Requirements for real estate brokerage service providers in Vietnam

What is real estate brokerage?

Pursuant to the Law on Real Estate Business 2014, real estate brokerage means acts as an intermediary between parties in real estate sale, transfer, lease, sublease, lease purchase transactions.

Real estate brokerage services includes:

- 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.

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

Requirements for real estate brokerage service providers in Vietnam

Pursuant to Article 62 of the Law on Real Estate Business 2014, the requirements for real estate brokerage service providers are as follows:

(1) 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)

(2) 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.

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

Rights of real estate brokerage service providers in Vietnam

Rights of real estate brokerage service providers in Vietnam are stipulated in Article 66 of the Law on Real Estate Business 2014 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.

Obligations of real estate brokerage service providers in Vietnam

Obligations of real estate brokerage service providers are specified in Article 67 of the Law on Real Estate Business 2014 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.

Mai Thanh Loi

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