Requirements for real estate brokerage service providers in Vietnam

Requirements for real estate brokerage service providers in Vietnam (Internet image)

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

1. Requirements for real estate brokerage service providers in Vietnam

Requirements for real estate brokerage service providers under Article 62 of the Law on Real Estate Trading 2014 are as follows:

- Any real estate brokerage service providers must set up the enterprise and there are at least 2 employees obtaining real estate broker license (hereinafter referred to as broker license), excluding cases prescribed in Clause 2 of Article 62 of the Law on Real Estate Trading 2014.

- Any individual is entitled to provide real estate brokerage services independently provided that he obtains a broker license and pay taxes as prescribed in law on taxation.

- Any real estate service provider is not entitled to be both a broker and a contracting party in a real estate transaction.

2. Real estate brokerage services in Vietnam

Real estate brokerage services according to Article 63 of the Law on Real Estate Trading 2014 are as follows:

- Look for partners who meet requirements given by clients for agreement negotiation and conclusion.

- Act as authorized representative to follow procedures for real estate sale, transfer, lease, and sublease or lease purchase.

- Provide information and support contracting parties in negotiation and conclusion of agreement on real estate sale, transfer, lease, sublease or lease purchase.

3. Rights of real estate brokerage service providers in Vietnam

Rights of real estate brokerage service providers under Article 66 of the Law on Real Estate Trading 2014 are as follows:

- Provide real estate brokerage services as prescribed in this Law.

- Request their clients to provide documents and information about the real estate.

- Receive remunerations or commission as specified in the signed agreement.

- Hire other real estate brokerage service providers to provide real estate brokerage services within the scope of the signed agreement provided that take responsibility for brokerage result to the clients.

- Exercise other rights specified in the agreement.

4. Obligations of real estate brokerage service providers in Vietnam

Obligations of real estate brokerage service providers under Article 67 of the Law on Real Estate Trading 2014 are as follows:

- Abide by the signed agreement.

- Provide documents and information about the real estate brokered by them and take responsibility for documents and information provided by them.

- Support contracting parties in negotiation and conclusion of agreement on real estate sale, transfer, lease, sublease or lease purchase.

- Conform to the reporting as prescribed in regulations of law and subject to inspection carried out by competent agencies.

- Pay compensation for damage caused by the provider.

- Fulfill tax obligations to the State as prescribed in regulations of law.

- Fulfill other obligations specified in the agreement.

5. Real estate broker license in Vietnam

Real estate broker license according to Article 68 of the Law on Real Estate Trading 2014 as follows:

- An individual shall be granted broker license if they:

+ Have full capacity for civil acts;

+ Obtain at least upper-secondary graduation degree;

+ Have passed examination in real estate brokerage knowledge.

- Broker license’s duration is 05 years.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE