services, support, and information for customers to search and select real estates;

- Provide real estate brokerage services, support parties in negotiating and concluding real estate transactions. Real estate brokerage activities in the real estate trading floor must meet the conditions and comply with the regulations in Section 2, Chapter VII of the Law on Real Estate Business 2023;

- Provide services, support parties in drafting and signing real estate transaction contracts;

- Provide services, support parties in payments, delivering documents, papers, and real estates (if any) for transactions through the real estate trading floor;

- Store information, documents, papers about real estates and real estate transactions conducted through the real estate trading floor;

- Provide services, support other related contents to transactions conducted through the real estate trading floor;

- Confirm transactions conducted through the real estate trading floor; provide information on transactions conducted through the real estate trading floor to the state management agency on real estate business at the provincial level.

The confirmation of real estate transactions is carried out as follows:

- Real estate transactions conducted by direct methods are confirmed in writing. In case of real estate transactions conducted by electronic means, electronic confirmation is carried out according to the provisions of the Law on Electronic Transactions, laws on e-commerce, and related regulations;

- In the written confirmation of real estate transactions, there must be sufficient signatures of the representative of the enterprise as the project investor or real estate owner, the representative of the real estate trading floor, the individual broker, and the seal of the enterprise corresponding to the forms of transactions.

(Article 56 Decree 96/2024/ND-CP)

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