Who is eligible to buy, lease or enter into lease purchase of existing housing or buildings of real estate enterprises in Vietnam?

Who is eligible to purchase or lease existing houses and construction works from real estate businesses? (Image from the Internet)

1. Existing housing and building business rules in Vietnam

The Existing housing and building business rules in Vietnam according to Article 13 of the Real Estate Business Law 2023 are as follows:

- The purchase and sale of houses, construction works, or floor space within a construction work must be associated with land use rights, except in cases otherwise provided by the Land Law 2024 or the Housing Law 2023. Owners of apartment units, floor space within a construction work, or construction works with multiple owners have land use rights in the form of joint use.

- The buyer or lease buyer of houses, construction works, or floor space within construction works, as stipulated by the Real Estate Business Law 2023, is granted a certificate by the State to confirm land use rights and ownership of assets attached to the land for the houses, construction works, or floor space within construction works that have been purchased or lease purchased. The procedures, authority, and agencies authorized to issue certificates for land use rights and ownership of assets attached to the land follow provisions of the land laws.

- The sale or lease purchase of houses must comply with the rules regarding the duration of house ownership as stipulated by the housing laws. The sale or lease purchase of construction works or floor space within construction works must comply with the rules regarding the lifespan of construction works as prescribed by the construction laws.

- The sale, lease purchase of houses, construction works, or floor space within construction works must comply with the regulations on the form, purpose, duration of land use, land registration, and assets attached to the land as stipulated by the land laws.

- The buyer or lease buyer of houses, construction works, or floor space within construction works is entitled to establish ownership rights over the houses, construction works, or floor space within construction works that have been purchased or lease purchased.

The point at which ownership rights for houses, construction works, or floor space within construction works are established for the buyer or lease buyer is from the time when the buyer or lease buyer has paid in full and received handover of the houses, construction works, or floor space within construction works, unless otherwise agreed by the parties.

- The purchase, sale, or lease purchase of houses, construction works, or floor space within construction works must include documentation regarding the houses, construction works that meet the conditions stipulated by the Real Estate Business Law 2023.

The purchase and sale of houses, construction works, or floor space within construction works must clearly define the shared and private space ownership, usage, and equipment of the owners.

2. Who is eligible to buy, lease or enter into lease purchase of existing housing or buildings of real estate enterprises in Vietnam?

According to Article 15 of the Real Estate Business Law 2023, the entities eligible to purchase, lease, or lease purchase existing houses or construction works from real estate businesses are stipulated as follows:

- Domestic organizations, individuals, overseas Vietnamese citizens, and foreign-invested economic organizations specified in Clause 5, Article 10 of the Real Estate Business Law 2023 are eligible to purchase, lease, or lease purchase houses, construction works, or floor space within construction works for use or business purposes.

- Foreign organizations, foreign individuals, and overseas Vietnamese who are not Vietnamese citizens can purchase and lease purchase houses following the housing laws. Overseas Vietnamese who are not Vietnamese citizens can purchase, lease, or lease purchase construction works or floor space within construction works to use according to the designated function of the construction work.

- Foreign-invested economic organizations specified in Clause 4, Article 10 of the Real Estate Business Law 2023 operating legally in Vietnam are allowed to purchase or lease houses for use; lease houses for business according to the rules of the Real Estate Business Law 2023; and may purchase, lease construction works, or floor space within construction works from real estate project investors, real estate businesses to use according to the designated function of the construction work for their operations; they may also lease construction works, or floor space within construction works to sublet them for use according to their designated function.

- Foreign organizations operating legally in Vietnam, and foreign individuals legally residing in Vietnam are eligible to lease construction works for use according to the designated function of the construction work that serves their operations.

- Entities eligible to purchase, lease, or lease purchase social housing are determined according to the Housing Law 2023.

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