THE
NATIONAL ASSEMBLY
------- |
SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness --------------- |
No.
66/2014/QH13
|
Hanoi,
November 25, 2014
|
LAW
Pursuant
to the Constitution of the Socialist Republic of Vietnam;
The
National Assembly issues the Law on real estate trading.
Chapter
I
GENERAL PROVISIONS
Article
1. Scope
This Law
stipulates real estate trading, rights and obligations of organizations and
individuals to conduct real estate trading and state management of real estate
trading.
Article
2. Regulated entities
1.
Organizations and individuals conducting real estate trading in Vietnam.
2.
Organizations and individuals involved in real estate trading in Vietnam.
Article
3. Interpretation of terms
For the
purposes of this Law, these terms below shall be construed as follows:
1. Real
estate trading means capital investment in building, purchasing, and
receiving real estate for sale, for transfer, for lease, for sublease, or for
lease purchase; provision of real estate brokerage services; real estate
trading floor services; real estate counseling services or real estate
management for profit purposes.
2. Real
estate brokerage means acts as an intermediary between parties in real
estate sale, transfer, lease, sublease, lease purchase transactions.
3. Existing
house or building (hereinafter referred to as the building) means any
construction has been completed and put into operation.
4. Off-the-plan
building means any building which is under construction and has not been
permitted to put into operation.
5. Real
estate management service means acts as an attorney in management,
enjoyment and disposal of real estate for building owners or entities having
land use rights (hereinafter referred to as land owner).
6. Real
estate trading floors mean places where real estate sale, transfer, lease,
sublease, or lease purchase transactions are carried out.
7. Lease
purchase agreement means an agreement between parties, whereby the lessee
shall pay an option fee to the lessor and be entitled to use a building; the
remaining payment shall be considered as the monthly payment; the lessee shall
acquire ownership of that building if he pays off the total amount.
8. Real
estate counseling services mean provision of assistance in real estate
trading at the request of parties.
Article
4. Rules for real estate trading
1.
Contracting parties have equality before the law; freedom to conclude a
contract on the basis of respect for their legitimate rights and interests
provided that such agreement is not in contravention of law.
2. Real
estate to be put on the market must meet all the requirements prescribed in
this Law.
3. The
real estate trading must be conducted honestly, publicly and transparently.
4. Any
organization or individual is entitled to conduct real estate trading in the
area beyond national defense and security protection zone according to land-use
planning approved by competent agencies.
Article
5. Types of real estate to be put on the market
Types of
real estate to be put on the market must meet all the requirements prescribed
in this Law (hereinafter referred to as real estate):
1.
Existing buildings of organizations or individuals;
2.
Off-the-plan buildings of organizations or individuals;
3.
Buildings which are public properties to be put on the market permitted by
competent agencies;
4. Types
of lands whose land-use rights are permitted to be transferred (hereinafter
referred to as land), leased, sublet as prescribed in law on land.
Article
6. Disclosure of real estate to be put on the market
1. An
enterprise conducting real estate trading (hereinafter referred to as real
estate enterprise) shall take responsibility for disclosure of real estate
according to the following forms:
a) On
the website of the real estate enterprise;
b) At
the Head office of Project management board regarding investment project on
real estate trading;
c) On
the real estate trading floors regarding real estate trading through trading
floors.
2.
Information about real estate contains:
a) Type
of the real estate;
b)
Location of the real estate;
c)
Information about planning related to the real estate;
d) Scale
of the real estate;
dd)
Characteristics, utilities and quality of the real estate; information about
each utility and general use area if the real estate is a mixed-use building or
an apartment building.
e)
Actual conditions of constructions or services related to the real estate;
g)
Documents on ownership of buildings and land and documents related to real
estate construction; guarantee agreement, written permission for off-the-plan
building sale or lease purchase transactions granted by competent agencies;
h)
Restrictions on ownership of or rights to use real estate (if any);
i) Real
estate sold, transfer, lease, sublease, lease purchase price.
Article
7. Policies of the State regarding real estate trading
1. The
State encourages organizations and individuals of all economic sectors to
invest in real estate trading in accordance with the national and local
socio-economic development objectives in each period.
2. The
State shall exempt or reduce land use levies or land rent, or give preferential
credit to organizations or individuals who invest in social housing and
projects given investment incentives.
3. The
State shall invest in technical infrastructures on the outer perimeter of
projects; giving investment support to technical infrastructures on the inner
perimeter of project given investment incentives.
4. The
State shall invest and encourage organizations and individuals to invest in
urban public works or social constructions related to real estate projects.
5. The
State shall provide mechanisms and policies to stabilize the housing market in
case of fluctuations, thereby guaranteeing benefits of investors and clients.
Article
8. Prohibited acts
1. Real
estate trading does not satisfy requirements prescribed in this Law.
2. The
real estate projects are not complied with planning approved by competent
agencies.
3.
Failure to disclose, or untruthfully disclose about the real estate.
4. Fraud
and deception in real estate trading.
5.
Illegal mobilization of funds; illegal use of mobilized capital of
organizations or individuals and option fee of off-the-plan real estate buyers
or lessees for improper purposes.
6.
Failure to fulfill or completely fulfill financial obligations to the State.
7. Grant
and use of real estate broker license in contravention of the provisions of
this Law.
8.
Collection of charges, fees and money amounts related to real estate trading in
contravention of the provisions of law.
Chapter
II
EXISTING REAL ESTATE TRADING
Section
1. GENERAL PROVISIONS
Article
9. Requirements in terms of real estate to be put on the market
1. A
building to be put on the market shall satisfy the following requirements:
a) The
ownership of the building on land is registered in the Certificate of land use
right (hereinafter referred to as Certificate of land). Regarding an
off-the-plan building in the real estate project, it is only required to have
the Certificate of land as prescribed in regulations of law on land.
b) There
is no dispute about the land and ownership of the building on land.
c) The
building is not distrained.
2. Types
of land permitted to be put on the market shall satisfy the following
requirements:
a) There
are Certificates of land as prescribed in regulations of law on land.
b)
There is no dispute about the land.
c) The
land is not distrained;
d) The
land use term is still unexpired.
Article
10. Requirements in terms of organizations or individuals conducting real
estate trading
1. Any
organizations or individuals wish to conduct real estate trading shall set up
enterprises or cooperatives (hereinafter referred to as enterprises) and have
legal capital not smaller than VND 20 billion, excluding cases prescribed in
Clause 2 of this Article.
2. Any
organizations, households and individuals who conduct small-scale or irregular
transactions of real estate sale, transfer, lease-out, and lease purchase shall
not be required to set up enterprises, but they shall make tax declaration as
prescribed.
3. The
Government shall provide guidance on this Article.
Article
11. Scope of real estate trading conducted by Vietnamese organizations,
individuals, overseas Vietnamese or foreign-invested enterprises.
1. Any
Vietnamese organizations and individuals may conduct real estate trading under
following forms:
a)
Purchase buildings for sale, for lease, or for lease purchase;
b) Rent
buildings for sublease;
c) Build
houses on land which is allocated by the State for sale, for lease, or for
lease purchase; transfer the land which is divided into smaller lots for sale
as prescribed in law on land; build technical infrastructures of cemetery on
that land for transfer of both the land and the technical infrastructures;
d) Build
houses on the land which is leased by the State for lease; build houses or
constructions other than houses on such land for sale, for lease, or for lease
purchase;
dd)
Build houses on land which is recognized by the State for sale, for lease, or
for lease purchase;
e) Build
buildings on land which is transferred from organizations, households or
individuals for sale, for lease, or for lease purchase;
g) Build
buildings on land which is leased from organizations, households or individuals
for lease according to proper land use.
h)
Receive total or a part of real estate project from investors to build
buildings on it for sale, for lease, or for lease purchase;
i)
Receive or rent land from organizations, households or individuals to build
technical infrastructures on it for transfer or lease of both the land and the
infrastructure.
2.
Overseas Vietnamese may conduct real estate trading in the following forms:
a) Forms
prescribed in Point b, d, g and h Clause 1 of this Article;
b) Build
houses on land which is allocated by the State for sale, for lease, or for
lease purchase;
c) Build
buildings on land which is leased out or transferred in industrial parks,
industrial complexes, export-processing zones, hi-tech zones, or economic zone
for trading for the proper land use.
3.
Foreign-invested enterprises may conduct real estate trading in the following
forms:
a) Forms
prescribed in Point b, d, h Clause 1 and Point b Clause 2 of this Article;
b) Build
buildings on land which is leased out or transferred in industrial parks,
industrial complexes, export-processing zones, hi-tech zones, or economic zone
for trading for the proper land use.
Article
12. Requirements in terms of real estate projects to be put on the market
1. The
real estate projects shall be complied with land-use planning, urban planning,
rural construction planning and follow the plan approved by competent agencies.
2.
Procedures for real estate projects to be put on the market shall be complied
with regulations of laws on investment, land, construction, urban area, housing
and corresponding regulations of law.
3. Real
estate projects shall be carried out on schedule with quality assurance as
prescribed in laws on construction.
Article
13. Responsibility of investors of real estate projects
1.
Invest in construction, trading, management and operation of real estate
projects as prescribed.
2.
Ensure financial resources to run the projects on approved schedule.
3. A
house or a building is only transferred to clients if that building or other
infrastructure is finished on schedule as specified in the approved project and
they are connected to general infrastructure in such area; in case a house or
an unfinished building is transferred, whole outside of such house or
construction must be completed.
4. Apply
for Certificate of land, ownership of houses and property on land granted to
the buyer or the renter and issued by competent agencies within 50 days from
the day on which the house or the building is transferred to the buyer or from
the deadline of lease purchase, except that the buyer or the renter requests in
writing that they shall apply themselves for the Certificate.
5. Do
not authorize any organization to participate in investment cooperation, joint
venture, association, business cooperation or capital contribution to sign the
agreement on real estate sale, transfer, or lease purchase.
Article
14. Entities entitled to purchase, receive, rent, or lease purchase real estate
from real estate enterprises
1. Any
Vietnamese organization or individual may purchase, receive, rent, or lease purchase
real estate.
2.
Overseas Vietnamese or foreign entities may rent real estate for use; may
purchase, rent, lease purchase houses as prescribed in laws on housing.
Overseas
Vietnamese or foreign-invested companies may purchase, lease purchase buildings
for use for offices or business facilities according to their proper utilities.
3.
Overseas Vietnamese or real estate foreign-invested companies may purchase,
receive, rent, or lease purchase real estate for business as prescribed in
Article 11 of this Law.
Article
15. Real estate sale, transfer, lease, and lease purchase price
Real
estate sale, transfer, lease, and lease purchase price shall be agreed by
contracting parties and stated in the agreement. If the State stipulates
regulations on the price, the contracting parties shall comply with those
regulations.
Article
16. Payment for real estate transactions
1. The
payment for real estate transactions shall be agreed by contracting parties and
followed the regulations of laws on payment.
2.
Penalties and compensation for damage caused by late payment from the buyer,
transferee, lessee, or renter, or late real estate transfer from the seller,
transferor, or lessor shall be agreed by contracting parties and stated in the
agreement.
Article
17. Real estate trading agreement
1. Types
of real estate trading agreement:
a)
Building sale agreement;
b)
Building rent agreement;
c) Lease
purchase agreement;
d) Land
transfer, lease, and sublease agreement;
dd)
Agreement on transfer of all or a portion of real estate project.
2. A
real estate trading agreement must be made in writing. The agreement notarizing
or authenticating shall be agreed by contracting parties, excluding building
sale or lease purchase agreements or land transfer agreements concluded by
households and individuals prescribed in Clause 2 Article 10 of this Law.
3. The
effective date of the agreement shall be agreed and stated in the agreement by
contracting parties. If the agreement has been notarized or authenticated, the
effective date of the agreement is the notarizing or authenticating date. If
the contracting parties have not agreed or the agreement has been not notarized
or authenticated, the effective date is the date on which the agreement is
signed.
4. The
Government shall stipulate types of real estate trading agreement.
Article
18. Content of building sale, lease, lease purchase agreement;
A
building sale, lease, lease purchase agreement shall contain:
1. Names
and addresses of contracting parties;
2.
Information about the real estate;
3. Sale,
lease, or lease purchase price;
4.
Payment method and deadline;
5. Real
estate transfer deadline and enclosed documents;
6.
Warranty;
7.
Rights and obligations of contracting parties;
8.
Liability for any breaches of agreement;
9.
Penalties for any breaches of agreement;
10.
Cases in which the agreement is terminated and solutions;
11.
Dispute settlement;
12.
Effective date of the agreement.
Section
2. BUILDING SALE
Article
19. Rules for building sale
1. The
selling of a building must associate with the piece of land.
2. An
apartment building or a mix-used building shall be sold according to the rules
as follows:
a)
Delimit general area, equipment and private area and equipment of owners;
b) Any
buyer purchasing apartments in the apartment buildings or mixed-use buildings
shall have joint rights to use the land. They shall agree about stable and
prolonged use duration, or agree about land lease duration regarding lease
land.
3. The
buyer of buildings, apartments, area in apartment buildings or mix-used
buildings shall be granted Certificate of land, ownership of land and property
on land.
4. The
building sale documents shall be submitted together with documents on
buildings.
5. The
date of ownership transfer is the date on which the seller transfers the
building to the buyer or the buyer pays off the total amount to the seller,
unless otherwise agreed.
Article
20. Warranty on the sold building
1. The
seller must provide a warranty for the sold building. If the building is under
warranty, the seller may request organizations or individuals who build
constructions or provide equipment to take responsibility for guarantee as
prescribed in law on construction.
2. The
building warrant period shall be complied with regulations of laws on
construction and housing; if the warranty period expires, contracting parties
may negotiate again.
Article
21. Rights of the seller
1.
Request the buyer to receive the building by the deadline specified in the
agreement.
2.
Request the buyer to pay off the total amount by the deadline and method
specified in the agreement; in case there is no agreement, the buyer may only
pay not exceeding 95% of amount of agreement value if he has not been granted
Certificate of land, ownership of land and property on land.
3.
Request the buyer to cooperate in completion of procedures for sale by the
agreed deadline.
4. Do
not transfer the building if the total amount is not paid off, unless otherwise
agreed
5.
Request the buyer to compensate for damage caused by the buyer’s fault.
6. Exercise
other rights specified in the agreement.
Article
22. Obligations of the seller
1.
Notify the buyer of restrictions on ownership of the building (if any).
2. Keep
the building in good condition during the period prior to transfer to the
buyer.
3. Follow
procedures for building sale as prescribed in regulations of law.
4.
Transfer the building to the buyer by the deadline with quality and other
conditions as specified in the agreement; transfer the Certificate of land,
ownership of land and property on land and related documents under the
agreement.
5.
Provide warranty on the sold building as prescribed in Article 20 of this Law.
6. Pay
compensation for damage caused by the seller.
7.
Fulfill financial obligations to the State as prescribed in regulations of law.
8.
Fulfill other obligations specified in the agreement.
Article
23. Rights of building buyer
1.
Request the seller to complete procedures for building sale by the deadline
specified in the agreement.
2.
Request the seller to transfer the building by the deadline with quality and
other conditions specified in the agreement; transfer the Certificate of land,
ownership of land and property on land and related documents under the
agreement.
3.
Request the seller to provide warranty on the sold buildings as prescribed in
Article 20 of this Law.
4.
Request the seller to Pay compensation for damage caused by the building are
not transferred on schedule with quality and other commitment specified in the
agreement.
5.
Exercise other rights specified in the agreement.
Article
24. Obligations of building buyer
1. Pay
off the total amount for the building sale by the deadline and method under the
agreement.
2.
Receive buildings together with the Certificate of land, ownership of land and
property on land and related documents by the agreed deadline.
3.
Cooperate with the seller in completion of procedures for sale by the agreed
deadline.
4. If
the leased building is bought, the rights and benefits of lessee under the
lease agreement shall be ensured within the lease term.
5. Pay
compensation for damage caused by the buyer.
6.
Fulfill other obligations specified in the agreement.
Section
3. BUILDING LEASE
Article
25. Rules for building lease
Any
building which is leased must meet requirements in terms of quality, safety,
environmental hygiene and other necessary services for normal use according to
utilities, design and agreement specified in the contract.
Article
26. Rights of the lessor
1.
Request the lessee to receive the building by the deadline specified in the
agreement.
2.
Request the lessee to pay off the total amount by the deadline and the method
under the agreement.
3.
Request the lessee to preserve and use the building under the agreement.
4.
Request the lessee to pay compensation for damage or repair damage caused by
the buyer’s fault.
5.
Renovate or upgrade leased building with the consent of the lessee, but without
interfering with the use of the building by the lessee.
6.
Unilaterally terminate the agreement as prescribed in Clause 1 Article 30 of
this Law.
7.
Request the lessee to return the building upon expiry of the lease term; if the
agreement does not specify the lease duration, the building has been returned
if the lessee is informed 6 months in advance.
8.
Exercise other rights specified in the agreement.
Article
27. Obligations of the lessor
1.
Transfer the building to lessee under agreement and instruct the lessee to use
the building properly according to their utilities and design.
2.
Ensure that the lessee may use buildings stably within the lease duration.
3.
Maintain and repair buildings periodically or under agreement; if the lessor’s
failure to maintain or repair the building cause damage for the lessee, the
lessor shall pay damages.
4. Do
not unilaterally terminate the agreement if the lessee fulfills his/her
contractual obligations, unless the lessee agrees to termination the agreement.
5. Pay
compensation for damage caused by the lessor.
6.
Fulfill financial obligations to the State as prescribed in regulations of law.
7.
Fulfill other obligations specified in the agreement.
Article
28. Rights of the lessee
1.
Request the lessor to transfer buildings by the deadline specified in the
agreement.
2.
Request the lessor to provide sufficient and truthful information about the
building.
3.
Exchange the building which is renting to other lessee with the consent of the
lessor in writing.
4.
Sublet a part of total of the building, if it is agreed in the agreement or the
lessor agrees in writing.
5. Keep
renting as conditions agreed with the lessor in case the ownership is changed.
6.
Request the lessor to repair the building in case the building’ damage is not
caused by the lessee’s fault.
7.
Request the lessor to Pay compensation for damage caused by the lessor’s fault.
8.
Unilaterally terminate performance of the agreement as prescribed in Clause 2
Article 30 of this Law.
9.
Exercise other rights specified in the agreement.
Article
29. Obligations of the lessee
1.
Preserve and use buildings properly with their utilities, design and agreement specified
in the agreement.
2. Pay
the rent in full for the building sale by the deadline and the method under the
agreement.
3.
Repair damage of the building caused by the lessee.
4.
Return the building to the lessor under the agreement.
5. Do
not renovate or demolish the building without the consent of the lessor.
6. Pay
compensation for damage caused by the lessee.
7.
Fulfill other obligations specified in the agreement.
Article
30. Unilateral termination of the lease agreement.
1. The
lessor may unilaterally terminate performance of building lease agreement if
the lessee commits the following acts:
a) Fail
to pay the rent after 3 months from the deadline as specialized in the
agreement without approval of the lessor;
b) Use
the building for the improper purpose;
c)
Intentionally cause serious damage to the leased building;
d)
Repair, renovate, upgrade, exchange or sublet the building without any
agreement or the lessor’s agreement in writing.
2. The
lessee may unilaterally terminate performance of building rent agreement if the
lessee commits the following acts:
a)
Failure to repair the building when it threatens safety or causes damage for
the lessee;
b)
Unreasonable increase of rent;
c) The
right to enjoyment of the building is restricted by the interests of a third
person.
3. Any
party which unilaterally terminates the lease agreement must notify the other
party for at least 01 month prior to the termination, unless otherwise agreed.
Section
4. LEASE PURCHASE AGREEMENT
Article
31. Rules for lease purchase agreement
1. Any
buildings for under a lease purchase agreement must meet requirements in terms
of quality, safety, environmental hygiene and other necessary services for
proper use according to utilities, design and agreement specified in the
agreement.
2. The
lease purchase must be associated with the land.
3.
Contracting parties may reach an agreement on shortening the duration of the
lease purchase agreement ahead of schedule.
Article
32. Rights of the lessor
1.
Request the lessee to receive the building according to the agreed schedule.
2.
Request the lessee to pay off the total amount by the agreed deadline and
method.
3.
Request the lessee to cooperate in completion of procedures for lease purchase
by the agreed deadline.
4.
Request the lessee to Pay compensation for damage at the lessee’s fault.
5.
Retain the ownership of the building when the lessee fails to pay off the total
amount for lease purchase.
6.
Request the lessee to preserve and use the building throughout the duration of
the agreement.
7.
Exercise other rights specified in the agreement.
Article
33. Obligations of the lessor
1.
Notify the lessor of restrictions on ownership of the building (if any).
2.
Follow procedures for lease purchase as prescribed in regulations of law.
3. Keep
the building in good condition during the period in which it is not transferred
to the lessee. Maintain and repair the building periodically or as agreed by
the contracting parties.
4.
Transfer the building and related documents to the lessee by the deadline with
the quality and other conditions specified in the agreement.
5. Apply
for Certificate of land, ownership of houses and property on land granted to
the lessee, except that the lessee requests in writing that they shall apply
themselves for the Certificate.
6.
Provide warranty on the building as prescribed in Article 20 of this Law.
7. Pay
compensation for damage caused by the lessor.
8.
Fulfill financial obligations to the State as prescribed in regulations of law.
9.
Enable the lessee to assign their lease purchase agreement;
10.
Fulfill other obligations specified in the agreement.
Article
34. Rights of the lessee
1.
Request the lessor to provide sufficient and truthful information about the
building.
2.
Request the lessor to transfer the building and related documents under
agreement; complete the procedures for application for Certificate of land,
ownership of land and property on land when the lease purchase duration
expires.
3.
Sublet a part of total of the building or transfer the lease purchase
agreement.
4.
Request the lessor to repair the building in case the building’s damage not
caused by the lessee’s fault.
5.
Request the lessor to pay compensation for damage caused by the lessor’s fault.
6.
Acquire ownership of the building from the date on which the lessor receives
payment in full.
7.
Exercise other rights specified in the agreement.
Article
35. Obligations of the lessee
1.
Preserve and use the building properly as specified in the agreement.
2. Pay
off the total amount by the agreed deadline and method.
3.
Cooperate with the lessor in completion of procedures for lease purchase by the
agreed deadline.
4. Do
not renovate or demolish the building without the agreement of the lessor.
5.
Repair damage of the building caused by the lessor within the duration of lease
purchase agreement.
6. Pay
compensation for damage caused by the lessor.
7.
Notify the lessor of a part or total of the building sublease; the transfer of
lease purchase agreement.
8.
Fulfill other obligations specified in the agreement.
Article
36. Transfer of lease purchase agreement
1. The
lessee may transfer the lease purchase agreement when the application for
Certificate of land, ownership of houses and property on land granted to the
lessee has not submitted to competent agencies. The transfer of lease purchase
agreement must be made in writing and certified by the lessor.
2. The
transferee of lease purchase agreement may resume rights and obligations of the
lessee. The lessor must enable contracting parties to transfer the agreement
and do not collect any charges relating to the transfer of agreement.
3. The
transferee shall be granted the Certificate of land, ownership of houses and
property on land by competent agencies as prescribed law on land.
4. The
transfer of agreement prescribed in this Article shall not be applicable to
social house lease purchase agreement.
5. The
Government shall provide guidance on this Article.
Section
5. LAND TRANSFER, LEASE AND SUBLEASE
Article
37. Rules for land transfer, lease and sublease
1. The
land transfer, lease, and sublease must conform to requirements prescribed in
Clause 2 Article 8 of this Law.
2. The
land transfer, lease, and sublease must comply with regulations of law on land
use purpose, land use term and land registration.
Article
38. Rights of the transferor
1.
Request the transferee to pay off the total amount on schedule with the method
under the agreement.
2.
Request the transferee to receive the land on schedule specified in the
agreement.
3.
Request the transferee to Pay compensation for damage caused by the
transferee’s fault.
4. Do
not transfer the land if the payment in full has not been given, unless
otherwise agreed.
5.
Exercise other rights specified in the agreement.
Article
39. Obligations of the transferor
1.
Provide sufficient and true information about the land and take responsibility
for supplied information.
2.
Transfer the proper area, location and condition of land as specified in the
agreement to the transferee.
3.
Register the land as prescribed in law on land and give the Certificate of
land, ownership of houses and property on land to the transferee, except that
the transferee requests in writing that they shall conduct the procedures for
the Certificate themselves.
4. Pay
compensation for damage caused by the transferor.
5.
Fulfill financial obligations to the State as prescribed in regulations of law.
6.
Fulfill other obligations specified in the agreement.
Article
40. Rights of the transferee
1.
Request the transferor to provide sufficient and truthful information about the
land.
2.
Request the transferor to complete the procedures and give them the Certificate
of land, ownership of land and property on land.
3.
Request the transferor to transfer the proper area, location and condition of
land as specified in the agreement to the transferee.
4.
Request the transferor to Pay compensation for damage caused by the
transferor’s fault.
5.
Acquire land ownership from the date on which the land is transferred by the
transferor.
6.
Exercise other rights specified in the agreement.
Article
41. Obligations of the transferee
1. Pay
off the total amount by the deadline to the transferor with the method under
the agreement.
2.
Ensure the rights of a third person towards the land which is transferred.
3. Pay
compensation for damage caused by the transferee.
4.
Fulfill financial obligations to the State as prescribed in regulations of law.
5.
Fulfill other obligations specified in the agreement.
Article
42. Rights of the lessor
1.
Request the lessee to use the land for proper purposes, land-use planning,
investment projects and agreement specified in the agreement.
2.
Request the lessee to pay off the total amount by the deadline with the method
under the agreement.
3.
Request the lessee to terminate the improper land use, land destruction or land
deterioration; if the lessee has not stopped committing violations, the lessor
is entitled to unilaterally terminate the agreement performance and request the
lessee return the land and pay compensation for damage.
4. Request
the lessee to return the land when the lease term expires.
5.
Request the lessee to pay compensation for damage caused by the lessee’s fault.
6.
Exercise other rights specified in the agreement.
Article
43. Obligations of the lessor
1.
Provide sufficient and truthful information about the land and take
responsibility for supplied information.
2.
Transfer the proper area, location and condition of land as specified in the
agreement to the lessee.
3.
Register the land lease.
4. Check
and warn the lessee about land protection and proper land use.
5.
Fulfill financial obligations to the State as prescribed in regulations of law.
6.
Notify the lessee of rights of a third person towards the land which is leased.
7. Pay
compensation for damage caused by the lessor.
8.
Fulfill other obligations specified in the agreement.
Article
44. Rights of the lessee
1.
Request the transferor to provide sufficient and truthful information about the
land.
2.
Request the lessor to transfer the proper area, location and condition of land
as specified in the agreement to the lessee.
3. Use
the leased land within agreed duration.
4. Use
the leased land and enjoy achievements and investment results on the leased
land.
5.
Request the lessor to pay compensation for damage caused by the lessor’s fault.
6.
Exercise other rights specified in the agreement.
Article
45. Obligations of the lessee
1. Use
the land for proper use, limit, and duration.
2. Do
not deteriorate the land.
3. Pay
rent in full by the deadline with the method under the agreement.
4.
Conform to regulations on environment protection; do not infringe the lawful
rights and benefits of neighbor's land users
5.
Return the land on schedule with the condition specified in the agreement.
6. Pay
compensation for damage caused by the lessee.
7.
Fulfill other obligations specified in the agreement.
Article
46. Rights and obligations of contracting parties in the sublease agreement
Rights
and obligations of sublessor and sublessee shall be complied with regulations
in Article 42, 43, 44 and 45 of this Law.
Article
47. Content of land transfer, lease, sublease agreement;
The land
transfer, lease, sublease agreement shall contain:
1. Names
and addresses of contracting parties;
2.
Information about types of land, area, location, number, limit and land
condition, property on land (if any);
3. Land
use term;
4. Price
of land transfer, lease, and sublease including property on land (if any);
5.
Payment method and deadline;
6. Land
transfer deadline and enclosed documents;
7.
Rights and obligations of contracting parties;
8.
Rights of a third person towards the land (if any);
9.
Liability for breaches of agreement;
10.
Penalties for breaches of agreement;
11.
Dealing with the expired agreement regarding land lease or sublease;
12.
Dispute settlement;
13.
Cases in which the agreement is terminated and solutions;
Section
6. TRANSFER OF ALL OR A PORTION OF REAL ESTATE PROJECT
Article
48. Rules for transfer of all or a portion of real estate project
1. The
real estate project investor may transfer all or a portion of a project to
another investor for business.
2. The
transfer of all or a portion of real estate project shall meet the following
requirements:
a) Do
not change objectives of the project;
b) Do
not change objectives of the project's plan;
c)
Ensure the rights of clients and related contracting parties.
3. The
transfer of all or a portion of real estate project shall be approved in
writing by competent agencies. The investor (transferee) may be granted the
Certificate of land, ownership of land and property on land or may register the
adjustments in the Certificated granted to the transferor as prescribed in law
on land.
4. The
transferee is not required to complete the project documents, construction
planning and license for construction again if the approval for investment
policies and investment decision is not changed.
Article
49. Requirements in terms of transfer of all or a portion of real estate
project
1. The
transferred real estate project shall meet the following requirements:
a) The
project is approved by competent agencies; there is a specific planning 1/500
or general ground planning which is approved;
b) The
compensation or site clearance of the transferred project or a portion of the
transferred project has been finished. Regarding transfer of all infrastructure
construction projects, the technical infrastructure must be completed
equivalent to schedule as specified in the approved project;
c) The
land in the project is not disputed or distrained by a competent agency
d) There
is no decision on project or land revocation conducted by a competent agency;
in case there is any violation during the progress of the project, the investor
must abide by the decision on penalty.
2. The
transferor has a Certificate of land regarding all or a portion of the
transferred project.
3. The
transferee must be a real estate enterprise, acquire financial competence and
commit to keep conducting the business as prescribed in regulations of law and
ensure that the project is conducted under proper progress and plan.
Article
50. Competence in transfer of all or a portion of real estate project
1. The
People’s Committees of provinces shall consider permitting the transfer of all
or a portion of real estate project which is approved by the People’s Committee
of the province.
2. The
Prime Minister shall consider permitting the transfer of all or a portion of
real estate project regarding projects approved by the Prime Minister.
Article
51. Procedures for transfer of all or a portion of real estate project
1. The
investor shall apply for transfer of all or a portion of the project to The
People’s Committee of the province where the project or the body which is
authorized by The People’s Committee of the province is located.
2.
Within 30 days from the day on which the satisfactory application is received,
The People’s Committee of the province shall make a decision on permission for
the transfer, if the application is rejected, the investor shall be informed in
writing.
Regarding
the project approved by the Prime Minister, the People’s Committee of the
province shall confer with the Ministries in charge and the Ministry of
Construction then send a report to the Prime Minister for consideration within
45 days from the day on which the satisfactory application is received.
3.
Within 30 days from the day on which the decision on permission for project
transfer made by competent agencies, contracting parties must finish the
transfer agreement conclusion and project transfer.
If the
transferee who receive the real estate project is a foreign-invested
enterprise, the transferor shall return the land to the State after the
decision on permission for project transfer made by competent agencies; then
the competent agencies shall allocate or lease out the land to the transferee
within 30 days from the day on which the satisfactory application is received.
4. The
Government shall provide guidance on this Article.
Article
52. Rights and obligations of contracting parties in agreement on transfer of
all or a portion of real estate project
1.
Rights and obligations of the transferor:
a)
Transfer their rights and obligations regarding all or a portion of the project
to the transferee for real estate trading, excluding rights and obligations
which are completely fulfilled not related to the transferee and progress of
such project or the portion of project;
b)
Transfer the related documents to the transferee; notify clients and entities
related to the project or the portion of transferred project promptly,
sufficiently, publicly and handle with their lawful rights and benefits.
c)
Cooperate with the transferee in completion of procedures for land transfer to
the transferor as prescribed in law on land.
d)
Regarding transfer of a portion of real estate project, the transferor may request
the transferee to keep constructing the building in the transferred project on
schedule and specific planning 1/500 or general ground planning; observe and
promptly notify competent agencies of violations of the transferee against land
use or construction.
dd)
Fulfill financial obligations to the State as prescribed in regulations of law.
e)
Exercise other rights and obligations specified in the agreement.
2.
Rights and obligations of the transferee:
a)
Retain and exercise rights or fulfill obligations transferred from the
transferor;
b) Keep
conducting the construction and business on schedule and under approved plan;
c)
Regarding receiving a portion of real estate project, the transferee must meet
requirements of the transferor for conformity to progress and planning of the
project;
d)
Fulfill financial obligations to the State as prescribed in regulations of law.
dd)
Exercise other rights and obligations specified in the agreement.
Article
52. Content of agreement on transfer of all or a portion of real estate project
Content
of agreement on transfer of all or a portion of real estate project:
1. Names
and addresses of contracting parties;
2. Basic
information about approved project;
3.
Specific information about all or a portion of transferred project;
4.
Transfer price;
5.
Payment method and deadline;
6. All
or a portion of transfer deadline and enclosed documents;
7.
Rights and obligations of contracting parties;
8.
Liability of contracting parties in the completion of administrative procedures
relating to the land;
9.
Liability for breaches of agreement;
10.
Penalties for breaches of agreement;
11.
Dispute settlement;
12.
Cases in which the agreement is terminated and solutions;
13.
Effective date of the agreement.
OFF-THE-PLAN REAL ESTATE TRADING
Article
54. Rights to conduct off-the-plan real estate trading
1. A
real estate investor is entitled to sell, lease or lease purchase off-the-plan
buildings.
2. The
off-the-plan building sale, lease or lease purchase shall be complied with
regulations of this Chapter, equivalent regulations of Chapter II and other
relevant regulations of this Law.
Article
55. Requirements in terms of off-the-plan real estate to be put on the market
1. There
are documents on land, project documents or construction drawing approved by
competent agencies, License for construction if it is required, documents on
certification of completion of technical infrastructure in equivalent to
project progress; or it is required to gain the certification of completion of
the foundation of the building regarding off-the-plan apartment buildings or
mix-used buildings.
2.
Before entering an agreement on sale or lease purchase of an off-the-plan
building
Within
15 days from the day on which the notification is received, the agency in
charge of housing of province shall respond in writing to the investor with the
building permitted to be sold or leased purchase; if the building do not meet
the requirements, they must provide explanation.
Article
56. Guarantee on off-the-plan building sale or lease purchase
1. The
investor’s financial obligations must be guaranteed by a competent commercial
bank in case the investor fails to transfer the building on schedule as
commitment to clients before the investor sell or lease purchase off-the-plan
buildings.
The
State bank of Vietnam shall issue the list of competent commercial banks which
may give guarantee in the off-the-plan real estate trading.
2. The
scope, requirements, content and guarantee fee shall be agreed by contracting
parties and concluded in an agreement provided that responsibility of the
guarantor must be ensured as prescribed in Clause 3 of this Article. The
investor shall send the copy of guarantee agreement to the buyer or lessee when
the agreement on sale or lease purchase is signed.
The
guarantee agreement will stay unexpired until the building is transferred to
the buyer or lessee.
3. If
the investor fails to transfer the building on schedule as committed and at the
request of the buyer or lessee, the guarantor shall make a refund of the option
fee and other payments to clients under agreement on housing sale or lease
purchase and signed guarantee agreement.
4. The
guarantee on off-the-plan building sale or lease purchase shall be conformed to
regulations of this Article and regulations of law on guarantee.
Article
57. Payment for off-the-plan real estate sale or lease purchase
1. The
off-the-plan real estate sale or lease purchase shall be paid by installments,
the initial installment do not exceed 30% of the agreement value, the next
installments shall be conformable with real estate construction progress
provided that total installment does not exceed 70% of the agreement value if
the building has been not transferred to clients; if the seller or the lessor
is a foreign-invested enterprise, the total installment does not exceed 50% of
the agreement value.
If the
buyer or the lessee has been not granted the Certificate of land, ownership of
land and property on land, the seller or the lessor shall not collect payment
not exceeding 95% of the agreement value from the buyer or the lessee; the
remaining value shall be paid when the buyer or the lessee is granted the
Certificate of land, ownership of land and property on land by competent
agencies.
2. The
investor must use the option fee given by clients for proper purpose as
committed.
Article
58. Rights and obligations of contracting parties in off-the-plan building sale
or lease purchase
Apart
from rights and obligations of contracting parties in real estate sale or lease
purchase prescribed in Chapter II of this Law, they shall have following rights
and obligations:
1. The
buyer or the lessee may request the seller or the lessor to provide information
about construction progress, option fee use and physical verification at the
work;
2. The
seller or the lessor must provide information about construction progress,
option fee use and enable the buyer to conduct physical verification at the
work;
Article
59. Transfer of off-the-plan building sale or lease purchase agreement
1. The
buyer or the lessee may transfer the off-the-plan building sale or lease
purchase agreement if the application for the Certificate of land, ownership of
land and property on land granted to the buyer or the lessee has been not sent
to competent agencies. The transfer of off-the-plan building sale or lease
purchase agreement must be made in writing and certified by the investor.
2. The
agreement transferee may retain rights and obligations of the buyer or the
lessee. The investor must enable contracting parties to transfer the agreement
and collect no remuneration related to the agreement transfer.
3. The
last agreement transferee shall be granted the Certificate of rights to use
land, ownership of land property on land as prescribed in law on land.
4. The
agreement transfer prescribed in this Article shall not apply to social house
sale or lease purchase agreements.
5. The
Government shall providing guidance on this Article.
REAL ESTATE SERVICES
Section
1. GENERAL PROVISIONS
Article
60. Scope of real estate services provided by Vietnamese organizations or
individuals, overseas Vietnamese, or foreign organizations or individuals
Any
Vietnamese organizations or individuals, overseas Vietnamese, or foreign
organizations or individuals are entitled to provide real estate brokerage
services, real estate trading floors, real estate counseling, or real estate
management as prescribed in this Law.
Article
61. Real estate service agreement
1. Types
of real estate service agreement
a) Real
estate brokerage service agreement;
b) Real
estate counseling service agreement;
c) Real
estate management service agreement.
2. The
real estate service agreement must be made in writing. The agreement’s
notarization or authentication shall be agreed by contracting parties.
3. The
effective date of the agreement shall be agreed by contracting parties and
stated in the agreement. In case the agreement is notarized or authenticated,
the effective date of the agreement is the date on which it is notarized or
authenticated. If there is no agreement between contracting parties or the
agreement is not notarized or authenticated, the effective date of the
agreement shall be the day on which it is signed.
4. The
real estate service agreement agreed by contracting parties shall contain
a) Names
and addresses of contracting parties;
b)
Entities and content of the services;
c)
Requirements and results of the services;
d)
Service provision duration;
dd)
Service fee, remuneration, and service commission;
e)
Payment method and deadline;
g)
Rights and obligations of contracting parties;
h)
Dispute settlement;
i)
Effective date of the agreement.
Section
2. REAL ESTATE BROKERAGE SERVICE
Article
62. Requirements for real estate brokerage service providers
1. Any
real estate brokerage service providers must set up the enterprise and there
are at least 2 employees obtaining real estate broker license (hereinafter
referred to as broker license), excluding cases prescribed in Clause 2 of this
Article.
2. Any
individual is entitled to provide real estate brokerage services independently
provided that he obtains a broker license and pay taxes as prescribed in law on
taxation.
3. Any
real estate service provider is not entitled to be both a broker and a
contracting party in a real estate transaction.
Article
63. Real estate brokerage services
1. Look
for partners who meet requirements given by clients for agreement negotiation
and conclusion.
2. Act
as authorized representative to follow procedures for real estate sale,
transfer, lease, and sublease or lease purchase.
3.
Provide information and support contracting parties in negotiation and
conclusion of agreement on real estate sale, transfer, lease, sublease or lease
purchase.
Article
64. Real estate brokerage remunerations
1. The
real estate brokerage service providers shall receive remunerations from
clients regardless of results of real estate sale, transfer, lease, sublease or
lease purchase between their clients and a third person.
2. The
real estate brokerage remunerations shall be agreed by contracting parties
regardless of brokerage transfer price.
Article
65. Real estate brokerage commission
1. The
real estate brokerage service providers shall receive brokerage commission when
their clients sign agreements on real estate sale, transfer, lease, sublease or
lease purchase.
2. The
real estate brokerage commission shall be agreed by contracting parties.
Article
66. Rights of real estate brokerage service providers
1.
Provide real estate brokerage services as prescribed in this Law.
2.
Request their clients to provide documents and information about the real
estate.
3.
Receive remunerations or commission as specified in the signed agreement.
4. Hire
other real estate brokerage service providers to provide real estate brokerage
services within the scope of the signed agreement provided that take
responsibility for brokerage result to the clients.
5.
Exercise other rights specified in the agreement.
Article
67. Obligations of real estate brokerage service providers
1. Abide
by the signed agreement.
2.
Provide documents and information about the real estate brokered by them and
take responsibility for documents and information provided by them.
3.
Support contracting parties in negotiation and conclusion of agreement on real
estate sale, transfer, lease, sublease or lease purchase.
4.
Conform to the reporting as prescribed in regulations of law and subject to
inspection carried out by competent agencies.
5. Pay
compensation for damage caused by the provider.
6.
Fulfill tax obligations to the State as prescribed in regulations of law.
7.
Fulfill other obligations specified in the agreement.
Article
68. Real estate broker license
1. An
individual shall be granted broker license if they:
a) Have
full capacity for civil acts;
b)
Obtain at least upper-secondary graduation degree;
c) Have
passed examination in real estate brokerage knowledge.
2.
Broker license’s duration is 05 years.
3. The
Minister of Construction shall providing guidance on grant of broker license.
Section
3. REAL ESTATE TRADING FLOORS
Article
69. Requirements for real estate trading floor establishment
1. Any
organizations or individuals who wish to provide real estate trading floor
service must establish the enterprise.
2. The
real estate trading floor enterprise must have at least 02 employees obtaining
broker license; the manager of real estate trading floors must obtain a broker
license.
3. A
real estate trading floor must have regulations, name, address, facilities and
technical satisfying requirements in terms of operation.
Article
70. Real estate trading floor operation
1.
Conduct real estate sale, transfer, lease, sublease or lease purchase
transactions.
2.
Organize the real estate sale, transfer, lease, sublease or lease purchase;
publicly provide or post information about real estate to potential clients
check documents on the real estate eligible for transactions; act as a broker
between contracting parties in negotiation and conclusion of agreement on real
estate sale, transfer, lease, sublease, or lease purchase.
Article
71. Rights of real estate trading floor service providers
1.
Request their clients to provide documents and information about the real
estate to be put on the trading floor.
2.
Refuse to put on real estate unconformable to be put on the market on the
trading floor.
3.
Collect fee from clients whose real estate is put on real estate trading floor.
4.
Request the clients to Pay compensation for damage caused by the clients.
5.
Exercise other rights specified in the agreement.
Article
72. Obligations of real estate trading floor service providers
1.
Ensure real estate conformable for transactions before putting on the real
estate trading floor.
2.
Provide sufficient and truthful documents and information about the real estate
and take responsibility for documents and information provided by the
enterprise.
3.
Ensure facilities, technical and requirements for operation of real estate
trading floor.
4.
Conform to the reporting as prescribed in regulations of law and subject to
inspection carried out by competent agencies.
5.
Fulfill tax obligations to the State as prescribed in regulations of law.
6. Pay
compensation for damage caused by the enterprise.
7.
Fulfill other obligations specified in the agreement.
Article
73. Rights and obligations of real estate trading floor participants
1. Any
real estate trading floor participant has following rights:
a)
Request the real estate trading floor provider to provide documents and
information about the real estate;
b)
Conclude the agreement with the real estate trading floor provider on real
estate sale, transfer, lease, sublease, or lease purchase.
c)
Request the real estate trading floor provider to Pay compensation for damage
caused by the participant.
d)
Exercise other rights specified in the agreement.
2. Any
real estate trading floor participant has following obligations:
a)
Conform to regulations of real estate trading floor;
b) Pay
charges to real estate trading floor providers;
c) Pay
compensation for damage caused by the participant.
d)
Fulfill other obligations specified in the agreement.
Section
4. REAL ESTATE COUNSELING AND MANAGEMENT SERVICES
Section
74. Real estate counseling services
1. Any
organizations or individuals who wish to provide real estate counseling
services must establish the enterprise.
2. Real
estate counseling services contain:
a) Legal
counseling on real estate;
b)
Counseling on real estate creation and trading;
c)
Counseling on real estate finance;
d)
Counseling on real estate price;
dd)
Counseling on real estate sale, transfer, lease, sublease or lease purchase
agreement.
3.
Counseling content and scope, rights and obligations of contracting parties,
real estate counseling fees shall be agreed by contracting parties.
4. The
real estate counseling service providers shall take responsibility for
commitment in the agreement and compensation for damage caused by the
enterprise.
Section
75. Real estate management services
1. Any
organizations or individuals who wish to provide real estate management
services must establish the enterprise. If they provide residential apartment
building or mix-used building management services, they must satisfy
requirements prescribed in law on housing.
2. Real
estate counseling services contain:
a) Sell,
transfer, lease out, sublet or lease purchase the real estate as authorized by
building owners or land owners;
b)
Provide services to ensure the normal operation of the real estate;
c)
Maintain or repair the real estate;
d)
Manage, observe the real estate enjoyment of the clients under agreement;
dd)
Enjoy rights and fulfill obligations to clients or the State as authorized by
the building owners or the land owners.
3.
Content, time and scope of real estate management, rights and obligations of
contracting parties and real estate management price shall be agreed by the
contracting parties.
4. The
real estate management service enterprise takes responsibility for commitment
in the agreement and pay compensation for damage caused by the enterprise.
STATE MANAGEMENT OF REAL ESTATE TRADING
Article
76. State management of real estate trading
1. Issue
and implement legislative documents on real estate trading.
2.
Formulate and issue strategy for real estate market development, plans for
conducting real estate projects.
3.
Formulate and announce indices of real estate market evaluation.
4.
Formulate communication system about real estate market.
5.
Inspect the implementation of regulations of law on real estate trading and
real estate project execution.
6. Raise
awareness of law on real estate trading.
7.
Handle complaints, denunciation, and violations against law on real estate
trading.
Article
77. State management of real estate trading
1. The
Government shall be in charge of state management of real estate trading.
2. The
Ministry of Construction shall take responsibility to the Government for state
management of real estate trading nationwide and have the following tasks and
entitlements:
a)
Request competent authorities to issue or issue themselves within their
competence legislative documents on real estate trading;
b) Request
the Prime Minister to issue and direct to carry out the strategy for real
estate market development;
c)
Cooperate with Ministries, ministerial-level agencies, The People’s Committee
of the province in implementation and management of real estate trading;
d)
Provide for grant of real estate brokerage broker license; provide training
course in real estate brokerage knowledge, operate real estate trading floors;
provide guidance on establishment and operation of real estate trading floors;
dd)
Formulate and manage national communication system for real estate market;
formulate and announce indices of real estate market evaluation nationwide;
e) Raise
awareness of law on real estate trading;
g)
International cooperation in real estate trading;
h)
Inspect the implementation of law on real estate trading; cooperate with The
People’s Committee of the province in inspection of real estate project to
request competent agencies to revoke, suspend, postpone or adjust, converse, or
transfer real estate projects.
i)
Handling complaints or denunciation and actions against violations within their
competence or request competent agencies to handle as prescribed in regulations
of law;
k) Send
a report to the Government on real estate trading, real estate market nationwide.
3. The
Ministry of Natural Resources and Environment shall take responsibility within
their competence for:
a)
Provide guidance on land resource allocation to real estate market development
in the land-use planning;
b)
Provide guidance on types of land to be put on the real estate market as
prescribed in Law on land and this Law;
c)
Provide guidance on issuance of the Certificate of land use right, ownership of
housing and property on land in real estate trading.
4. The
Ministry of Finance must request competent agencies to formulate policies on
taxation and other financial obligations in real estate trading.
5. The
State bank of Vietnam must provide guidance on payment in real estate trading
transactions, loan security with real estate, guarantee in off-the-plan
building sale or lease purchase.
6.
Ministries, ministerial-level agencies must cooperate with the Ministry of
Construction in management and inspection of real estate trading.
Article
78. Responsibility of the People’s Committees of the provinces
1. Carry
out state management of real estate trading on administrative divisions.
2.
Allocate land resource to develop real estate projects in the local land-use
planning.
3.
Publicly issue and implement plans for real estate projects.
4.
Manage real estate brokers, real estate trading floor operation and other real
estate services in the administrative divisions.
5.
Formulate national communication system for real estate market; formulate and
announce indices of real estate market evaluation in the administrative
divisions.
6. Raise
awareness of law on real estate trading in the administrative divisions.
7.
International cooperation in real estate trading;
8.
Inspect, handle complaints and denunciation and handle violations against law
on real estate trading in the administrative divisions within their competence;
check real estate projects in the administrative divisions for revocation,
suspension, postpone or adjustment, converse*, and transfer of real estate
projects.
9. Send
a report on real estate market in the administrative divisions to the Ministry
of Construction.
Article
79. Actions against violations
1. Any
organization or individual committing violations against law on real estate
trading shall be disciplined, imposed administrative penalties or face a
criminal prosecution according to nature and severity of the violations, in
case of causing damage, they shall indemnify as prescribed in regulations of
law.
2.
Revocation of real estate projects:
a) If
any investor commit regulations of law on construction, planning, or
architecture without handling measures at the request of competent agencies and
there are projects whose land subject to be revoked as prescribed in law on
land, excluding projects to be transfer by other investor as prescribed in
Section 6 Chapter II in this Law, the competent agencies in charge of project
permission shall decide to revoke such projects to transfer to other investor.
b) The
investor whose projects are revoked must deal with difficulties of the project
to ensure rights and obligations of clients and project-related entities.
c) The
agency in charge of project revocation must request the investor whose projects
are revoked to deal with difficulties; announce and select new investor to
transfer the project;
d) The
investor whose projects are revoked shall not be assigned as an investor of new
real estate within 02 years from the day on which the project is revoked.
Chapter VI
IMPLEMENTATION
Article 80. Transitional regulations
1.
Operating real estate enterprise which has not satisfied requirements as
prescribed in this Law shall fulfill all requirement within 01 year from the
effective date of this Law.
2. Any
real estate project which is granted the decision on investment, allocated
land, leased land, granted the permission for project transfer, or transferred,
sold, leased, or leased purchase under an agreement before the effective date
of this Law is not require to follow the procedures in this Law.
3. The
real estate brokerage certificate granted before the effective date of this Law
shall stay unexpired for 05 years from its effective date; at the end of this
period, the broker obtaining the certificate must meet requirements in this
Law.
4. The
real estate brokerage certificate granted before the effective date of this Law
shall stay unexpired for 05 years from its effective date; at the end of this
period, the broker obtaining the certificate must meet requirements in this
Law.
Article
81. Effect
This Law
shall take effect from July 1, 2015.
The Law
on real estate trading No. 63/2006/QH11 shall be annulled from the effective
date of this Law.
Article
82. Specific regulations
The
Government and competent agencies shall providing guidance on Articles and
Clauses in the Law.
This
Law is passed by the 13th National Assembly of the Socialist
Republic of Vietnam, 8th session dated November 25, 2014.
PRESIDENT
OF THE NATIONAL ASSEMBLY
Nguyen Sinh Hung |