What are the regulations on establishment and registration of real estate trading floor in Vietnam?

What are the regulations on establishment and registration of real estate trading floor in Vietnam? (Internet image) 

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

1. What are the regulations on establishment and registration of real estate trading floor in Vietnam?

Pursuant to Article 54 of the Law on Real Estate Business 2023, the establishment and registration of real estate trading floor are as follows:

- Any organization or individual that wishes to provide real estate trading floor services shall be required to establish a real estate service enterprise as prescribed in clause 5 Article 9 of the Law on Real Estate Business 2023.

- Name of the enterprise providing real estate trading floor services shall be decided by the organization or individual establishing that floor in accordance with provisions of the Law on Enterprises 2020, and contain the phrase “sàn giao dịch bất động sản” (“real estate trading floor”) but must not be identical or confusingly similar to the name of another enterprise providing real estate trading floor services which has been duly registered.

- Before operating a real estate trading floor, an application for license to operate the real estate trading floor must be submitted to the real estate authority of province or city where the trading floor is to be headquartered.

2. Conditions for operating real estate trading floor in Vietnam

- The manager or operator of a real estate trading floor must meet the following eligibility requirements:

+ He/she has the rights to manage enterprises in Vietnam in accordance with provisions of the Law on Enterprises 2020;

+ He/she has successfully completed a training course in management and operation of real estate trading floor, and been issued by the training institution with a certificate of completion of training course in management and operation of real estate trading floor.

- The real estate trading floor must be established and registered in accordance with provisions of Article 54 of the Law on Real Estate Business 2023.

- Process of trading in real estate on the real estate trading floor must be promulgated and made public available.

- The real estate trading floor must be located at a fixed place which has been duly registered, and have sufficient material and technical facilities to serve its operations.

(Article 55 of the Law on Real Estate Business 2023)

3. Operations of real estate trading floor in Vietnam

Article 56 of the Law on Real Estate Business 2023 stipulates the operations of real estate trading floor as follows:

- Check the legitimacy and fulfillment of conditions by real estate to be put on the market through the real estate trading floor; publish and provide information on real estate meeting conditions for being put on the market as prescribed in this Law.

- Render services and provide support and information to clients for searching and selecting real estate.

- Render real estate brokerage services and assist relevant parties in discussing and negotiating real estate transactions. Real estate services rendered on the real estate trading floor must meet relevant conditions and comply with the provisions of Section 2 of this Chapter.

- Render services and assist relevant parties in preparing and concluding real estate business contracts.

- Render services and assist relevant parties in making payment, handover of documents and the real estate (if any) in respect of transactions conducted through the real estate trading floor.

- Keep information and documents on the real estate and on real estate transactions conducted through the real estate trading floor.

- Render services and assist in other contents concerning transactions conducted through the real estate trading floor.

- Certify transactions conducted through the real estate trading floor; provide information on such transactions conducted through the real estate trading floor for provincial real estate authorities.

Nguyen Ngoc Que Anh

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