LAW 29/2023/QH15 (English – Tiếng Anh)

November 28, 2023

On Real Estate Business

Pursuant to the Constitution of the Socialist Republic of Vietnam;

The National Assembly promulgates the Law on Real Estate Business.

 

CHAPTER I. GENERAL PROVISIONS

Article 1. Scope of regulation

1. This Law provides for real estate business; rights and obligations of organizations and individuals in real estate business and state management of real estate business.

2. This Law does not apply to the following cases:

a) Agencies and organizations selling houses, construction works, transferring land use rights due to bankruptcy, dissolution, division, or separation; transferring ownership of houses, construction works, and land use rights due to division, separation, consolidation, or merger as prescribed by law;

b) Agencies, organizations, and units selling, transferring, and leasing real estate that is public property as prescribed by the law on management and use of public property;

c) Organizations and individuals selling houses, construction works, transferring land use rights according to the court judgments or decisions, or awards or decisions of commercial arbitrators or decisions of competent state agencies when resolving disputes;

d) Organizations and individuals transferring, leasing, subleasing land use rights other than the cases where the project owners dealt in land use rights associated with technical infrastructure in real estate projects;

dd) Renting social houses to workers and laborers carried out by the Vietnam General Confederation of Labor, which is the agency in charge of the investment project in accordance with the housing law.

3. Credit institutions, foreign bank branches, the company managing debts of, and exploiting assets of credit institutions, the Vietnam Asset Management Company (VAMC), established and operating under the law on credit institutions that transfer land use rights, transfer real estate projects or sell houses and construction works used as guarantee or mortgage in order to collect debts in accordance with the law on credit institutions, and relevant laws on handling collateral assets.

Article 2. Subjects of application

1. Organizations and individuals conducting real estate business in Vietnam.

2. Agencies, organizations and individuals involved in real estate business in Vietnam.

Article 3. Interpretation of terms

In this Law, the terms below are construed as follows:

1. Real estate business means an activity aimed at seeking profit through investing capital investing capital in building houses, construction works and land use rights with technical infrastructure in real estate projects for sale or transfer; lease-out, sublease or lease-purchase of houses and construction works; lease-out and sublease of land use rights with technical infrastructure in real estate projects; transfer of real estate projects; and provision of real estate services.

2. Provision of real estate services include the provision of the following services: real estate trading floor, real estate brokerage, real estate consultancy and management of real estate.

3. Real estate project means a construction investment project for dealing in houses, construction projects, and land use rights with technical infrastructure approved by a competent state agency in accordance with law, including: housing investment projects; investment projects on construction of urban centers; investment projects on construction of rural residential areas; investment projects to build construction works with functions serving the purposes of education, healthcare, sports, culture, office, commerce, services, tourism, accommodation, industry and construction works with mixed service functions; investment projects on construction of technical infrastructure works; investment projects on construction of infrastructure of industrial parks, industrial clusters, and high-tech parks.

4. Ready-built house or construction work means the house or construction work that has been completely built and put into use in accordance with the construction law.

5. Off-plan house or construction work means the house or the construction work that is under construction and has not been tested before acceptance for use in accordance with the construction law.

6. Lease-purchase of a house or construction work means that a lessee pays in advance to a lessor a certain percentage of the value of the house or construction work put for lease-purchase as agreed, but not exceeding 50% of the value of the contract for lease-purchase of a house or construction work, construction floor areas in the construction work. The remaining amount shall be paid on a monthly basis as rental to the lessor within a given time limit, unless otherwise agreed. Upon the expiration of the lease-purchase term and full payment of the remaining amount, the lessee has the right to own such house, construction work or construction floor areas in that construction work.

7. Transfer of real estate project means that the project owner transfers all or part of the real estate project, the rights, obligations, responsibilities, and legal interests of the project owner and the rights and obligations of the project owner toward related parties (if any) regarding the project, the portion of the real estate project transferred to the transferee through the contract.

8. Real estate business contract means a written agreement between an organization or individual conducting real estate business that meets the conditions prescribed by this Law and another organization or individual to: purchase, sell, lease, or lease purchase houses and construction works; transfer, lease, sublease land use rights with technical infrastructure in real estate projects; transfer all or part of a real estate project.

9. Real estate service contract means a written agreement between an organization eligible to provide real estate services as prescribed by this Law and another organization or individual to provide real estate services.

10. Real estate trading floor means the place where real estate sale, purchase, transfer, lease, sublease and lease-purchase transactions take place. Such floor must be established and operate under this Law.

11. Real estate brokerage means acting as an intermediary between parties in the sale, purchase, transfer, lease, sublease or lease-purchase of real estate.

12. Real estate consultancy means consultancy activities to issues related to real estate business at the request of involved parties.

13. Real estate management means conducting one, a number of or all real estate management, exploitation and valuation activities under the authorization of house or construction work owners or land use owners.

Article 4. Principles of real estate business

1. To be public and transparent; to be free to reach agreement on the basis of respect for lawful rights and interests of involved parties through contracts without violating the prohibited provisions of law.

2. Real estate and real estate projects put into business must fully meet conditions prescribed in this Law.

3. Organizations and individuals are eligible to conduct real estate business in areas outside the scope of protection under the law on national defense and security.

Article 5. Types of real estate and real estate projects put into business

1. Ready-built houses and off-plan houses.

2. Ready-built and off-plan construction works, including construction works with functions serving the purposes of education, healthcare, sports, culture, office, commerce, services, tourism, accommodation, industry and construction works with mixed service functions.

3. Construction floor areas in construction works specified in Clause 2 of this Article.

4. Land use rights associated with technical infrastructure in real estate projects.

5. Real estate projects.

6. The Government shall detail Clause 2 and Clause 3 of this Article.

Article 6. Disclosure of information on real estate and real estate projects put into business

1. Before putting the real estate or real estate project to business, a real estate business must disclose the information specified in Clauses 2, 3, 4 and 5 of this Article, on a sufficient, honest and accurate manner, on the housing and real estate market information system in accordance with this Law, and on its website.

2. Information on a real estate project includes:

a) A decision on investment policy, or approval of investment policy, or approval of investment of real estate project;

b) A decision on land allocation, lease or permission for change of land use purpose granted by the competent state agency;

c) Information about the detailed master plan approved by the competent state agency;

d) Contract templates used for conclusion in real estate business transaction under this Law.

3. Information on an off-plan house or off-plan construction work includes:

a) Type of the realty; position and size of the realty; construction schedule and utilities of the realty; information about the area under common use for the realty being condominiums, construction works and buildings with multiple use purposes;

b) A basic design in the construction investment feasibility study report that has been appraised under the construction law; construction permit in cases where a construction permit is required; notice of construction commencement; after-test acceptance papers on completed construction of technical infrastructures corresponding to the project’s schedules as prescribed by law; documents proving that the foundation construction has been accepted and completed under the law on construction in the case of a condominium or mixed-use building with residential purpose;

c) Papers on land use rights specified in Clause 2 Article 24 of this Law;

d) An agreement to grant guarantee in sale and lease-purchase of off-plan houses;

dd) Documents issued by competent state agencies on the off-plan house’s eligibility for sale or lease-purchase;

e) Restrictions (if any) on the realty ownership and use rights; mortgage of the house, construction work or construction floor areas in construction work, land use rights, real estate project to be put into business.

4. Information on a ready-built house or ready-built construction work includes:

a) A certificate of house ownership and residential land use rights, or certificate of land use rights and ownership of houses and other land-attached assets, or another certificate relating to the land use rights and other land-attached assets in accordance with the land law, which records the ownership of houses or construction works, or certificate of house ownership or certificate of construction work ownership, except for the cases specified at Point b of this Clause;

b) In case where the houses or construction works are included in the real estate project of the project owner, only the certificate of land use rights for the construction areas associated with such houses or construction works as prescribed by law;

c) Restrictions (if any) on the realty ownership and use rights; mortgage of the house, construction work or construction floor areas in construction work, land use rights, real estate project to be put into business.

5. Information on land use rights associated with technical infrastructure in real estate projects includes:

a) A certificate of land use rights for the construction areas associated with technical infrastructure in the real estate project as prescribed by law;

b) Documents issued by the competent state agencies on the use rights of land associated with technical infrastructure in the real estate project eligible for transfer to individuals to build their own houses;

c) Documents on the completed construction of technical infrastructure works according to the detailed master plan, project’s schedule as approved by the competent state agency;

d) Document on the project owner’s fulfillment of financial obligations, including land use levy, land rental and land-related taxes, charges and fees of all types (if any) toward the State as prescribed by law, for the construction areas associated with technical infrastructure in the real estate project to be put into business;

dd) Restrictions on land use rights associated with technical infrastructure in the real estate project (if any); mortgage of land use rights and real estate projects to be put into business.

6. Any changes to the disclosed information must be updated.

7. The Government shall detail this Article.

Article 7. The State’s real estate business investment policies

1. The State shall encourage organizations and individuals of all economic sectors to invest in real estate business in line with the national and local socio-economic development objectives in each period and each locality.

2. The State shall encourage and adopt preferential policies to organizations and individuals investing in social houses and real estate projects eligible for investment incentives.

3. The State shall invest and encourage organizations and individuals to invest in building technical infrastructures outside the scope of projects; support investment in the building of technical facilities within the scope of real estate projects eligible for investment incentives.

4. The State shall invest and encourage organizations and individuals to invest in urban public service projects and social infrastructures of real estate projects.

5. The State shall adopt policies to regulate the real estate market, ensuring its healthy, safe and sustainable development.

6. The State shall adopt policies for the non-cash payment in real estate transactions by organizations and individuals.

7. The State shall encourage organizations and individuals to carry out transactions relating to sale and purchase, transfer, lease, sublease and lease-purchase of houses, construction works and land use rights through the real estate trading floor.

Article 8. Prohibited acts in real estate business

1. Dealing in real estate failing to meet conditions prescribed in this Law.

2. Forging documents, intentionally falsifying information about real estate or real estate projects put into business.

3. Failing to disclose information on real estate and real estate projects put into business in accordance with the law on real estate business.

4. Committing frauds, deception in real estate business.

5. Collecting money from the sale, lease-purchase of off-plan houses, construction works or construction floor areas in construction works that will be formed in the future in contravention of this Law; using proceeds gained from the purchasers or lessees of off-plan houses, construction works, or construction floor areas in construction works that will be formed in the future in contravention of the law.

6. Failing to fulfill or fully fulfilling financial obligations towards the State.

7. Issuing and using real estate brokerage practice certificates in contravention of the law on real estate business.

8. Collecting, managing and using charges, fees and money amounts related to real estate business in contravention of law.

Article 9. Conditions for organizations and individuals conducting real estate business

1. Organizations and individuals dealing in real estate are required to establish enterprises under the law on enterprises, or cooperatives, unions of cooperatives under the law on cooperatives with real estate business lines (hereinafter referred to as real estate business), except the case specified in Clauses 3 and 4 of this Article.

Organizations and individuals providing real estate services shall comply with Clause 5 of this Article.

2. A real estate business must fully satisfy the following conditions:

a) Not during the period of being banned from real estate business activities, or having its operations suspended or terminated under a court judgment or decision, or a decision of a competent state agency;

b) Ensuring the ratio of outstanding credit debt and outstanding corporate bonds to equity;

c) An enterprise conducting real estate business through real estate projects must have equity not less than 20% of total investment capital for projects with land use scale of less than 20 hectares, not less than 15% of total investment capital for projects with land use scale of 20 hectares or more and must ensure the ability to mobilize capital to implement the investment projects. In case a real estate business simultaneously implements many projects, it must have enough equity allocated to ensure the above ratio of each project to implement all projects.

3. Individuals conducting small-scale real estate business are not required to establish real estate businesses but must declare and pay taxes in accordance with law provisions.

4. Organizations and individuals selling houses, construction works, construction floor area of a construction works for non-business purpose, or for sale, lease, lease-purchase of houses, construction works, or construction floor areas of a construction works below the small-scale level are not required to comply with this Law but must declare and pay taxes in accordance with law provisions. In case an individual sells or lease-purchases a house, a construction work, or the construction floor area in a construction work, he/she must also carry out procedures for notarization and certification in accordance with Clause 5 Article 44 of this Law.

5. Organizations and individuals providing real estate services are required to establish enterprises under the law on enterprises, or cooperatives, unions of cooperatives under the law on cooperatives (hereinafter referred to as real estate service providers) and must satisfy the conditions specified in this Law.

6.The Government shall detail Points b and c Clause 2 of this Article; prescribe the determination of small-scale real estate business specified in Clauses 3 and 4 of this Article.

Article 10. Forms, scope of trading houses, construction works and land use rights associated with technical infrastructure in real estate projects, transferring real estate projects of domestic organizations and individuals, overseas Vietnamese and foreign-invested economic organizations

1. Domestic organizations and individuals may deal in real estate in the following forms:

a) Investing in building houses or construction works for sale, lease or lease-purchase;

b) Investing in technical infrastructure in real estate projects for transfer, lease or sublease of land use rights associated with technical infrastructure;

c) Purchasing or hire-purchasing houses, construction works or construction floor areas in construction works for sale, lease or lease-purchase;

d) Accepting the transfer of land use rights associated with technical infrastructure in real estate projects for transfer or lease;

dd) Hiring houses, construction works or construction floor areas in construction works for sublease;

e) Hiring land use rights associated with technical infrastructure in real estate projects for sublease;

g) Acquiring all or part of the real estate projects for continuing investment, construction and trading.

2. Overseas Vietnamese who are Vietnamese citizens under the law on nationality and are allowed to enter Vietnam may deal in real estate in the forms specified in Clause 1 of this Article.

3. Overseas Vietnamese other than Vietnamese citizens under the law on nationality who are allowed to enter Vietnam may deal in real estate in the following forms:

a) Investing in building houses, construction works associated with land use rights for sale, lease, or lease-purchase through real estate projects in accordance with the form, purpose and land use term as prescribed by the land law;

b) Investing in technical infrastructure in real estate projects for transfer, lease or sublease of land use rights associated with technical infrastructure in accordance with the form, purpose and land use term as prescribed by the land law;

c) Other forms of real estate business specified at Point dd and g Clause 1 of this Article.

4. Foreign-invested economic organizations that must meet the conditions and carry out investment procedures applicable to foreign investors under the Investment Law may deal in real estate in the forms specified in Clause 3 of this Article.

5. Foreign-invested economic organizations other than those specified in Clause 4 of this Article may deal in real estate in the forms specified in Clause 1 of this Article.

Article 11. Requirements on real estate projects

1. Real estate projects must be in line with land use master plans and plans.

2. Real estate projects must be in line with master plans approved under the law on construction and urban planning.

3. Order and procedures for investing in construction of real estate projects shall comply with the law on planning, investment, land, construction, housing and relevant laws.

4. Compliance with construction permits, for the cases requiring construction permits.

5. Real estate projects must be invested and implemented on schedule, according to the master plans, designs within the time limits for implementation of investment project as approved by the competent state agency.

6. For housing investment projects, in addition to the provisions of Clauses 1, 2, 3, 4 and 5 of this Article, the requirements prescribed in the housing law shall be satisfied.

 

CHAPTER II. TRADING READY-BUILT HOUSES AND CONSTRUCTION WORKS

Article 12. Ready-built houses and construction works put into business

1. Types of ready-built houses, except for public houses as prescribed by the Housing Law.

2. Ready-built construction works specified in Clause 2 Article 5 of this Law.

3. Construction floor areas in the ready-built construction works specified in Clause 3 Article 5 of this Law.

Article 13. Principles for trading ready-built houses and construction works

1. The sale and purchase of houses, construction works and construction floor areas in construction works must be associated with land use rights, unless otherwise prescribed by the Land Law and Housing Law. Owners of apartments in a condominium or construction floor areas in construction works, or construction works with multiple owners shall have land use rights in the form of common use.

2. Purchasers or lessees of houses, construction works and construction floor areas in construction works as prescribed by this Law shall be granted a certificate of land use rights and ownership of land-attached assets for houses, construction works, construction floor areas in construction works already purchased or lease-purchased, by the State. Order and procedures for the competent state agencies to grant certificates of land use rights and ownership of land-attached assets shall comply with the land law.

3. Sale and lease-purchase of houses must comply with provisions on the term for owning houses as prescribed by the housing law. Sale and lease-purchase of construction works and construction floor areas in construction works must comply with provisions on the term for using construction works as prescribed by the construction law.

4. Sale and lease-purchase of houses, construction works and construction floor areas in construction works must comply with provisions on the forms, purposes and term for using land, land registration and land-attached assets as prescribed by the land law.

5. Purchasers or lessees of houses, construction works and construction floor areas in construction works shall have their ownership toward the purchased or lease-purchased houses, construction works and construction floor areas established. The purchasers’ or lessees’ ownership toward the purchased or lease-purchased houses, construction works and construction floor areas in construction works shall be established from the time they make full payment and take over such houses, construction works and construction floor areas, unless otherwise agreed by the parties.

6. Sale, purchase and lease-purchase of houses, construction works and construction floor areas in construction works must be accompanied with dossiers of houses and construction works satisfying requirements prescribed by this Law. The sale and purchase of houses, construction works and construction floor areas in construction works must comply with the principle of clearly defining the sections and equipment for common use and for private use by owners.

Article 14. Conditions for ready-built houses and construction works put into business

1. Houses or construction works put to business must meet the following conditions:

a) Having certificates of house ownership and residential land use rights, or certificates of land use rights and ownership of houses and other land-attached assets, or other certificates relating to the land use rights and other land-attached assets in accordance with the land law, which record the ownership of houses or construction works, or certificates of house ownership or certificates of construction work ownership, except for houses, construction works and construction floor areas in construction works of real estate projects specified in Clauses 2 and 3 of this Article;

b) Being free from disputes about land use rights associated with houses or construction works, being free from disputes about ownership rights toward houses or construction works put into business as announced, accepted and solved by the competent agencies. In case of disputes, such disputes must have been solved by a competent agency with a legally effective judgment, decision or ruling;

c) Not being distrained for judgment execution;

d) Not being banned from trading as prescribed by law;

dd) Not being suspended or temporarily suspended from trading as prescribed by law;

e) Having information disclosed in accordance with Article 6 of this Law.

2. Houses or construction works in real estate projects put into business by the project owners must satisfy the following conditions, in addition to the conditions specified at Points b, c, d, dd and e Clause 1 of this Article:

a) The projects must satisfy the requirements prescribed in Article 11 of this Law;

b) Having papers proving that the houses or construction works have been put into operation and use in accordance with the construction law;

c) The project owners have fulfilled their land-related financial obligations, including land use levy, land rental and land-related taxes, charges and fees of all types (if any) toward the State as prescribed by law, for the construction areas associated with technical infrastructure in the real estate project to be put into business;

d) Obtaining certificates of land use rights in accordance with the land law, for land associated with houses and construction works.

3. Construction floor areas in construction works sale, lease-purchased by the project owners must satisfy the following conditions, in addition to the conditions specified in Clauses 1 and 2 of this Article:

a) Construction works are created under investment projects in accordance with the investment law and construction law; fully satisfy the conditions prescribed by law on property registration to be granted property ownership registration by a competent state agency to the purchaser or lessee;

b) The construction floor area in a construction work for sale or lease-purchase must have a specific use function and be separated from other areas in the construction work according to the project approved by the competent authority, and must be clearly shown in the design dossiers of the project or construction work so that the owner can independently manage and use the construction floor area in such construction work;

c) Construction works and construction floor areas in construction works in the project must be designed properly in accordance with specialized regulations and standards applicable to the type of construction work and its functions;

d) For construction floor areas in construction works for sale or lease-purchase, it is required to determine the land use rights associated with that construction floor areas in terms of form, land use term, and land area under common or private use with other construction project owners and other land users according to the land law;

dd) For the construction floor area in the construction work, it is required to clearly identify financial obligations related to land, including land levy, land rental and taxes, fees and charges related to land (if any) to be paid to the State by the seller, lessor or purchaser, lessee of the construction floor area in the construction work which will be recorded in the sale, lease-purchase contract;

e) Construction works must be built on land areas allocated or leased by the State with land use levy collection or one-off land rental collection for the whole lease term.

Article 15. Entities eligible for purchase, hire and hire-purchase of ready-built houses, construction works of real estate businesses

1. Domestic organizations and individuals, overseas Vietnamese being Vietnamese citizens, and foreign-invested economic organizations specified in Clause 5 Article 10 of this Clause may purchase, hire, hire-purchase houses, construction works and construction floor areas in construction works for use or trading.

2. Foreign organizations and individuals, overseas Vietnamese other than Vietnamese citizens may purchase and hire-purchase houses in accordance with the housing law. Overseas Vietnamese other than Vietnamese citizens may purchase, hire and hire-purchase construction works and construction floor areas in construction works for use according to the construction works’ utilities.

3. Foreign-invested economic organizations specified in Clause 4 Article 10 of this Law that are legally operating in Vietnam may purchase and rent houses for use; rent residential houses for business purposes in accordance with this Law; purchase or rent construction works and construction floor areas in construction works of real estate project owners or real estate businesses to use according to the construction works’ utilities in service of their operations; rent construction works, construction floor areas in construction works to sublease according to the construction works’ utilities.

4. Foreign organizations that are legally operating in Vietnam and foreign individuals that are legally residing in Vietnam are allowed to rent construction works to use according to such works’ utilities in service of their activities.

5. Entities eligible for purchase, hire and hire-purchase of social houses shall comply with the Housing Law.

Article 16. Trading ready-built houses and construction works

1. The parties shall sign contracts and trade houses, construction works, and construction floor areas in construction works in compliance with the following regulations:

a) The contracting parties are responsible for preparing sufficient information and documents to establish transactions and sign contracts under this Law and the Civil Code; meet the conditions for organizations and individuals conducting real estate business in accordance with the law on real estate business; meet the conditions for subjects eligible for purchase, hire and hire-purchase of ready-built houses, construction works, construction floor areas in construction works under the law on real estate business and the housing law;

b) Before signing the contract, the seller or lessor shall provide sufficient information and legal documents of the house, construction work, or construction floor area in the construction work to the purchaser or lessee;

c) In case real estate transactions are carried out through a real estate trading floor, the provisions in Section 1 Chapter VII of this Law shall be complied with;

d) In case real estate transactions are subject to notarization or authentication of transaction contracts, the notarization and authentication of contracts shall be carried out in accordance with the law on notarization and authentication.

2. Contracting parties to the contract shall be responsible for strictly following the signed contract, and fulfilling all financial and other obligations to the State in accordance with law.

3. Contracting parties to the contracts for purchase or lease-purchase of houses, construction works and construction floor areas in construction works may reach an agreement to let one party submit the dossiers to request the state competent agency to grant a certificate of land use rights and ownership of land-attached assets for houses, construction works, construction floor areas in such construction works. In case of purchase or lease-purchase of a house, construction project, or construction floor area in a construction work of the project owner, the project owner shall be responsible for completing procedures for the competent state agency to issue a certificate of land use rights and ownership of land-attached assets for the purchaser or lessee, except for the cases where the purchaser or lessee voluntarily carries out procedures for granting a certificate.

4. The competent state agencies shall be responsible for granting certificates of land use rights and ownership of land-attached assets in accordance with the land law.

Article 17. Responsibilities of owners of real estate business projects

1. To invest in building, dealing in and managing the exploitation of real estate projects in accordance with law. To fulfill all obligations of the project owner, prepare, appraise, approve and implement the project in accordance with construction law and relevant laws.

2. To ensure financial sources for implementation of projects according to the approved schedule.

3. Within 50 days from the date of the handover of houses to the purchaser or since the date the purchaser makes full payment as agreed, to submit a dossier to request the competent state agency to grant certificates of land use rights and ownership of land-attached assets in accordance with the land law to the purchaser or lessee, except the purchaser or lessee voluntarily carries out procedures for grant of certificates.

4. Not to authorize other organizations or individuals to sign contracts for deposit, purchase, sale, transfer, or lease-purchase of houses, construction works, construction floor areas in construction works, or land use rights associated with technical infrastructure in real estate projects.

5. To follow legal regulations in investment, construction, land use and transactions of sale and lease-purchase of houses, construction works, and construction floor areas in construction works to ensure that purchasers or lessees of houses, construction works, construction floor areas in construction works shall be granted certificates of land use rights and ownership of land-attached assets by competent state agencies according to the land law regulations for houses, construction works, construction floor areas in construction works already purchased or lease-purchased from project owners.

6. To build houses, construction works and technical and social infrastructure works in the projects according to the approved detailed plans and designs, construction permits, and contents of the project’s approved investment policies of the competent state agencies; to comply with regulations on construction.

7. The handover of houses must comply with the housing law.

8. In case of handing over rough framing houses other than condominiums to the purchaser or lessee, to complete the outer part of such houses.

9. Other responsibilities of the project owners as prescribed by law.

Article 18. Rights of the sellers or lessors of ready-built houses and construction works

1. The sellers or lessors of houses, construction works and construction floor areas in construction works have the following rights:

a) To request the purchasers and lessees to take over the houses, construction works and construction floor areas in construction works according to the time limit agreed upon in the contracts;

b) To request the purchasers and lessees to make full payment according to the payment time limit and mode agreed upon in the contracts;

c) To request the purchasers and lessees to coordinate in performing purchase and sale, lease-purchase procedures within the time limit agreed upon in the contracts;

d) Not to hand over the houses, construction works and construction floor areas in construction works when receiving not enough money as agreed in the contracts, unless otherwise agreed upon by involved parties;

dd) To request the purchasers and lessees to pay compensation for damage or repair damage caused by the purchasers and lessees;

e) Other rights specified in the contracts.

2. The lessors of houses, construction works and construction floor areas in construction works have the following rights:

a) To request the lessees to take over the houses, construction works and construction floor areas in construction works according to the time limit agreed upon in the contracts;

b) To request the lessees to fully pay rental according to the payment time limit and mode agreed upon in the contracts;

c) To request the lessees to preserve and use the houses, construction works and construction floor areas in construction works as agreed upon in the contracts;

d) To request the lessees to pay compensation for damage or repair damage caused by the lessees;

dd) To upgrade the leased houses, construction works or construction floor areas in construction works under the lessees’ agreements with no impacts on the lessees;

e) To request the lessees to return the houses, construction works or construction floor areas in construction works at the end of the lease term. In case the contract does not prescribe the expiration of the lease term, the lessor may obtain the house, construction work or construction floor area in construction work after notifying the lessee six months in advance;

g) To unilaterally terminate the contract for lease of house, construction work or construction floor area in the construction work if the lessee commits one of the following acts: Making late payment of rental for 03 months or more compared to the payment time limit stated in the contract without the consent of the lessor; using houses, construction works, or construction floor areas in construction works for improper rental purposes; intentionally causing serious damage to houses, construction works, and construction floor areas in rented construction works; repairing, renovating, upgrading or subleasing houses, construction works, construction floor areas in the leased construction works without agreement in the contract or without the consent of the lessor in writing;

h) Other rights specified in the contracts.

Article 19. Obligations of the sellers or lessors of ready-built houses and construction works

1. The sellers or lessors of houses, construction works and construction floor areas in construction works have the following obligations:

a) To notify the purchasers or lessees of the limits of ownership rights of houses, construction works or construction floor areas in construction areas (if any);

b) To preserve houses, construction works or construction floor areas in construction areas already sold, leased, lease-purchased while they are not yet handed over to the purchasers or lessees;

c) To carry out procedures for purchase and sale, lease or lease-purchase of the house, construction work or construction floor area in the construction work; to fulfill obligations stated in the signed contract; to create favorable conditions for the purchase or lessee in transfer of the contract for purchase and sale or lease-purchase of house or construction work;

d) To hand over the house, construction work or construction floor area in the construction work to the purchaser or lessee according to the time limit, quality and other conditions agreed upon in the contract;

dd) To carry out the procedures for grant certificates of land use rights, ownership of land-attached assets in accordance with the land law; to hand over relevant certificates and dossiers as agreed upon in the contract to the purchaser or lessee of the house, construction work or construction floor area in the construction work;

e) The lessor of the house, construction work or the construction floor area in the construction work must ensure stable use by the lessee during the lease term; maintenance and repair as agreed, or as prescribed by law. In case the lessor fails to maintain or repair, causing damage to the lessee, he/she must pay compensation;

g) The lessor of the house, construction work or the construction floor area in the construction work is not allowed to unilaterally terminate the contract when the lessee fulfills obligations in the contract. In case the lessee of a house, construction work, or construction floor area in the construction work fails to properly perform the obligations under the contract, the lessor may unilaterally terminate the performance of the lease contract but must notify the lessee 30 days in advance, unless otherwise agreed upon by the parties;

h) To preserve the house, construction work or construction floor area in the construction work as agreed upon in the contract and in accordance with law;

i) To pay compensation for damage incurred by their faults;

k) To fulfill financial obligations toward the State in accordance with law;

l) To fully satisfy conditions for organizations and individuals conducting real estate business as prescribed in Article 9, and comply with the form and scope of real estate business prescribed in Article 10 of this Law;

m) To enter into the contract for purchase and sale, lease and lease-purchase of a house, construction work or construction floor area in the construction work according to regulations on model contracts and related regulations on contracts in real estate business in accordance with this Law;

n) To ensure the lawful rights to own or use the sold, leased or lease-purchased houses, construction works or construction floor areas in construction works;

o) To disclose information prescribed in Article 6 of this Law; to take responsibility for the provided information about houses, construction works, construction floor areas in construction works, real estate projects;

p) In case of administrative sanctions in the fields of investment, construction, land, housing, real estate business, taxes related to the house, construction work or construction floor area in construction work put into business, decisions on sanctioning administrative violations must be completed in accordance with the law on handling of administrative violations before signing contracts for sale and purchase, lease, or lease-purchase of houses, construction works, or construction floor areas in construction works;

q) Other obligations specified in the contract.

2. Project owners when signing contracts for sale or lease-purchase of condominium apartments, construction works or construction floor areas in construction works with functions serving office, commerce, service, tourism, accommodation purposes and construction works with mixed service functions at real estate projects for many customers, the following contents related to the construction works built under the approved investment projects must be clearly defined in the contracts:

a) Sections under private ownership and sections under common ownership in construction projects or works of the owners;

b) Arrangement of parking lots in construction projects or works;

c) Plans for construction work operation management and organization;

d) Collection, management and use of construction work maintenance expenses and operation management service charges;

dd) Land-related financial obligations and other financial obligations toward the purchasers or lessees of the projects, construction works, or construction floor areas in construction works in accordance with law;

e) Other obligations specified in the contract.

Article 20. Rights of the purchasers or lessees of ready-built houses and construction works

1. The purchasers or lessees of houses, construction works and construction floor areas in construction works have the following rights:

a) To request the sellers or lessors to fulfill procedures for sale and purchase of the houses, construction works and construction floor areas in construction works according to the time limit agreed upon in the contracts;

b) To request the seller or lessor to hand over the house, construction work, and construction floor area in the construction work according to schedule, with quality and other conditions agreed in the contract; hand over the certificate of land use rights, ownership of land-attached as prescribed by the land law and related dossiers as agreed in the contract;

c) To request the seller or lessor to preserve the house, construction work or construction floor area in the construction work as agreed upon in the contract and in accordance with law;

d) To request the seller or lessor to pay compensation for damage caused by the failure of handover of the house, construction work or construction floor area in construction work on time, with prescribed quality and failure to fulfill other commitments as specified in the contract;

dd) Other rights specified in the contracts.

2. In addition to the rights specified in Clause 1 of this Article, the lessees also have the following rights:

a) To sublease part or the whole of house, construction work or construction floor area in the construction work; to transfer the contract for lease-purchase of a house, or construction work in accordance with Article 49 of this Law;

b) To request the lessor to repair damages of the house, construction work or construction floor area in the construction work not incurred by its fault in the lease-purchase term;

c) To request the lessor to pay compensation for damage incurred by its faults;

d) To have the right to own the house, construction work or construction floor area in the construction work since having fully paid money to the lessor.

3. The lessees of houses, construction works or construction floor areas in construction works have the following rights:

a) To request the lessor to hand over the house, construction work or construction floor area in construction work as agreed upon in the contract;

b) To request the lessor to supply sufficient and truthful information on the house, construction work or construction floor area in the construction work;

c) To sublease part or the whole of house, construction work or construction floor area in the construction work if it is so agreed upon in the contract or consented by the lessor in writing;

d) To continue leasing the house, construction work or construction floor area in the construction work under the conditions agreed upon with the lessor in case of changing the owner;

dd) To request the lessor to repair damages of the house, construction work or construction floor area in the construction work not incurred by its fault;

e) To request the lessor to pay compensation for damage incurred by the lessor’s fault;

g) To unilaterally terminate the contract for lease of house, construction work or construction floor area in the construction work if the lessor commits one of the following acts: Failing to repair the house, construction work or construction floor area in the construction work when it fails to ensure safety for use or cause damages to the lessee; Increasing the lease prices of house, construction work or construction floor area in the construction work in contravention of the agreement in the contract; The use rights of the house, construction work or construction floor area in the construction work are restricted due to interests of the third party;

h) Other rights specified in the contracts.

Article 21. Obligations of the purchasers or lessees of ready-built houses and construction works

1. The purchasers or lessees of houses, construction works and construction floor areas in construction works have the following obligations:

a) To make full payment for the purchase, hire or hire-purchase of the house, construction work or construction floor area in the construction work according to the time limit and modes agreed upon in the contract;

b) To take over the house, construction work or construction floor area in the construction work, and relevant dossiers according to the time limit agreed upon in the contract;

c) To properly and fully perform obligations specified in the contract; to coordinate with the seller or lessor in carrying out procedures for purchase and sale, hire or hire-purchase during the term as agreed upon in the contract;

d) To pay compensation for damage incurred by its faults;

dd) To use the purchased, hired or hire-purchased house, construction work or construction floor area in the construction work according to its utilities; to follow law provisions in fire prevention and fighting, ensuring hygiene, environment, security, social order and safety;

e) To follow the law, without affecting or causing damage to the interests of the State, public interests, legitimate rights and interests of other organizations, households, and individuals when performing maintenance, renovation, repair, demolition, rebuilding of houses, construction works, construction floor area in construction works;

g) To take responsibility for relevant parties and competent persons as agreed in the contract and provisions of law to carry out inspection, monitoring, maintenance, repair, replacement, and installation of equipment systems, technical infrastructure systems, areas under common ownership and common use by owners of houses and construction works, construction floor areas in construction works;

h) Other obligations specified in the contract.

2. In addition to the obligations specified in Clause 1 of this Article, the purchasers or lessees of the construction floor area in a construction work with functions serving commerce, service, tourism, and accommodation purposes in the investment projects have the following obligations:

a) To contribute maintenance costs and construction management and operation service charges as agreed upon in the contract and provisions of law;

b) To comply with provisions and regulations on construction management and operation applicable to construction works as agreed upon in the contract and the provisions of law;

c) To comply with the provisions of law in the management, use, exploitation and business of construction works and the construction floor areas in construction works;

c) To make tax declarations in accordance with the provisions of law in the ownership, management, use, exploitation and business of construction works and the construction floor areas in construction works.

3. In case of purchasing a house, construction work, or the construction floor area in a construction work that is being leased, in addition to the obligations specified in Clauses 1 and 2 of this Article, the purchaser of the house or construction work, or the construction floor area in the construction work is obligated to ensure the rights and interests of the lessee as agreed upon in the lease contract while the lease term is still valid.

4. In addition to the obligations specified in Clause 1 of this Article, the lessees of houses, construction works and construction floor areas in construction works have the following obligations:

a) To repair damage to houses, construction works, and construction floor areas in construction works caused by their own fault; return houses, construction works, and construction floor areas in construction works to the lessors as agreed upon in the contracts; not to change, renovate, or demolish houses, construction works, or construction floor areas in construction works without the consent of the lessors;

b) To notify the lessor of the sublease of part or the whole of the house, construction work or construction floor area in the construction work;

g) To notify the lessor 30 days in advance in case of unilaterally terminating the contract for lease of house, construction work or construction floor area in the construction work, unless otherwise agreed by the parties.

5. In addition to the obligations specified in Clauses 1 and 2 of this Article, the lessee of a house, a construction work, or the construction floor area in a construction work also has the obligation not to change, renovate, or demolish the house, construction work, or construction floor area in the construction work without the consent of the lessor; repair damage to the house or construction work caused by the lessee’s fault during the lease-purchase term; notify the lessor about subleasing part or all of the house, construction work, or construction floor area in the construction work; notify the lessor of the transfer of the lease-purchase contract of the construction work.

 

CHAPTER III. TRADING OFF-PLAN HOUSES AND CONSTRUCTION WORKS

Article 22. Off-plan houses and construction works put into business

1. Types of off-plan houses, except for public houses as prescribed by the Housing Law.

2. Off-plan construction works specified in Clause 2 Article 5 of this Law.

3. Construction floor areas in the off-plan construction works specified in Clause 3 Article 5 of this Law.

Article 23. Principles for trading off-plan houses and construction works

1. Owners of real estate projects may sell, lease-purchase off-plan houses, construction works, and construction floor area of off-plan construction works in real estate projects in accordance with this Law.

2. The sale and purchase, lease-purchase of off-plan houses, construction works and construction floor areas in off-plan construction works shall comply with the following regulations:

a) Complying with the principles prescribed in Article 13 of this Law;

b) Entities eligible to purchase, or hire-purchase off-plan houses, construction works and construction floor areas in off-plan construction works shall comply with Article 15 of this Law;

c) Trading transactions of off-plan houses, construction works and construction floor areas in off-plan construction works shall comply with Article 16 of this Law;

d) Rights of the sellers, lessors of off-plan houses, construction works and construction floor areas in off-plan construction works shall comply with Clause 1 Article 18 of this Law;

dd) Obligations of the sellers, lessors of off-plan houses, construction works and construction floor areas in off-plan construction works shall comply with Points a, b, c, d, dd, h, i, k, l, m, n, o, p, and q Clause 1 and Clause 2 Article 19 of this Law;

e) Rights of the purchasers, lessees of off-plan houses, construction works and construction floor areas in off-plan construction works shall comply with Clauses 1 and 2 Article 20 of this Law;

g) Obligations of the purchasers, lessees of off-plan houses, construction works and construction floor areas in off-plan construction works shall comply with Clauses 1, 2, 3 and 5 Article 21 of this Law;

h) Complying with other regulations of this Law.

3. Ensuring publicity and transparency; protecting the legitimate rights and interests of organizations and individuals who have signed contracts to buy, sell, and lease houses, construction works, and the construction floor areas in construction works.

4. Real estate project owners have the following responsibilities:

a) Responsibilities specified in Article 17 of this Law;

b) Using money collected from the purchaser or lessees to invest in the construction of projects, houses, construction works, construction floor areas in the construction works that have been sold, lease-purchased for the right purpose as agreed upon in the signed contract; complying with the anti-money laundering law;

c) Disclosing information about the progress of investment in housing construction, construction works, and construction floor area in construction works for purchasers and lessees according to the signed purchase and sale contracts or lease-purchase contracts or for competent state agencies upon requests. Providing complete and truthful dossiers and information about real estate that is eligible to be put into business in accordance with this Law to the real estate trading floor in case of choosing to distribute products through the real estate trading floor;

d) Not authorizing other organizations or individuals to sign contracts for deposit, purchase and sale, or lease-purchase of off-plan houses, construction works, construction floor areas in off-plan construction works.

5. Real estate project owners are only allowed to collect a deposit of no more than 5% of the sale prices or lease-purchase prices of houses, construction works, construction floor areas in construction works from the depositor to buy, hire-purchase when houses or construction works meet all conditions for being put into business in accordance with this Law. The deposit agreement must clearly state the sale price, lease-purchase price of the house, the construction work, or the construction floor area in the construction work.

Article 24. Conditions for off-plan houses and construction works to be put into business

1. Houses and construction works have started construction in accordance with the construction law.

2. Having one of the following types of land use rights documents:

a) Land allocation decision;

b) Decision on land lease and contract on lease of land use rights in accordance with the land law;

c) Decision allowing change of land use purpose;

d) Certificate of land use rights;

dd) Certificate of ownership of houses and residential land use rights;

e) Certificate of land use rights and ownership of houses and other land-attached assets;

g) Other certificates of land use rights and ownership of land-attached assets in accordance with the land law.

3. Having the following types of documents:

a) Permit for construction of house or construction work and application dossier for construction permit in cases where a construction permit is required in accordance with the construction law;

b) Notice of commencement of construction of house or construction work and construction design dossier for house or construction work in cases where a construction permit is not required in accordance with the construction law;

c) Documents on acceptance of completed construction of technical infrastructure under the law on construction corresponding to project progress. In the case of a condominium or mixed-use building with residential purpose, there must be documents proving that the foundation construction has been accepted and completed in accordance with the construction law.

4. Before off-plan houses are sold or hire-purchased, project owners shall notify in writing to the state management agency in charge of real estate business at provincial level of the houses that fully meet conditions for sale and hire-purchase.

Within 15 days after receiving a notification, the state management agency in charge of real estate business at provincial level shall inspect conditions of the houses to be put into business and give a written reply to project owners on houses that fully meet conditions for sale and hire-purchase; clearly stating the reason for houses that fail to satisfy the conditions.

The Government shall detail this Clause.

5. Houses and construction works must be part of a real estate project that has been approved by a competent state agency in accordance with law and within the content of the approved project with the purpose of investing in construction of houses and construction works for sale, lease-purchase.

6. Satisfying the conditions specified at Points b, c, d and dd Clause 1, Points a and c Clause 2 Article 14 of this Law.

7. Information on real estate and real estate projects put into business has been disclosed in accordance with Article 6 of this Law.

8. The construction floor area of an off-plan construction work to be put into business, in addition to meeting the conditions specified in Clauses 1, 2, 3, 4, 5, 6 and 7 of this Article, must also satisfies the conditions specified in Clause 3 Article 14 of this Law.

Article 25. Payment in sale, purchase and hire-purchase of off-plan houses and construction works

1. Payment in the purchase and sale of off-plan houses, construction works, and construction floor areas in off-plan construction works shall be made in installments whereby the first-time payment must not exceed 30% of contract value, including the deposit, and subsequent payments must commensurate with real estate construction schedules but must not exceed 70% of contract value when houses, construction works or construction floor areas in construction works have not been handed over to the purchasers. If the seller is a foreign-invested economic organization as prescribed in Clause 4 Article 10 of this Law, total payment must not exceed 50% of contract value.

2. Payment in the lease-purchase of off-plan houses, construction works, and construction floor areas in off-plan construction works shall be made in installments whereby the first-time payment must not exceed 30% of contract value, including the deposit, and subsequent payments must commensurate with real estate construction schedules until the houses, construction works or construction floor areas in construction works are handed over to the lessees, provided that the total advance payment given to the lessors must not exceed 50% of the value of the contract for lease-purchase of construction works, and construction floor areas in construction works. The remaining amount shall be calculated as rental to be paid to the lessors within a certain period of time as agreed upon in the contracts.

3. In case the purchaser or lessee has not been granted the certificate of land use rights and ownership of land-attached assets as prescribed by the land law, the seller or the lessor shall not collect over 95% of contract value; the remaining contract value shall be paid when a competent stage agency has granted a certificate of land use rights and ownership of land-attached assets to the purchaser or lessee in accordance with the land law.

Article 26. Guarantee in sale and hire-purchase of off-plan houses

1. Before selling or lease-purchasing off-plan houses, real estate project owners must be approved for the issuance of guarantee for their financial obligations towards purchasers or lessees by domestic commercial banks or foreign bank branches lawfully operating in Vietnam when such project owners fail to hand over houses according to commitments in the contracts for sale and purchase, or lease-purchase of off-plan houses (hereinafter referred to as guarantee banks).

Financial obligations of the project owner to the purchaser or lessee of a house when the project owner fails to hand over the house as committed to the purchaser or lessee in the contract of sale and purchase or lease-purchase of off-plan house, including the amount the project owner has received in advance from the purchaser or lessee and other amounts (if any) as agreed upon in the signed contract for sale and purchase, or lease-purchase of off-plan house that the project owner is obligated to pay to the purchaser or lessee when the he/she fails to hand over the house as committed.

2. In case the guarantee bank approves to issue a guarantee to the project owner, the guarantee bank and the project owner shall sign a guarantee agreement regarding the contents specified in Clause 1 of this Article.

Based on the signed guarantee agreement, the guarantee bank shall send the real estate project owner a written commitment confirming that it will issue a letter of guarantee to all purchasers or lessees of houses under the project approved for guarantee of the project owner. The project owner shall responsible for sending a copy of this written commitment to the purchaser or lessee when signing a contract to buy, sell, or lease-purchase an off-plan house.

3. When signing a contract for sale and purchase, or lease-purchase of an off-plan house, the purchase or lessee is entitled to choose whether or not to have a guarantee for the project owner’s financial obligations to him/her. In cases where the purchase or lessee chooses not to have a guarantee for the project owner’s financial obligations to him/her, the parties are not required to comply with the provisions of Clauses 4, 5, 6, 7 and 8 of this Article to the purchase or lessee that has already signed the contract. The purchase or lessee’s refusal to guarantee the project owner’s financial obligations toward him/ her shall be agreed upon in writing at the time of signing the contract for sale and purchase or lease-purchase of the off-plan house.

4. Based on the contract for sale and purchase or lease-purchase of an off-plan house between the project owner and the purchaser or lessee provided by the project owner, the guarantee bank shall be responsible for issuing a letter of guarantee to the purchaser or lessee that has already signed a contract to buy, sell, or lease-purchase an off-plan house with the project owner in accordance with the law on bank guarantees and send it to the project owner for the latter to provide to each purchaser or lessee that has already signed a contract to buy, sell, or lease-purchase an off-plan house.

5. The scope of guarantee, conditions required to perform guarantee obligations, content and guarantee fees shall be agreed upon by the parties but must ensure the fulfillment of the responsibilities of the guarantee bank specified in Clauses 1 and 2 of this Article, and must be recorded in the guarantee agreement signed between the guarantee bank and the real estate project owner.

The guarantee agreement signed between the guarantee bank and the project owner and the guarantee letter from the guarantee bank to the purchaser or lessee of the off-plan house must specifically state the validity period.

6. The investor shall provide a letter of guarantee to the purchaser or lessee within 10 working days from the date of signing the contract for sale and purchase or lease-purchase of the off-plan house or another period as agreed upon by the parties in the contract for sale and purchase or lease-purchase of the off-plan house. The project owner shall receive payment from the purchaser or lessee under the contract for sale and purchase or lease-purchase of the off-plan house only after it has provided the guarantee bank’s guarantee letter to the purchaser or lessee and the purchaser or lessee has received it.

7. In case the project owner fails to hand over the house according to the commitment in the contract for sale and purchase or lease-purchase of house without fulfilling financial obligations toward the purchaser or lessee under Clause 1 of this Article, and the purchaser or lessee requests, the guarantee bank shall be responsible for fulfilling financial obligations toward the purchaser or lessee for the project owner as committed in the guarantee letter.

8. The guarantee in sale and lease-purchase of off-plan houses shall comply with the law on bank guarantee. Regulations on guarantee in sale and lease-purchase of off-plan houses specified in this Article do not apply to sale and lease-purchase of social houses.

9. The State Bank of Vietnam shall provide instructions on guarantee in sale and lease-purchase of off-plan houses.

Article 27. Handover of off-plan houses and construction works

1. The handover of houses must comply with the housing law.

2. The real estate project owner shall hand over the construction work or construction floor area in the construction work to the purchaser or lessee in accordance with the signed contract and ensure the following principles:

a) The construction work has been accepted, inspected and put into operation and use in accordance with the law on construction;

b) The handover of the construction work or construction floor area in the construction work is made in writing;

c) Conditions, order, handover procedures and competence to hand over construction works shall comply with the on construction.

3. The purchaser or lessee of a construction work, construction floor area in the construction work shall directly receive handover of the construction work or construction floor area in the construction work or authorize a representative to receive the handover of the construction work or construction floor area in the construction work in writing in accordance with the Civil Code.

 

CHAPTER IV. TRADING IN LAND USE RIGHTS ASSOCIATED WITH TECHNICAL INFRASTRUCTURE IN REAL ESTATE PROJECTS

SECTION 1. GENERAL PROVISIONS

Article 28. Forms of trading in land use rights associated with technical infrastructure in real estate projects

1. Project owners shall conduct trading in land use rights associated with technical infrastructure in real estate projects according to the following forms:

a) Transferring land use rights associated with technical infrastructure in real estate projects for individuals to build their own houses by dividing lots and selling plots for individuals to build their own houses;

b) Transferring land use rights associated with technical infrastructure in real estate projects to organizations to invest in building houses and construction works;

c) Leasing or subleasing land use rights associated with technical infrastructure in real estate projects for organizations and individuals to use according to the land use purpose and investment project content approved by the competent state agency.

2. Trading in land use rights associated with technical infrastructure in real estate projects shall be carried out as follows:

a) Land use rights associated with technical infrastructure in real estate projects put into business must meet the conditions specified in Article 31 and Article 35 of this Law;

b) Organizations and individuals conducting real estate business shall establish transactions of transfer, lease, and sublease of land use rights through contracts in accordance with Chapter VI of this Law;

c) The parties participating in the transaction shall be responsible for preparing sufficient information and valid documents to ensure that they have sufficient legal capacity to establish transactions and sign contracts in accordance with the civil law; meet the conditions for organizations and individuals conducting real estate business in accordance with the law on real estate business;

d) Before signing the contract, the transferor, lessor or sub-lessor of land use rights shall provide sufficient information and documents specified in Clause 5 Article 6 of this Law to the customer;

dd) After signing the contract, contracting parties to the contract shall be responsible for strictly following the signed contract content, and fulfilling all obligations related to taxes, fees and charges (if any) to the State in accordance with law;

e) The party transferring land use rights associated with technical infrastructure in the real estate project shall be responsible for carrying out procedures for the competent state agency to issue certificates of land use rights and ownership of land-attached assets to the transferee in accordance with the land law, unless in the transfer contract the two parties agree that the transferee voluntarily carries out procedures for grant of certificate;

g) The competent state agencies shall be responsible for granting certificates of land use rights and ownership of land-attached assets to the transferee in accordance with the land law.

Article 29. Requirements in trading in land use rights associated with technical infrastructure in real estate projects

1. Real estate projects that have land use rights associated with technical infrastructure put into business must meet the following requirements:

a) The requirements specified in Article 11 of this Law;

b) The investment in construction of technical infrastructure works according to the approved detailed master plans and project schedules approved by competent state agencies under the construction law, urban planning law and investment law has been completed;

c) Ensuring the provision of electricity supply, water supply, drainage, waste collection, and wastewater treatment services; ensuring connection to the area’s common infrastructure system before transferring, leasing, or sub-leasing land use rights;

d) The transfer, lease, or sublease of land use rights associated with technical infrastructure must be consistent with the investment objectives and content of the investment project as approved by the competent state agency.

2. The transfer, lease, and sublease of land use rights associated with technical infrastructure in real estate projects must meet the conditions specified in Article 31 and Article 35 of this Law and comply with the regulations on form, purpose, term of land use, land registration under the land law.

Article 30. Obligations of parties in transferring, leasing, subleasing land use rights associated with technical infrastructure in real estate projects

1. Obligations of the transferor, lessor or sub-lessor of land use rights associated with technical infrastructure in real estate projects as follows:

a) To supply sufficient and truthful information on land use rights and take responsibility for that information;

b) To hand over the land with sufficient area, on time, at the location and boundaries of the land plot as agreed in the contract;

c) To pay compensation for damage incurred by their faults;

d) To fulfill financial obligations toward the State in accordance with law;

dd) To carry out land registration procedures in accordance with the land law and hand over the certificate of land use rights and ownership of land-attached assets as prescribed by the land law to the transferee, except the transferee voluntarily carries outs procedures of application for the certificate;

e) To register the lease or sublease of land use rights in accordance with law; check and remind the lessee or sublease to protect and preserve the land and use the land for the right purpose; notify the lessee or sub-lessee of the third party’s rights to the leased land;

g) In case a state-owned enterprise transfers, leases, or subleases land use rights associated with technical infrastructure in a real estate project, it must also comply with the provisions of law on management and use of the state capital invested in production and business at enterprises;

h) Other obligations specified in the contract.

2. Obligations of the transferee, lessee or sub-lessee of land use rights associated with technical infrastructure in real estate projects as follows:

a) To make payment to the land use right transferor, lessor, sub-lessor according to the payment time limit and mode agreed upon in the contract;

b) To ensure rights of a third party over the transferred, leased or subleased land;

c) To pay compensation for damage incurred by their faults;

d) To fulfill financial obligations toward the State in accordance with law;

dd) To receive the land with sufficient area, on time, at the location and boundaries of the land plot as agreed in the contract;

e) To use land for the right purpose and boundaries; not to destroy the land; not to harm the legitimate rights and interests of surrounding land users;

g) Tot return leased land on time and as agreed in the contract;

h) Other obligations specified in the contract.

SECTION 2. TRANSFER OF LAND USE RIGHTS ASSOCIATED WITH TECHNICAL INFRASTRUCTURE IN REAL ESTATE PROJECTS FOR INDIVIDUALS TO BUILD HOUSES

Article 31. Conditions for land associated with technical infrastructure in real estate projects for transfer of land use rights to individuals to build houses

1. Meeting the requirements specified in Article 29 of this Law.

2. Having the land use rights certificate and having a land use term not yet expired as required by the land law. The use rights of the transferred land are within the land area of the project that has a certificate of land use rights in accordance with the land law.

3. Land use rights are free from any dispute that is being notified, accepted, and resolved by a competent agency, or are in dispute but have been resolved by a competent agency with a legally effective judgment, decision, or ruling.

4. Land use rights are not distrained for judgment enforcement.

5. Land use rights are neither subject to transactions prohibited by law; nor in the case of being suspended, temporarily suspended from trading in accordance with law.

6. Land is not in the ward, district or city area of special class, class I, class II and class III urban areas; not subject to auction of land use rights to invest in housing construction projects in accordance with the Land Law. For the remaining areas, the provincial-level People’s Committee shall, based on local conditions, determine areas where project owners can transfer land use rights associated with technical infrastructure for individuals to build houses.

7. Before transferring land use rights associated with technical infrastructure in a real estate project, the project owner must notify in writing to the state management agency in charge of real estate business at provincial level of the land use rights that fully meet conditions for transfer.

Within 15 days from the date of receiving notification from the project owner, the state management agency in charge of real estate business at the provincial level shall be responsible for checking the conditions of land use rights put into business and respond in writing to the project owner about land use rights that have qualified technical infrastructure to be transferred to individuals to build their own houses. In case land use rights do not meet the conditions for transfer, a written response clearly stating the reason is required.

The Government shall detail this Clause.

8. Information on land use rights associated with technical infrastructure in real estate projects has been disclosed in accordance with Article 6 of this Law.

Article 32. Requirements for the transferors of land use rights associated with technical infrastructure in real estate projects for individuals to build houses

1. Being owners of real estate business projects.

2. Meeting the conditions prescribed in Clauses 1, and 2 Article 9 and Clause 2 Article 31 of this Law.

3. Having completed the fulfillment of financial obligations, including land use levy, land rental and land-related taxes, charges and fees of all types (if any) toward the State as prescribed by law, for the construction areas associated with technical infrastructure in the real estate project to be put into business.

4. In case of being sanctioned for administrative violations in the fields of investment, construction, land, housing, real estate business, or taxes related to land associated with technical infrastructure used for land use rights business, the decisions on sanctioning administrative violations must be completed before signing contracts to transfer land use rights associated with technical infrastructure in real estate projects.

Article 33. Rights and obligations of the transferors of land use rights associated with technical infrastructure in real estate projects for individuals to build houses

1. To comply with the obligations prescribed in Clause 1 Article 30 of this Law.

2. To monitor, urge, supervise and create conditions for the transferee to carry out housing construction on schedule, in accordance with the approved detailed design and master plan, and construction permit in the case of requiring construction permits and in accordance with the agreement in the contract for transfer of land use rights associated with technical infrastructure in the real estate project signed between the two parties in accordance with the construction law and relevant laws.

3. To require the transferee to compensate for damage in case of causing damage to the technical infrastructure system during the construction of the transferee’s house.

4. To repair and overcome damage to the technical infrastructure system caused by the transferee during the housing construction process.

5. Other rights and obligations specified in the contract.

Article 34. Rights and obligations of the transferees of land use rights associated with technical infrastructure in real estate projects for individuals to build houses

1. To comply with the obligations prescribed in Clause 2 Article 30 of this Law;

2. To carry out housing construction on schedule, in accordance with the approved detailed design and master plan, and construction permit in the case of requiring construction permits and in accordance with the agreement in the signed contract for transfer of land use rights associated with technical infrastructure in the real estate project.

3. To be supervised by the transferor during the housing construction process as agreed in the contract and comply with the construction law and relevant laws.

4. To pay compensation for damage to the technical infrastructure system incurred by their faults during the housing construction process.

5. Other rights and obligations specified in the contract.

SECTION 3. TRANSFER, LEASE OR SUBLEASE OF LAND USE RIGHTS ASSOCIATED WITH TECHNICAL INFRASTRUCTURE IN REAL ESTATE PROJECTS FOR ORGANIZATIONS

Article 35. Conditions for land associated with technical infrastructure in real estate projects for transfer, lease or sublease of land use rights to organizations

Land associated with technical infrastructure in real estate projects for transfer, lease or sublease of land use rights for organizations must meet the conditions specified in Clauses 1, 2, 3, 4, 5 and 8 Article 31 of this Law.

Article 36. Requirements for the transferor, lessor or sub-lessor of land use rights associated with technical infrastructure in real estate projects for organizations

The transferor, lessor or sub-lessor of land use rights associated with technical infrastructure in real estate projects must meet the requirements specified in Article 32 of this Law.

Article 37. Rights and obligations of the transferor, lessor or sub-lessor of land use rights associated with technical infrastructure in real estate projects for organizations

1. To comply with the obligations prescribed in Clause 1 Article 30 of this Law;

2. To provide complete legal dossiers of the project and land use rights so that the transferee, lessee, or sublease can carry out investment and project construction procedures in accordance with the investment law, construction law and relevant laws.

3. To create conditions for the transferee, lessee, or sublease to carry out construction investment according to the projects approved by competent state agencies.

4. To require the transferee to compensate for damage in case of causing damage to the technical infrastructure system during the construction investment process. 5. Other rights and obligations specified in the contract.

Article 38. Rights and obligations of the transferee, lessee or sub-lessee of land use rights associated with technical infrastructure in real estate projects for organizations

1. To comply with the obligations prescribed in Clause 2 Article 30 of this Law;

2. To fulfill the obligations of land users in accordance with the Land Law.

3. To invest and build construction investment projects on transferred, leased or subleased land associated with technical infrastructure in real estate projects in accordance with the law on investment, construction, land and relevant laws.

4. To implement investment and construction projects on transferred, leased, or subleased land that meets the following requirements:

a) Investing in construction works in accordance with detailed master plans and project progress that have been approved;

b) Investing in building a system of technical infrastructure works to ensure synchronization and connection with the surrounding area’s infrastructure system, in accordance with the approved project implementation schedule and master plans;

c) Ensuring the provision of project management and operation services, technical infrastructure systems, social infrastructure, and other services within the scope of the project;

d) Transferring technical and social infrastructure works to local authorities in case they must be transferred according to approved projects under the law. In case they have not yet been transferred, the transferee, lessee or sub-lessee must be responsible for managing, operating and ensuring the quality of technical and social infrastructure works during the period before being transferred.

5. Other rights and obligations specified in the contract.

 

CHAPTER V. TRANSFER OF REAL ESTATE PROJECTS

Article 39. Principles of transfer of the whole or part of real estate project

1. The owner of a real estate project may transfer all or part of the project to another project owner to continue investing in construction and business while the project is within the implementation period as approved by the competent state agency.

2. When transferring all or part of a real estate project, the master plan and objectives of the project must not change; and the legitimate rights and interests of relevant parties must be ensured.

3. After completing the transfer of all or part of the real estate project, the transferee shall inherit the rights and obligations of the transferor and shall be the owner of the transferred project or part of the project. The project owner accepting the transfer of the whole or part of real estate project is not required to re-make the project dossier, construction master plans and construction permits of the project if there are no changes in the contents of the project. In case of changes, the project owner accepting the transfer shall make adjustment in accordance with the law.

4. The transfer of the whole or part of real estate project must meet the conditions specified in Article 40 of this Law and comply with the regulations on form, purpose, term of land use, land registration under the land law.

Article 40. Conditions for transfer of the whole or part of real estate projects

1. The transferred real estate project must meet the following conditions:

a) The project is approved for investment or has its investment policy decided or approved, or investment approved by a competent state agency; the project owner has been selected or recognized in case where the project must carry out project owner recognition procedures;

b) The project has it detailed master plan approved under the law on construction and urban planning;

c) The transferred project or part of the project has finished ground compensation and resettlement support. In case of transferring the entire infrastructure construction investment project, the corresponding technical infrastructure works must be completed according to the approved schedule, design, and detailed master plan under the construction law, urban planning law and project content approved in accordance with the construction law;

d) Land use rights of the project, or part of the project transferred is free from dispute that is being notified, accepted, resolved by a competent agency or is in dispute but has been resolved by a competent agency by legally effective judgments, decisions, or rulings; is not distrained to ensure execution of judgment; is not subject to transaction prohibitions; is not in the case of being suspended or temporarily suspended from trading in accordance with law;

dd) The project is not suspended, terminated or does not have a land recovery decision from a competent state agency. In case the transferred project or part of the project is sanctioned for administrative violations, the project owner must completely comply with the decision on sanctioning administrative violations of the competent state agency in accordance with the law on handling of administrative violations;

e) In case the project is mortgaged to ensure the performance of obligations as prescribed by law, the mortgage must be released;

d) The project implementation term not yet expired;

h) For real estate project of which a part is transferred, it is also necessary to ensure that the construction items or the use and business purposes of the construction works of the transferred project part is separated from other project parts in the real estate project.

2. The project owner receiving the transfer of all or part of a real estate project must meet the conditions specified in Clauses 1 and 2 Article 9 of this Law and commit to continue implementing construction investment and business in accordance with Clause 1 and Clause 2 Article 9 of this Law according to the accepted project content. In case there is a change to the project content, the provisions of Clause 3 Article 39 of this Law shall be complied with.

3. The project owner-transferee has had a decision to allocate land, lease land, or allow change of land use purpose to implement the project from a competent state agency; has completed the financial obligations regarding land, including land use levies, land rental and taxes, fees and charges related to land (if any) to the State of the project or the transferred project portion without requiring a certificate of land use rights as prescribed by the land law for all or part of the transfer project.

4. State-owned enterprises that transfer part or all of a real estate project, in addition to complying with the provisions of Clauses 1, 2 and 3 of this Article, must also comply with the provisions of law on management and use of state capital invested in production and business at enterprises.

5. In addition to the conditions specified in Clauses 1, 2, 3 and 4 of this Article, the transfer of all or part of a real estate project must also meet other conditions in accordance with the investment law and relevant laws.

Article 41. Competence to permit the transfer of the whole or part of real estate projects 

1. For real estate projects approved by investors or granted investment registration certificates under the Investment Law, the competence and procedures for transferring all or part of real estate projects shall comply with the Investment Law.

2. For real estate projects other than those specified in Clause 1 of this Article, the competence to permit the transfer of the whole or part of real estate projects as follows: 

a) The Prime Minister shall decide to permit the transfer of the whole or part of real estate projects for real estate projects in which the investment policy is decided, approved, or the investment is approved by the Prime Minister.In case the Prime Minister authorizes the provincial-level People’s Committee to decide on the transfer of part of a real estate project, the provincial-level People’s Committee shall decide to allow the transfer of part of the project and comply with Clause 2 Article 42 of this Law;

b) The provincial-level People’s Committee shall decide to permit the transfer of the whole or part of real estate projects for real estate projects in which the investment policy is decided, approved, or the investment is approved by the provincial-level People’s Committee.

Article 42. Procedures for transfer of the whole or part of real estate projects

1. Procedures for transfer of the whole or part of real estate projects under the Prime Minister’s competence to decide to permit transfer are prescribed in Clause 2 Article 41 of this Law as follows:

a) Project owners shall send application dossiers for permit of the transfer of the whole or part of real estate projects to the provincial-level People’s Committees of the localities where the projects are located or to state management agencies in charge of real estate business authorized by provincial-level People’s Committees;

b) Within 45 days after receiving a complete and valid dossier, the provincial-level People’s Committee shall solicit opinions of the Ministry of Construction, related ministries, sectors, agencies and appraisal organizations and submit them to the Prime Minister for consideration and decision. In case the real estate project is ineligible for transfer, the dossier-receiving agency shall notify such in writing to the project owner, clearly stating the reason;

c) After obtaining the Prime Minister’s decision permitting transfer, the transferor and transferee of the project must sign a contract to transfer and hand over the project.

2. Procedures for transfer of the whole or part of real estate projects under the provincial-level People’s Committee’s competence to decide to permit transfer are prescribed in Clause 2 Article 41 of this Law as follows:

a) Project owners shall send application dossiers for permit of the transfer of the whole or part of real estate projects to the provincial-level People’s Committees of the localities where the projects are located or to state management agencies in charge of real estate business authorized by provincial-level People’s Committees;

b) Within 30 days after receiving a complete and valid dossier, the provincial-level People’s Committee shall solicit opinions of related agencies and appraisal organizations and issue a decision permitting the transfer. In case the real estate project or the part of the real estate project is ineligible for transfer, the dossier-receiving agency shall notify such in writing to the project owner, clearly stating the reason;

c) After obtaining the provincial-level People’s Committee’s decision permitting transfer, the transferor and transferee of the project must sign a contract to transfer and hand over the project.

3.In case the transferee of all or part of the project specified in Clause 2 Article 41 of this Law is a foreign-invested economic organization specified in Clause 4 Article 10 of this Law, after a decision permitting the transfer is issued by a competent state agency and the parties have signed a transfer contract, land-related procedures shall be carried out in accordance with the land law.

4. The Government shall detail this Article.

Article 43. Rights and obligations of involved parties in transfer of the whole or part of real estate projects 

1. A project owner transferring the whole or part of a real estate project has the following rights and obligations:

a) To transfer its rights and obligations in relation to the whole or part of the project to the project owner-transferee to further invest in building real estate for business, except the rights and fulfilled obligations not involving the project owner-transferee and the implementation of the on-going project or part of the project;

b) To transfer relevant dossiers to the transferee; to timely, fully and publicly notify and satisfactorily settle lawful rights and interests of the parties involved in the transferred project or part of the transferred project;

c) Coordinate with the transferee to carry out land procedures for the transferee in accordance with the land law;

d) In case of transferring part of the real estate project, the transferor is entitled to request the transferee to further invest in building the house or construction work within part of the transferred project according to the approved project content, construction permit in case of requiring a construction permit and detailed master plans approved under the construction law and urban planning law; and monitor and timely inform the competent state agency of violations against law regulations in land use and construction investment by the transferee;

dd) To fulfill financial obligations toward the State in accordance with law;

e) Other rights and obligations specified in the contract.

2. The party receiving the transfer of the whole or part of the real estate projects has the following rights and obligations:

a) To inherit and exercise the rights and perform the obligations transferred by the project owner-transferor;

b) Continue to deploy construction investment and project business in accordance with the approved project content. In case of any changes, the provisions of Clause 3 Article 39 of this Law shall apply;

c) In case of acquiring part of a real estate project, the transferee shall comply with the project transferor’s request to ensure the compliance with the project’s planning in the course of construction investment;

d) To fulfill financial obligations toward the State in accordance with law;

dd) Other rights and obligations specified in the contract.

CHAPTER VI. REAL ESTATE BUSINESS CONTRACTS

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SECTION 1. TYPES OF REAL ESTATE BUSINESS CONTRACTS, USE OF REAL ESTATE BUSINESS CONTRACTS

Article 44. Contracts in real estate business

1. Types of real estate business contracts include:

a) House purchase and sale contracts, house lease-purchase contracts;

b) House lease contracts;

c) Contracts for sale and purchase, lease-purchase of construction works, construction floor area in construction works with functions serving tourism and accommodation purposes;

d) Contracts for renting construction works, construction floor area in construction works with functions serving tourism and accommodation purposes;

dd) Contracts for sale and purchase, or lease-purchase of construction works, construction floor area in construction works with functions serving the purposes of education, healthcare, sports, culture, office, commerce, services, industry and construction works with mixed service functions.

e) Contracts for renting construction works, construction floor area in construction works with functions serving the purposes of education, healthcare, sports, culture, office, commerce, services, industry and construction works with mixed service functions.

g) Contract for transfer of land use rights associated with technical infrastructure in real estate projects;

h) Contracts for leasing, subleasing land use rights associated with technical infrastructure in real estate projects;

i) Contracts for transfer of the whole of real estate projects;

k) Contracts for transfer of part of real estate projects;

l) Contracts for transfer of house or construction work sale and purchase or lease-purchase contracts.

2. Types of real estate service contracts include:

a) Real estate trading floor service contract;

b) Real estate brokerage service contract;

c) Real estate consultancy service contract;

d) Real estate management service contract.

3. A real estate business contract shall be signed when the real estate is eligible for being e put into business and the real estate project is eligible for transfer in accordance with this Law.

4. Real estate business contracts and real estate service contracts in which at least one party participating in the transaction is a real estate business shall be notarized or authenticated at the request of the parties.

5. Contracts for purchase and sale, lease-purchase of houses, construction projects, construction floor areas in construction works in which the parties to the transaction are individuals must be notarized or authenticated.

6. The effective date of the contract is the time the last party signs the contract or by other form of acceptance expressed on the contract, unless otherwise agreed by the parties. In case the contract is notarized or authenticated, the effective date of the contract is the time the notarized or authenticated document takes effect in accordance with the law on notarization and authentication.

7. The Government shall stipulate the types of model contracts in real estate business specified in Clause 1 of this Article.

Article 45. Use of contracts in real estate business

1. Organizations and individuals must comply with the law on real estate business and the Civil Code when establishing real estate business contracts or real estate service contracts.

2. Real estate project owners and real estate businesses shall use model contracts specified in Article 44 of this Law and publicly implement real estate business contracts in accordance with Point d Clause 2 Article 6 of this Law before applying.

3. Real estate business contracts specified in Article 44 of this Law shall not apply to the sale, lease, lease-purchase, or sublease of social houses.

Article 46. Principal content of contracts in real estate business

1. A house or construction work sale and purchase, lease, lease-purchase contract has the following principal contents:

a) Names and addresses of the involved parties;

b) Information on real estate;

c) The selling, lease and lease-purchase prices;

d) The payment method and time limit;

dd) Bank guarantee for the project owner’s financial obligations in case of selling off-plan houses;

e) The deadline for handover and receipt of real estate and accompanying dossiers;

g) Warranty;

h) Rights and obligations of the involved parties;

i) Liabilities for contractual breaches;

k) Fines for breach of contract;

l) Cases of revocation and termination of contracts and handling measures;

m) Method of dispute settlement;

n) The effective date of the contract.

2. A contract for transfer or lease of land use rights associated with technical infrastructure in a real estate project must have the following principal contents:

a) Names and addresses of the involved parties;

b) Information on land category, area, location, boundary and the conditions of land parcels and land-attached assets (if any);

c) Land use term; price of transfer, lease, and sublease of land use rights, including assets attached to land (if any);

d) The payment method and time limit;

dd) The time limit for handover of land and accompanying dossiers;

e) Rights and obligations of the involved parties;

g) Rights of the third party over the land parcel (if any);

h) Liabilities for contractual breaches;

i) Fines for breach of contract;

k) The settlement of consequences upon the end of the land use right lease or sublease contract;

l) Cases of revocation and termination of contracts and handling measures.

m) Method of dispute settlement;

n) The effective date of the contract.

3. A contract on transfer of the whole or part of a real estate project must have the following principal contents:

a) Names and addresses of the involved parties;

b) Basic information of the approved project;

c) Detailed information of the whole or part of the transferred project;

d) Transfer price;

dd) The payment method and time limit;

e) The time limit for transfer of the whole or part of the project and accompanying dossier;

g) Rights and obligations of the involved parties;

h) Responsibilities of the involved parties in carrying out administrative procedures related to land use rights;

i) Liabilities for contractual breaches;

k) Fines for breach of contract;

l) Cases of termination of contracts and handling measures;

m) Method of dispute settlement;

n) The effective date of the contract.

4. The real estate service contract must have the following principal contents:

a) Names and addresses of the involved parties;

b) Service subjects and contents;

c) Service requirements and results;

d) The service term;

dd) Service charges, remuneration, commission;

e) The payment method and time limit;

g) Rights and obligations of the involved parties;

h) Method of dispute settlement;

i) The effective date of the contract.

Article 47. Transaction prices in real estate business

1. The price for selling, transferring, leasing, and lease-purchasing real estate and real estate projects put into business shall be agreed upon by the parties and recorded in the contract. In case the State provides regulations on prices, the parties must comply with such regulations.

2. Organizations and individuals conducting real estate business shall record the correct actual transaction price in the contract; and take responsibility for recording in the contract the transaction price other than the actual transaction price.

Article 48. Payment in real estate business

1. The payment in real estate or real estate project transactions shall be agreed upon by the involved parties in contracts and comply with the law provisions.

2. Project owners, real estate businesses, real estate service providers shall receive payments according to real estate business contracts, real estate service contracts from customers through an account opened at a domestic credit institution or foreign bank branch legally operating in Vietnam.

3. The fine and payment of compensation for damage incurred by delayed payment of the purchasers, transferees, lessees or hirers or the handover of the real estate by sellers, transferors, lessees or hire-purchase sellers later than the deadlines shall be agreed upon by the involved parties and must be clearly written in contracts.

SECTION 2. TRANSFER OF REAL ESTATE BUSINESS CONTRACTS

Article 49. Transfer of the house or construction work sale and purchase or lease-purchase contract

1. Contracts for purchase and sale or lease-purchase of houses and construction works eligible for transfer under this Law include:

a) Off-plan house sale and purchase contracts;

c) Off-plan house lease-purchase contracts;

c) Ready-built construction work lease-purchase contracts.

2. Regulations on transfer of real estate business contracts in Section 2 Chapter VI of this Law shall not apply to social house purchase and sale and lease-purchase contracts.

Article 50. Condition for transfer of real estate business contracts

1. The transfer of contracts on sale and purchase or lease-purchase of houses and construction works must satisfy the following conditions:

a) Having not yet submitted an application dossier to the competent state agencies to grant certificates of land use rights and ownership of land-attached assets in accordance with the land law;

b) Contracts for purchase and sale or lease-purchase of houses or construction works are free from any dispute that is being notified, accepted, and resolved by a competent agency in accordance with law, or are in dispute but have been resolved by a competent agency with a legally effective judgment, decision, or ruling;

c) Houses or construction works under contracts on sale and purchase or hire-purchase are not subject to distraint or mortgage to secure the performance of obligations in accordance with law, except otherwise agreed by the mortgagee;

d) Having a sale or lease-purchase contract established in accordance with the law on real estate business.

2. The transfer of contracts on sale and purchase or lease-purchase of houses or construction works must be effected for the whole contracts. In case of a contract on sale and purchase or hire-purchase of more than one house or construction work where contracting parties wish to transfer separate house or construction work, the parties shall modify the signed contract, or sign a contract annex before transferring the contract under this Law.

Article 51. Rights and obligations of the parties transferring real estate business contracts

1. The purchaser or lessee of an off-plan house and the lessee of an already-built construction work has the right to transfer the contract of purchase and sale, lease-purchase of an off-plan house, and the lease-purchase contract of an already-built construction work when the application dossier for grant of a certificate of land use rights and ownership of land-attached assets attached to the purchaser or lessee as prescribed by the land law has not yet been submitted to the competent state agency.

2. The transferee of the contract may continue to inherit and continue to exercise the rights and obligations of the purchaser or lessee of an off-plan house, or the lessee of a ready-built construction works with the project owner. The project owner shall create conditions for the involved parties in the contract transfer and may not collect any charges relating to the contract transfer.

3. The last transferee of a contract for sale and purchase, or lease-purchase of off-plan houses or construction works may be granted a certificate of land use rights and ownership of land-attached assets from a competent state agency in accordance with the land law.

Article 52. Order, procedures and dossiers for transfer of real estate business contracts

The Government shall detail the order, procedures and dossiers for transfer of real estate business contracts.

 

CHAPTER VII. PROVISION OF REAL ESTATE SERVICES, TRAINING AND RE-TRAINING, GRANT OF PRACTICE CERTIFICATES IN PROVISION OF REAL ESTATE SERVICES

SECTION 1. REAL ESTATE TRADING FLOORS

Article 53. Principles of organization and operation of real estate trading floors

1. Real estate trading floors must comply with the principles specified in Article 4 of this Law.

2. Operations of real estate trading floors must be public and transparent, in accordance with the issued operating regulations and transaction procedures; provide real estate transaction services through the floors, receive remuneration according to regulations and contracts signed with the party requesting service provision.

3. Information about real estate trading floors shall be posted on the information systems on housing and real estate market.

4. When signing a contract with a real estate broker, the real estate broker must be qualified to operate under this Law.

5. Real estate trading floors shall carry out direct transactions and electronic transactions (if any). In case of electronic transactions, the provisions of this Law, the Law on E-Transactions and relevant laws must be complied with.

Article 54. Establishment and registration of operation of real estate trading floors

1. Organizations and individuals providing real estate trading floor services must establish real estate service businesses in accordance with Clause 5 Article 9 of this Law.

2. The name of an enterprise providing real estate trading floor services shall be chosen by an organization or individual establishing such enterprise in accordance with the Enterprise Law and must contain the phrase “real estate trading floor”, without causing overlap or confusion with the name of another registered enterprise providing real estate trading floor services.

3. Before operating a real estate trading floor, it is required to submit a dossier to the state management agency in charge of real estate business at the provincial level where the real estate trading floor is headquartered for grant of an operating license.

4. The Government shall detail Clause 3 of this Article.

Article 55. Conditions for operation of a real estate trading floor

1. Real estate trading floor managers and administrators must meet the following conditions:

a) Having the right to manage enterprises in Vietnam in accordance with the Law on Enterprises;

b) Completing a training course on management and operation of a real estate trading floor and being granted a certificate of completion of the course on management and operation of a real estate trading floor by the training facility.

2. The real estate trading floor must be established and registered for operation in accordance with Article 54 of this Law.

3. Real estate trading floors must promulgate and publicize the real estate transaction process through real estate trading floors.

4. Real estate trading floors must register a fixed operating location and be equipped with physical and technical facilities to ensure the implementation of real estate trading floor operations.

5. The Government shall detail this Article.

Article 56. Contents of operation of a real estate trading floor

1. Checking the legality and business conditions for real estate traded through real estate trading floors; listing and providing information about real estate eligible for trading in accordance with this Law.

2. Providing services, support, and providing information for customers to search and choose real estate.

3. Providing real estate brokerage services, supporting parties to negotiate real estate transactions. Real estate brokerage activities on the real estate trading floor must meet the conditions and comply with the regulations in Section 2 of this Chapter.

4. Providing services, supporting parties to prepare and sign real estate contracts.

5. Providing services, supporting parties to pay, hand over dossiers, documents and real estate (if any) for transactions made through real estate trading floors.

6. Storing information, dossiers, and documents about real estate and real estate transactions conducted through real estate trading floors.

7. Providing services and supporting other content related to transactions through real estate trading floors.

8. Confirming transactions through real estate trading floors; providing transaction information through real estate trading floors for state management agencies in charge of real estate business at the provincial level.

9. The Government shall detail this Article.

Article 57. Rights of real estate trading floors

1. To request customers to supply dossiers and information on real estate put on real estate trading floors.

2. To refuse to put on real estate trading floors those realties which fail to satisfy the conditions for being put to business.

3. To be entitled to collect service charges from customers as agreed upon by the parties.

4. To request customers to pay compensation for damage incurred by customers’ faults.

5. Other rights specified in the contracts.

Article 58. Obligations of real estate trading floors

1. To ensure that real estate put on trading floors satisfies all the conditions for being put into business.

2. To list and supply sufficient and truthful dossiers and information on real estate and take responsibility for those dossiers and listed or provided information.

3. To assure material and technical foundations as well as operation conditions of real estate trading floors.

4. To observe the reporting regimes prescribed by law and subject to inspection and examination by competent state agencies.

5. To fulfill tax obligations toward the State in accordance with law.

6. To pay compensation for damage incurred to customers by their faults.

7. To manage brokers and workers working at real estate trading floors in compliance with the law.

8. To organize training and re-training in real estate brokerage practice knowledge for brokers working at real estate trading floors on an annual basis.

9. To store the transaction dossiers in accordance with law.

10. To fulfill other obligations specified in the contract.

Article 59. Rights and obligations of organizations and individuals participating in real estate transactions in real estate trading floors

1. Organizations and individuals participating in real estate transactions in real estate trading floors have the following rights:

a) To request real estate trading floors to supply dossiers and information on real estate;

b) To conclude contracts with real estate trading floors on real estate sale, purchase, transfer, lease, sublease or lease-purchase;

c) To request real estate trading floors to pay compensation for damage incurred by real estate trading floors;

d) To execute other rights specified in the contracts.

2. Organizations and individuals participating in real estate transactions in real estate trading floors have the following obligations:

a) To observe the internal regulations of real estate trading floors;

b) To pay service charges for real estate trading floors;

c) To pay compensation for damage incurred by their faults;

d) To fulfill other obligations specified in the contract.

Article 60. Management of operation of a real estate trading floor

1. A state management agency in charge of real estate business at the provincial level has the following rights and obligations:

a) To manage, supervise, conduct regular or irregular inspection of operations of real estate trading floors in localities;

b) To grant, re-grant or revoke operation licenses of real estate trading floors in localities;

c) To decide on suspension or termination of provision of real estate trading floor services in localities as prescribed.

2. The Government shall detail this Article.

SECTION 2. REAL ESTATE BROKERAGE

Article 61. Conditions for organizations and individuals providing real estate brokerage services

1. Organizations and individuals providing real estate brokerage services must establish real estate service businesses in accordance with Clause 5 Article 9 of this Law, and satisfy the following conditions:

a) Having a regulation on real estate brokerage service provision;

b) Having physical and technical facilities that meet operational requirements according to the Government’s regulations;

c) Having at least 1 person possessing real estate brokerage practice certificates;

d) Before providing real estate brokerage services, the enterprise providing real estate brokerage services shall send information about the enterprise to the state management agency in charge of real estate business at the provincial level where it is established for being posted on information systems on housing and real estate market in accordance with this Law.

2. Individuals practicing real estate brokerage must meet the following conditions:

a) Possessing real estate brokerage practice certificates;

b) Practicing in an enterprise providing real estate trading floor services or an enterprise providing real estate brokerage services.

Article 62. Contents of real estate brokerage

1. Seeking partners that fully meet clients’ conditions for negotiation and conclusion of contracts.

2. Representation under authorization for performance of tasks related to real estate sale, purchase, transfer, lease, sublease or lease-purchase procedures.

3. Providing information, supporting involved parties in negotiation and conclusion of real estate sale, purchase, transfer, lease, sublease or lease-purchase contracts.

Article 63. Real estate brokerage remuneration and commission

1. Individuals practicing real estate brokerage are entitled to remunerations and commissions from enterprises providing real estate trading floor services or enterprises providing real estate brokerage services.

2. Real estate brokerage remuneration and commission rates shall be agreed upon by the real estate brokers and enterprises providing real estate trading floor services or enterprises providing real estate brokerage services. Real estate brokerage remuneration rates are irrespective of the prices of transactions under real estate brokerage.

Article 64. Rights of enterprises providing real estate brokerage services and individuals practicing in real estate brokerage

1. Enterprises providing real estate brokerage services have the following rights:

a) To carry out real estate brokerage in accordance with this Law;

b) To request relevant organizations and individuals to provide dossiers and information about realty to be traded;

c) To collect service charges from customers as agreed upon by the parties;

d) To refuse real estate brokerage that is ineligible for business;

d) To request relevant organizations and individuals to compensate for damage caused by their fault;

e) Other rights specified in the contract.

2. Individuals practicing real estate brokerage have following rights:

a) Rights specified at Points a, b, d and dd Clause 1of this Article;

b) To enjoy real estate brokerage remuneration or commission in accordance with Article 63 of this Law.

Article 65. Obligations of enterprises providing real estate brokerage services and individuals practicing in real estate brokerage

1. Enterprises providing real estate brokerage services have the following obligations:

a) To honestly supply sufficient dossiers and information on real estate that they broker and take responsibility for those dossiers and information;

b) To organize training and re-training in real estate brokerage practice knowledge for real estate brokers working for enterprises on an annual basis;

c) To fulfill tax obligations toward the State;

d) To pay compensation for damage incurred by its faults;

dd) To observe the reporting regimes prescribed by law and subject to inspection and examination by competent state agencies;

e) Other obligations specified in the contract.

2. Individuals practicing real estate brokerage have following obligations:

a) Obligations prescribed at Points a, c and d Clause 1 of this Article;

b) To implement operating regulations of the real estate trading floor or enterprises providing real estate brokerage services where the individuals work;

c) To participate in training and re-training to improve real estate brokerage practice knowledge on an annual basis.

SECTION 3. REAL ESTATE CONSULTANCY AND
MANAGEMENT

Article 66. Principles and scope of provision of real estate consultancy services and real estate management services

1. Principles for provision of real estate consultancy services and real estate management services are prescribed as follows:

a) The person directly consulting must have a degree or certificate in the field he/she directly consults;

b) Managed real estate must be legal realties.

2. Scope of providing real estate consultancy service includes:

a) Consultancy on investment in creation of and dealing in real estate;

b) Consultancy on real estate finance;

c) Consultancy on real estate prices;

d) Consultancy on real estate business contracts.

3. Scope of providing real estate management service includes:

a) Selling, transferring, leasing, subleasing, lease-purchasing real estate under authorization of owners of the houses, construction works or construction floor areas in construction works, land use owners;

b) Organizing the provision of services to ensure the normal operations of real estate;

c) Organizing real estate maintenance and repair;

d) Managing, supervising the exploitation and use of real estate by clients according to the contracts;

dd) Exercising the rights and performing obligations towards customers and the state under authorization of owners of the houses, construction works or construction floor areas in construction works, land use owners.

Article 67. Conditions for organizations and individuals providing real estate consultancy services and real estate management services

1. Organizations and individuals providing real estate consultancy services and real estate management services must establish real estate service providers in accordance with Clause 5 Article 9 of this Law; or to satisfy conditions specified in the housing law in case of providing management service of condominiums or mixed-use buildings with residential purpose.

2.Before providing services, the enterprise providing real estate consultancy services and real estate management services shall send information about the enterprise to the state management agency in charge of real estate business at the provincial level where it is established for being posted on information systems on housing and real estate market in accordance with this Law.

Article 68. Rights and obligations of parties in the provision of real estate consultancy services and real estate management services, and parties related to real estate management services

1. Rights and obligations of parties in the provision of real estate consultancy services and real estate management services, and parties related to real estate management services, consultancy service charges, prices of real estate management services shall be agreed upon by the parties in the contract but must not violate the provisions of this Law.

2. Enterprises providing real estate consultancy services and real estate management services shall comply with contractual commitments and pay compensation for damage incurred by their faults.

SECTION 4. TRAINING AND RE-TRAINING IN REAL ESTATE BROKERAGE PRACTICE KNOWLEDGE, ADMINISTERING REAL ESTATE EXCHANGE FLOOR; GRANT OF REAL ESTATE BROKERAGE PRACTICE CERTIFICATES

Article 69. Requirements for establishments providing training and re-training in real estate brokerage practice knowledge, and administering real estate trading floors

1. Establishments that provide training and re-training in real estate brokerage practice knowledge, and administering real estate trading floors must have legal status and fall into one of the following cases:

a) Establishments are established in accordance with the Law on Vocational Education or the Law on Higher Education;

b) Enterprises are established and have a business line of training and re-training professional knowledge;

c) For other organizations, they must be established and assigned the functions and tasks of training and re-training professional knowledge by a competent agency or organization.

2. Facilities for training, lecturers, and training management apparatus in accordance with laws on education.

3. Establishments that provide training and re-training in real estate brokerage practice knowledge, and administering real estate trading floors must have teaching curriculum with content consistent with the Framework Program issued by the Minister of Construction.

Article 70. Examination and grant of real estate brokerage practice certificates

1. Individuals taking the exam must meet the following conditions:

a) Possessing a certificate of completion of a management course for training and re-training in real estate brokerage practice knowledge;

b) Possessing a high school diploma or higher;

c) Having submitted the exam registration application and exam funding to the exam organizing unit.

2. Individuals may be granted real estate brokerage practice certificates if fully satisfying the following conditions:

a) Having passed real estate brokerage knowledge test;

b) Having full civil act capacity;

c) Not being examined for penal liability, being detained, serving a prison sentence, being subject to administrative measures of being sent to a compulsory detoxification facility, a compulsory education facility or being banned by the Court from holding certain positions, practicing certain professions or doing certain jobs.

3. The Government shall regulate the organization of examinations and grant of real estate brokerage practice certificates.

 

CHAPTER VIII. BUILDING AND MANAGING INFORMATION SYSTEMS AND DATABASES ABOUT HOUSING AND REAL ESTATE MARKET

Article 71. Information systems on housing and real estate market

1. The information system on housing and real estate market is built centrally and uniformly nationwide; ensuring connection and data sharing with the national land database and databases of relevant ministries, branches, localities and agencies to update, share and exploit information on housing and real estate market, building a national database system to create a foundation for e-Government development.

2. Information systems on housing and real estate market include the following components:

a) Information technology infrastructure;

b) Software to serve management, operation and exploitation of information on housing and real estate market;

c) Databases on housing and real estate market.

Article 72. Information technology infrastructure system and software system to serve management, operation and exploitation of information on housing and real estate market

1. Information technology infrastructure on housing and real estate market includes the following set of basic equipment: computing devices, network connected devices, network and database security devices, storage devices, peripheral devices, auxiliary devices, and local area networks.

2. A software system serving the management, operation and exploitation of an information system on housing and real estate market includes an operating system, a database management system, and applied software and cyber security software.

3. The Government shall detail this Article.

Article 73. Databases on housing and real estate market

1. Databases on housing and real estate market shall be built in conformity with the Vietnam E-Government Architecture Framework and local e-government architecture frameworks, ensuring compliance with database standards, standards and technical regulations on information technology, and techno-economic norms.

2. Databases on housing and real estate market include:

a) Databases on legal documents on housing and real estate market;

b) Databases on housing development programs and plans; housing-related support programs;

c) Databases on programs for surveys and statistics of housing and real estate market, management and use of houses and residential land;

d) Databases on housing and real estate; housing and real estate projects;

dd) Databases on number of transactions, value of real estate transactions, housing and real estate business contracts;

e) Databases on provision of real estate services;

g) Other databases related to the housing and real estate market.

3. The Government shall detail this Article.

Article 74. Building, management and operation of information systems on housing and real estate market

1. Information in the database on housing and real estate market has the same legal value as paper documents when electronically authenticated by a competent state agency in accordance with the Law on E-Transactions.

2. Ministries, ministerial-level agencies, branches, localities, relevant agencies and organizations shall carry out interconnection of specialized databases, including national database on land, database notarization and other databases related to the updating, sharing, exploitation and use of information with the database on housing and real estate market. The interconnection must ensure efficiency, safety, and compliance with functions, tasks, and competence as prescribed by this Law and relevant laws.

3. The Ministry of Construction shall:

a) Organize the construction, management and operation of information technology infrastructure system and software system to serve management, operation and exploitation of information on housing and real estate market;

b) Build, update, manage and exploit databases on housing and real estate market nationwide;

c) Connect and share information from the databases on housing and real estate market with information systems and databases of ministries, ministerial-level agencies and localities and provide information to organizations and individuals;

d) Publicize information about housing and real estate market nationwide under the information system on housing and real estate market.

4. Ministries, ministerial-level agencies, branches and relevant agencies shall be responsible for connecting and sharing data, basic investigation results and information related to housing and real estate market for the Ministry of Construction to update and supplement to the database on housing and real estate market, including:

a) Information and data on foreign direct investment (FDI) in real estate business;

b) Information and data on credit outstanding balance for real estate business activities;

c) Information and data on issuance of corporate bonds related to real estate business;

d) Information and data on taxes for real estate business activities;

dd) Land-related information and data for the grant of certificates of land use rights and ownership of land-attached assets in accordance with the land law;

e) Information and data on number of transactions, value of real estate transactions that are notarized or authenticated;

g) Information and data from national survey and statistical programs on housing.

5. Provincial-level People’s Committees shall:

a) Organize the construction, updating, management and exploitation of databases on housing and real estate market within the locality;

b) Publicly announce and take responsibility for information about housing and real estate market within the locality under the information system on housing and real estate market;

c) Connect, share, and provide information and data on housing and real estate market within the locality to agencies and organizations.

6. Relevant organizations and individuals shall be responsible for timely providing complete and accurate information and data on housing and real estate market according to regulations.

7. The Government shall detail this Article.

Article 75. Exploitation of information systems on housing and real estate market

1. The exploitation and use of information about housing and the real estate market must comply with this Law, the law on access to information and relevant laws.

2. The exploitation of information in the database on housing and real estate market includes the following cases:

a) Agencies, organizations and individuals may access to and exploit publicly available information of the information system on housing and real estate market;

b) Specialized database management agencies, state agencies, political organizations, and socio-political organizations may exploit information in the database on housing and real estate market within the ambit of functions, tasks and powers;

c) The exploitation of information in the database on housing and real estate market other than those specified at Points a and b of this Clause shall comply with the Government’s regulations.

3. The Government shall detail Points a and b Clause 2 of this Article.

Article 76. Funding for building, management, operation and exploitation of information systems on housing and real estate market

1. Funding for building and upgrading information technology infrastructure systems; software system for management, operation and exploitation; surveying and collecting information; building a database and maintaining regular operations of the information system on housing and real estate market shall be covered by the state budget sources in accordance with the law on the state budget, law on public investment and other sources according to law provisions.

2. Qualified organizations and individuals are encouraged to participate in investing in building and providing information technology infrastructure system services; providing application software in building databases on housing and real estate market and exploiting information and data.

3. The Minister of Finance shall regulate the use of funds to build, survey, collect information, update, maintain and operate information systems and databases on housing and real estate market; provide guidance on determining prices for providing information and data services on housing and real estate market in accordance with the law on prices; guide the management and use of proceeds from providing information and data services on housing and real estate markets

CHAPTER IX. STATE MANAGEMENT OF REAL ESTATE BUSINESS

SECTION 1. REGULATING REAL ESTATE MARKET

Article 77. Principles for regulating real estate market

1. The State shall regulate the real estate market through land use planning and plans, construction planning, urban and housing development programs and plans; ensure supply and demand and real estate product structure according to each stage of the market; ensure the healthy, safe and sustainable development of real estate market.

2. The State shall regulate the real estate market in cases where the real estate market has complicated developments affecting socio-economic stability but must ensure the following factors:

a) Unity of the national economy;

b) Maximum respect for market rules;

c) Protection of the interests of the State, the legitimate rights and interests of relevant organizations and individuals;

d) Being timely, feasible, appropriate in terms of time and subjects of application.

Article 78. Measures for regulating real estate market

1. Adjustment of land use master plans and plans, construction planning, urban and housing development programs and plans to implement real estate projects.

2. Adjustment of the supply and structure of the real estate market through adjusting the goals, scale, progress, and product structure of real estate projects.

3. Tax payment extension for subjects operating in the real estate business with special difficulties in each period.

4. Provisions of preferential interest rate loans for customers and real estate businesses for types of real estate that need support and priority for development.

5. Management of financial and credit policies for the real estate business in accordance with market conditions in each period.

6. Implementation of other policies to regulate the real estate market in each period.

Article 79. Competence to regulate real estate market

1. The Ministry of Construction shall assume the prime responsibility for, and coordinate with ministries, ministerial-level agencies, and provincial-level People’s Committees in, researching and proposing measures to regulate the real estate market specified in Article 78 of this Law according to the assigned functions and tasks.

2. Within the assigned competence, the Government shall decide on measures to regulate the real estate market through implementing policies on investment, construction, real estate business, taxes, credit, land, and finance as prescribed in Article 78 of this Law.

3. In case of beyond the authority, the Government shall report and submit to the National Assembly and the National Assembly Standing Committee to consider and decide on policies and solutions to regulate the real estate market.

4. The Government shall detail Clause 1 of this Article.

SECTION 2. CONTENTS OF, AND RESPONSIBILITIES FOR STATE MANAGEMENT OF REAL ESTATE BUSINESS

Article 80. Contents of state management of real estate business

1. Promulgating and organizing the implementation of legal documents on real estate business.

2. Managing real estate business activities.

3. Building and managing information systems on housing and real estate market.

4. Promulgating decisions and regulations to manage and regulate the real estate market.

5. Inspecting and examining the observance of law provisions; settling complaints and denunciations, and handling violations of real estate business law.

6. Disseminating and educating the law, monitoring the implementation of the law on real estate business.

Article 81. Responsibilities for state management of real estate business

1. The Government shall perform the unified state management of real estate business.

2. The Ministry of Construction shall act as a focal point assisting the Government in unifying state management of real estate business, with the following tasks and powers:

a) To submit to competent authorities for promulgation or promulgate according to competence legal documents on real estate business;

b) To develop projects and policies for real estate development and business management;

c) To assume the prime responsibility for, and coordinate with ministries, ministerial-level agencies, provincial-level People’s Committees in, proposing the competent authority for deciding on measures to regulate the real estate market;

d) To assume the prime responsibility for, and coordinate with ministries, ministerial-level agencies, provincial-level People’s Committees in, organizing the implementation and management of real estate business;

dd) To manage the issuance of real estate brokerage practice certificates and manage real estate brokerage activities; the establishment and organization of operations of real estate trading floors;

e) To assume the prime responsibility for, and coordinate with ministries, ministerial-level agencies, and provincial-level People’s Committees in, building, managing and operating the national information system on housing and real estate market; to develop and publicize real estate market assessment indexes nationwide;

g) To disseminate and educate the law, monitor the implementation of the law on real estate business nationwide;

h) To implement international cooperation in real estate business;

i) To inspect and examine the observance of the law on real estate business; to coordinate with provincial-level People’s Committees in examining and reviewing real estate business activities to propose competent state agencies to suspend, temporarily suspend, terminate operations, or adjust, change or transfer real estate business projects;

k) To settle complaints and denunciations, handle violations according to competence or submit to competent authorities for handling in accordance with law;

l) To report to the Government on the situation of real estate business and the nationwide real estate market.

3. Ministries, ministerial-level agencies shall, within the ambit of their functions, tasks and powers, coordinate with the Ministry of Construction in performing their state management of real estate business.

4. Provincial-level People’s Committees shall:

a) To perform the state management of real estate business activities within their respective localities;

b) To manage real estate brokerage practice, the operation of real estate trading floors, real estate brokerage and other real estate services within their respective localities;

c) To build, manage and operate the information system on housing and real estate market; to build and publicize real estate market assessment indexes within their respective localities;

d) To disseminate and educate about the law, monitor the implementation of the law on real estate business within the localities;

dd) To coordinate with the Ministry of Construction to research and propose measures to regulate the real estate market within the localities;

e) To inspect, examine, resolve complaints and denunciations and handle violations of law on real estate business in localities within the competence; to organize inspection and review of real estate business projects within the localities;

g) To report to the Prime Minister and the Ministry of Construction on the real estate market situation in localities periodically or irregularly as required.

5. District-level People’s Committees shall perform state management of real estate business according to the competence prescribed by law and according to the decentralization of higher-level state agencies.

 

CHAPTER X. IMPLEMENTATION PROVISIONS

Article 82. Effect

1. This Law takes effect from January 1, 2025.

2. The Law on Real Estate Business No. 66/2014/QH13, which was amended and supplemented by the Law No. 61/2020/QH14 (hereinafter referred to as Law No. 66/2014/QH13) ceases to be effective from the effective date of this Law, except for the cases specified in Clauses 2, 3, 5, 6, 7, 9, 12 and 13 Article 83 of this Law.

Article 83. Transitional provisions

1. Operating real estate business enterprises which have not fully satisfied conditions prescribed in this Law must supplement conditions in 1 year from the effective date of this Law.
Real estate businesses and real estate service providers operating before the effective date of this Law but have not yet fully satisfied conditions prescribed in this Law must supplement conditions in 6 months from the effective date of this Law.

2. Real estate projects that have met the requirements for real estate investment projects put into business under the Law No. 66/2014/QH13 before the effective date of this Law are not required to meet the requirements for real estate projects specified in Article 11 of this Law. In case a real estate project carries out adjustment procedures after the effective date of this Law, it must meet the requirements for real estate projects in accordance with this Law.

3. In case a valid application for transfer of all or part of a real estate project has been received under the Law No. 66/2014/QH13, but by the effective date of this Law, the results have not been returned, the provisions of Law No. 66/2014/QH13 shall continue to be complied with. In case of re-carrying out procedures for transferring all or part of a real estate project after the effective date of this Law, the transfer shall comply with this Law.

4. For foreign-invested enterprises specified in the Law No. 66/2014/QH13 that are carrying out procedures to receive transfer of all or part of real estate projects but by the effective date of this Law, they have not yet completed the land-related procedures for the project or part of the project to be transferred, then land-related procedures shall be carried out in accordance with Clause 3 Article 42 of this Law.

5. For off-plan houses and construction projects eligible to be put into business under the Law No. 66/2014/QH13 but by the time this Law takes effect, no sale and purchase or lease-purchase contract has been signed, the procedures for sale or lease-purchase shall continue to be carried out under the Law No. 66/2014/QH13, but information about real estate and real estate projects put into business must be disclosed in accordance with Article 6 of this Law before signing a sale or lease-purchase contract.

6. Real estate project owners who have been approved by a guarantee bank to issue a guarantee for their’s financial obligations to the purchasers or lessees of off-plan houses are not required to re-carry out the procedures for granting the guarantee in accordance with this Law.

7. For contracts for sale and purchase or lease-purchase of off-plan houses of which the project owners’ financial obligations toward the customers have been guaranteed by a bank in the form of letter of guarantee before the effective date of this Law, the guarantee specified in this Law is not required.

8. For contracts for sale and purchase or lease-purchase of off-plan houses that are made under the Law No. 66/2014/QH13 and guiding documents before the effective date of this Law but the houses have not yet been handed over, the provisions of Clause 3 Article 26 of this Law shall not apply

9. Real estate business contracts that are made under the Law No. 66/2014/QH13 before the effective date of this Law shall continue to be implemented according to the Law No. 66/2014/QH13 and guiding documents. In case of amending or supplementing the contract after the effective date of this Law, the parties must adjust and supplement the relevant contents of the contract in accordance with this Law.

10. Real estate trading floors that are operating before the effective date of this Law but do not yet meet the conditions prescribed by this Law must supplement all the conditions specified in Article 55 of this Law in 6 months from the effective date of this Law.

11. Establishments providing training and re-training in real estate brokerage practice knowledge, and administering real estate transaction floors that are operating before the effective date of this Law but have not yet met the conditions prescribed by this Law must supplement all the conditions in 6 months from the effective date of this Law.

12. Real estate brokerage practice certificates issued before the effective date of this Law shall continue to be used according to their term.

13. For credit institutions, foreign bank branches, companies managing assets of credit institutions, the Vietnam Asset Management Company (VAMC) established and operating in accordance with the law on credit institutions that have submitted dossiers to transfer all or part of a real estate project as collateral and have such dossiers received by a competent agency before the effective date of this Law, they shall continue to comply with the provisions of the Law No. 66/2014/QH13 and guiding documents.This Law was passed on November 28, 2023, by the XV^th National Assembly of the Socialist Republic of Vietnam at its 6^th session.