Pursuant to the Constitution of the Socialist Republic of Vietnam;

The National Assembly promulgates the Real Estate Business Law.

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 regulate the following cases:

a) Agencies and organizations selling residential houses, construction works, transferring land use rights due to bankruptcy, dissolution, division, or separation; transferring ownership of residential houses, construction works, land use rights due to division, separation, merger, or consolidation in accordance with legal provisions;

b) Agencies, organizations, and units selling, transferring, or leasing out state-owned real estate assets in accordance with legal provisions on management and use of public assets;

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

d) Organizations and individuals transferring, leasing out, or sub-leasing land use rights not belonging to cases where investors conduct business of land use rights with technical infrastructure in real estate projects;

đ) Leasing social housing to workers and employees by the Vietnam General Confederation of Labor as the governing body of investment projects in accordance with housing laws.

3. Credit institutions, foreign bank branches, debt management and asset exploitation companies of credit institutions, asset management companies of Vietnamese credit institutions established and operating under the law on credit institutions selling residential houses, construction works, transferring land use rights, transferring real estate projects being used as guarantees or collateral to recover debts in accordance with the law on credit institutions and relevant laws on handling of collateral.

Article 2. Regulated entities

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

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

Article 3. Interpretation of terms

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

1. Real estate business is an activity aiming to seek profits through investing capital to create residential houses, construction works, land use rights with technical infrastructure in real estate projects for sale, transfer; lease, sublease, lease-purchase of residential houses and construction works; lease, sublease of land use rights with technical infrastructure in real estate projects; transfer of real estate projects; trading of real estate services.
2. Real estate service business includes trading of real estate exchange services, real estate brokerage, real estate consultancy, real estate management.
3. Real estate project is an investment project to construct works for trading residential houses, construction works, land use rights with technical infrastructure approved by competent state agencies in accordance with law, including: residential housing investment projects; urban area investment projects; rural residential area investment projects; investment projects to construct works serving educational, healthcare, sports, cultural, office, commercial, service, tourism, accommodation, industrial purposes and mixed-use construction works; technical infrastructure construction investment projects; infrastructure construction investment projects for industrial parks, industrial clusters, high-tech parks.
4. Existing residential houses and construction works are residential houses and construction works that have been completed and accepted for putting into use in accordance with construction laws_._
5. Residential houses and construction works to be formed in the future are residential houses and construction works that are in the process of construction investment or have not been accepted for putting into use in accordance with construction laws_._
6. Lease-purchase of residential houses and construction works means the lessee pays in advance to the lessor a certain percentage of the value of the leased residential house, construction work, or floor area in the construction work as agreed but not exceeding 50% of the lease-purchase contract value; the remaining amount is converted into rental to be paid monthly to the lessor for a certain period, unless otherwise agreed by the parties; after the lease term of the residential house, construction work, floor area in the construction work expires and when the remaining amount has been fully paid, the lessee has the ownership right to such residential house, construction work, or floor area in the construction work.
7. Transfer of real estate project means the investor transfers all or part of a real estate project, legal rights, obligations, responsibilities and interests of the investor and rights and obligations of the investor to related parties (if any) for the transferred project or part of the real estate project to the transferee through a contract.
8. Real estate business contract is 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, sale, lease, lease-purchase residential 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 business contract is a written agreement between an organization that meets the conditions for real estate service business in accordance with this Law and an organization or individual to trade real estate services.
10. Real estate exchange is a place where transactions of purchase, sale, transfer, lease, sublease, lease-purchase of real estate take place, established and operating in accordance with this Law.
11. Real estate brokerage is the act of intermediating for parties in the purchase, sale, transfer, lease, sublease, lease-purchase of real estate.
12. Real estate consultancy is the activity of advising on issues related to real estate business at the request of parties.
13. Real estate management is the implementation of one, some or all of the activities of managing, exploiting, and disposing of real estate as authorized by the owner of the residential house, construction work or the land user.

Article 4. Principles of real estate business

1. Publicity, transparency; freedom of agreement on the basis of respecting the legitimate rights and interests of parties through contracts, not violating legal prohibitions.

2. Real estate and real estate projects put into business must meet the conditions prescribed by this Law_._

3. Organizations and individuals are allowed to conduct real estate business outside the protected areas in accordance with the law on national defense and security.

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

1. Existing and future residential houses.

2. Existing and future construction works, including works serving educational, healthcare, sports, cultural, office, commercial, service, tourism, accommodation, industrial purposes and mixed-use construction works.

3. Floor areas in construction works prescribed in Clause 2 of this Article.

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

5. Real estate projects.

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

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

1. Before putting real estate and real estate projects into business, real estate trading enterprises must fully, truthfully and accurately disclose the information prescribed in Clauses 2, 3, 4 and 5 of this Article on the housing and real estate market information system in accordance with this Law and on the website of the real estate trading enterprise.

2. Information on real estate projects includes:

a) Decision on investment policy or approval of investment policy or approval of investment in real estate projects;

b) Decision on land allocation, land lease, permission to change land use purpose by competent state agencies;

c) Information on detailed planning approved by competent state agencies;

d) Standard contracts used for signing in real estate business transactions in accordance with this Law.

3. Information on future residential houses and construction works includes:

a) Type of real estate; location, scale, construction progress, and use purpose of the real estate; information on common use areas for real estate being apartment buildings, construction works, mixed-use buildings;

b) Basic design in the feasibility study report on construction investment appraised in accordance with construction laws; construction permit for cases requiring construction permits; notice of construction commencement; documents on acceptance of completed construction of technical infrastructure in accordance with construction laws corresponding to project progress; documents proving the completion of foundation construction in accordance with construction laws for apartment buildings and mixed-use buildings with residential housing;

c) Documents on land use rights prescribed in Clause 2, Article 24 of this Law;

d) Guarantee agreements in the sale and lease-purchase of future residential houses;

đ) Written documents of competent state agencies on future residential houses eligible for sale and lease-purchase;

e) Restrictions on ownership rights and use rights of real estate (if any); mortgaging of residential houses, construction works, floor areas in construction works, land use rights, real estate projects put into business.

4. Information on existing residential houses and construction works includes:

a) Certificates of residential house ownership and residential land use rights or Certificates of land use rights, residential house ownership and other land-attached asset ownership or other certificates of land use rights and ownership of land-attached assets in accordance with land laws, which recognize the ownership of residential houses and construction works, except for the case prescribed at Point b of this Clause;

b) For residential houses and construction works in real estate projects of investors, only certificates of land use rights in accordance with land laws for the land area of such residential houses and construction works are required;

c) Restrictions on ownership rights and use rights of real estate (if any); mortgaging of residential houses, construction works, floor areas in construction works, land use rights, real estate projects put into business.

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

a) Certificates of land use rights in accordance with land laws for the land area with technical infrastructure in real estate projects;

b) Written documents of competent state agencies on land use rights with technical infrastructure in real estate projects eligible for transfer to individuals for self-construction of houses;

c) Documents on the completion of investment in technical infrastructure works according to the detailed planning and project progress approved by competent state agencies;

d) Documents proving that the project investor has fulfilled financial obligations on land including land use fees, land rental and related taxes, fees and charges (if any) to the State in accordance with law for the land area with technical infrastructure in real estate projects put into business;

đ) Restrictions on the use rights of land with technical infrastructure in real estate projects (if any); mortgaging of land use rights and real estate projects put into business.

6. Disclosed information must be updated when there are changes.

7. The Government shall detail this Article.

Article 7. State policies on real estate business investment

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

2. The State encourages and has preferential policies for organizations and individuals investing in the construction of social housing and real estate projects eligible for investment incentives.

3. The State invests in and encourages organizations and individuals to invest in the construction of technical infrastructure works outside the scope of projects, and supports the investment in technical infrastructure works within the scope of projects eligible for investment incentives.

4. The State invests in and encourages organizations and individuals to invest in urban public service projects and social infrastructure works within the scope of real estate projects.

5. The State has policies to regulate the real estate market, ensuring the healthy, safe and sustainable development of the real estate market.

6. The State has policies for organizations and individuals to make non-cash payments in real estate transactions.

7. The State encourages organizations and individuals to conduct transactions of purchase, sale, transfer, lease, lease-purchase and sublease of residential houses, construction works and land use rights through real estate exchanges.

Article 8. Prohibited acts in real estate business

1. Conducting real estate business without meeting the conditions prescribed by this Law.

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

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

4. Committing fraud, deception, or cheating in real estate business.

5. Collecting money in the sale, lease-purchase of residential houses, construction works, floor areas in future construction works not in accordance with this Law; using money collected from buyers and lessees of residential houses, construction works, floor areas in future construction works against the law.

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

7. Granting real estate brokerage practice certificates_,_ using real estate brokerage practice certificates not in accordance with the law on real estate business.

8. Collecting, managing and using fees, charges and other amounts related to real estate business against the law.

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

1. Organizations and individuals conducting real estate business must establish enterprises in accordance with the law on enterprises or establish cooperatives or cooperative unions in accordance with the law on cooperatives, having the business line of real estate (collectively referred to as real estate trading enterprises), except for the cases prescribed in Clauses 3 and 4 of this Article.

In case organizations and individuals conduct real estate service business, they shall comply with the provisions of Clause 5 of this Article.

2. Real estate trading enterprises must meet the following conditions:

a) Not being banned from real estate business activities, suspended or terminated according to court judgments or decisions of competent state agencies;

b) Ensuring the ratio of credit outstanding loans and corporate bond outstanding loans to equity;

c) Real estate trading enterprises through real estate projects must have equity of at least 20% of the total investment capital for projects with a land use scale of less than 20 hectares, and at least 15% of the total investment capital for projects with a land use scale of 20 hectares or more, and must ensure the ability to mobilize capital to implement investment projects; in case a real estate trading enterprise simultaneously implements many projects, it must have sufficient equity allocated to ensure the above ratios for each project to implement all projects.

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

4. Organizations and individuals selling residential houses, construction works, floor areas in construction works not for business purposes or selling, leasing, lease-purchasing residential houses, construction works, floor areas in construction works below the small scale are not required to comply with the provisions of this Law but must declare and pay taxes in accordance with law; in case individuals sell, lease-purchase residential houses, construction works, floor areas in construction works, they must also perform notarization or authentication in accordance with Clause 5, Article 44 of this Law.

5. Organizations and individuals conducting real estate service business must establish enterprises in accordance with the law on enterprises or establish cooperatives or cooperative unions in accordance with the law on cooperatives (collectively referred to as real estate service enterprises), and must meet the conditions prescribed by this Law.

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

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

1. Domestic organizations and individuals are allowed to conduct real estate business in the following forms:

a) Investing in the construction of residential houses and construction works for sale, lease, lease-purchase;

b) Investing in the construction of technical infrastructure in real estate projects to transfer, lease, sublease land use rights with technical infrastructure;

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

d) Receiving transfer of land use rights with technical infrastructure in real estate projects for transfer, lease;

đ) Leasing residential houses, construction works, floor areas in construction works for sublease;

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

g) Receiving transfer of all or part of a real estate project to continue investment, construction and business.

2. Overseas Vietnamese who are Vietnamese citizens as prescribed by the law on nationality permitted to enter Vietnam are allowed to conduct real estate business in the forms specified in Clause 1 of this Article.

3. Overseas Vietnamese who are not Vietnamese citizens as prescribed by the law on nationality permitted to enter Vietnam are allowed to conduct real estate business in the following forms:

a) Investing in the construction of residential houses and construction works associated with land use rights for sale, lease, lease-purchase through real estate projects implemented in accordance with the forms, purposes and terms of land use as prescribed by land laws;

b) Investing in the construction of technical infrastructure in real estate projects to transfer, lease, sublease land use rights with technical infrastructure implemented in accordance with the forms, purposes and terms of land use as prescribed by land laws;

c) Other forms of real estate business prescribed at Points đ and g, Clause 1 of this Article.

4. Foreign-invested economic organizations subject to meeting investment conditions and following investment procedures prescribed for foreign investors in accordance with the Law on Investment are allowed to conduct real estate business in the forms specified in Clause 3 of this Article.

5. Foreign-invested economic organizations not falling into the case prescribed in Clause 4 of this Article are allowed to conduct real estate business in the forms specified in Clause 1 of this Article.

Article 11. Requirements for real estate projects

1. Real estate projects must conform to land use planning and plans.

2. Real estate projects must conform to approved planning in accordance with the law on construction and the law on urban planning.

3. The order and procedures for construction investment in real estate projects shall comply with the law on: planning, investment, land, construction, housing and relevant laws.

4. Construction permits must be complied with for cases requiring construction permits.

5. Real estate projects must be invested and constructed according to the progress, planning, design and within the implementation period of investment projects approved by competent state agencies.

6. For residential housing investment projects, in addition to meeting the provisions in Clauses 1, 2, 3, 4 and 5 of this Article, they must also meet the requirements prescribed by housing laws.

Chapter II BUSINESS OF EXISTING RESIDENTIAL HOUSES AND CONSTRUCTION WORKS

Article 12. Existing residential houses and construction works put into business

1. Types of existing residential houses, except for types of houses belonging to public assets as prescribed by the Housing Law.

2. Types of existing construction works specified in Clause 2, Article 5 of this Law.

3. Floor areas in existing construction works specified in Clause 3, Article 5 of this Law.

Article 13. Principles of business of existing residential houses and construction works

1. The purchase and sale of residential houses, construction works, floor areas in construction works must be associated with land use rights, except for cases where the Law on Land and the Housing Law provide otherwise. The owners of apartment units, floor areas in construction works, construction works with multiple owners have the right to use land in the form of common use_._

2. Buyers and lessees of residential houses, construction works, floor areas in construction works in accordance with this Law shall be granted certificates of land use rights and ownership of land-attached assets by the State for the purchased or leased residential houses, construction works, floor areas in construction works. The order, procedures and competent state agencies to grant certificates of land use rights and ownership of land-attached assets shall comply with the law on land.

3. The sale and lease-purchase of residential houses must comply with the provisions on the term of house ownership as prescribed by housing laws. The sale and lease-purchase of construction works and floor areas in construction works must comply with the provisions on the term of use of construction works as prescribed by construction laws.

4. The sale and lease-purchase of residential houses, construction works, floor areas in construction works must comply with the provisions on the form, purpose, term of land use and registration of land and land-attached assets as prescribed by land laws.

5. Buyers and lessees of residential houses, construction works, floor areas in construction works shall establish ownership rights to the purchased or leased residential houses, construction works, floor areas in construction works. The time of establishing ownership of residential houses, construction works, floor areas in construction works for buyers and lessees is from the time the buyers and lessees have fully paid the purchase price, lease-purchase price and have received the residential houses, construction works, floor areas in construction works, unless otherwise agreed by the parties.

6. The purchase and lease-purchase of residential houses, construction works, floor areas in construction works must be accompanied by dossiers on residential houses and construction works meeting the conditions prescribed by this Law. The purchase and sale of residential houses, construction works, floor areas in construction works must clearly distinguish the area and equipment under common ownership and use and the area and equipment under private ownership and use of the owners.

Article 14. Conditions for existing residential houses and construction works put into business

1. Residential houses and construction works put into business must fully meet the following conditions:

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

b) Not being in dispute over land use rights associated with residential houses and construction works, or dispute over ownership of residential houses and construction works put into business that is being notified, accepted and settled by competent agencies; in case of dispute, it must have been settled by competent agencies with legally effective judgments, decisions or awards;

c) Not being distrained to ensure judgment enforcement;

d) Not being prohibited from transaction by law;

đ) Not being suspended or temporarily suspended from transaction as prescribed by law;

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

2. Residential houses and construction works in real estate projects put into business by investors, in addition to meeting the conditions prescribed at Points b, c, d, đ and e, Clause 1 of this Article, must also satisfy the following conditions:

a) The project must meet the requirements specified in Article 11 of this Law;

b) Having documents determining that the residential houses and construction works have been accepted for operation and use in accordance with construction laws;

c) The project investor has fulfilled financial obligations on land including land use fees, land rental and related taxes, fees and charges (if any) to the State in accordance with law for the land associated with the residential houses and construction works put into business;

d) Having certificates of land use rights in accordance with land laws for the land associated with the residential houses and construction works.

3. Floor areas in construction works sold or lease-purchased by investors, in addition to meeting the conditions prescribed in Clauses 1 and 2 of this Article, must also satisfy the following conditions:

a) The construction works are created under investment projects in accordance with the law on investment and the law on construction; meeting the conditions prescribed by the law on asset registration to be granted registration of asset ownership by competent state agencies to buyers and lessees;

b) The floor areas in construction works to be sold or lease-purchased must have specific use functions and be separately demarcated from other areas in the construction works according to the project approved by competent agencies and clearly shown in the design dossiers of the project and construction works so that the owners can independently manage and use such floor areas in the construction works;

c) The construction works and floor areas in construction works in the project must be correctly designed and suitable with the specialized standards and norms applied to such types and functions of construction works;

d) The floor areas in construction works to be sold or lease-purchased must have determined land use rights associated with such floor areas in terms of form, term of land use, land area for common or private use with other owners of construction works and other land users in accordance with land laws;

đ) The floor areas in construction works must have clearly determined financial obligations on land including land use fees, land rental and related taxes, fees and charges (if any) to the State that the sellers, lessors or buyers, lessees of the floor areas in the construction works are obliged to pay and be specified in the sale and lease-purchase contracts;

e) The construction works must be built on land with the form of land use allocated by the State with collection of land use fees or land lease with one-time rental payment for the entire lease term.

Article 15. Entities allowed to purchase, lease, lease-purchase existing residential houses and construction works of real estate trading enterprises

1. Domestic organizations and individuals, overseas Vietnamese who are Vietnamese citizens, foreign-invested economic organizations specified in Clause 5, Article 10 of this Law are allowed to purchase, lease, lease-purchase residential houses, construction works, floor areas in construction works for use and business purposes.

2. Foreign organizations, foreign individuals, overseas Vietnamese who are not Vietnamese citizens are allowed to purchase, lease-purchase residential houses in accordance with housing laws. Overseas Vietnamese who are not Vietnamese citizens are allowed to purchase, lease, lease-purchase construction works and floor areas in construction works for use in accordance with the functions of the construction works_._

3. Foreign-invested economic organizations specified in Clause 4, Article 10 of this Law that are within their legal operation term in Vietnam are allowed to purchase, lease residential houses for use; lease residential houses for business in accordance with this Law; purchase, lease construction works and floor areas in construction works of investors of real estate projects and real estate trading enterprises for use in accordance with the functions of the construction works serving their activities; lease construction works and floor areas in construction works for sublease for use in accordance with the functions of the construction works.

4. Foreign organizations within their legal operation term in Vietnam and foreign individuals within their legal residence term in Vietnam are allowed to lease construction works for use in accordance with the functions of the construction works serving their activities.

5. Entities allowed to purchase, lease, lease-purchase social housing shall comply with the Housing Law.

Article 16. Implementation of business transactions of existing residential houses and construction works

1. The parties signing contracts and conducting business transactions of residential houses, construction works, floor areas in construction works shall comply with the following provisions:

a) The contracting parties are responsible for preparing full information and documents to establish transactions and sign contracts in accordance with this Law and the Civil Code; meet the conditions for organizations and individuals conducting real estate business as prescribed by the law on real estate business; meet the conditions on entities allowed to purchase, lease, lease-purchase residential houses, construction works, floor areas in construction works as prescribed by the law on real estate business and housing laws;

b) Before signing the contract, the seller, lessor, lease-seller shall provide full information and legal documents of the residential house, construction work, floor area in the construction work to the buyer, lessee, lease-buyer;

c) In case the real estate transaction is conducted through a real estate exchange, it must also comply with the provisions in Section 1, Chapter VII of this Law;

d) In case the real estate transaction is subject to notarization or authentication of the transaction contract, the notarization or authentication of the contract shall comply with the law on notarization and authentication.

2. The contracting parties are responsible for properly implementing the signed contract, fully fulfilling financial obligations and other obligations to the State in accordance with law.

3. The parties signing the contract of sale, lease-purchase of residential houses, construction works, floor areas in construction works may agree for one party to submit the application dossier to the competent state agency for the issuance of certificates of land use rights and ownership of land-attached assets for such residential houses, construction works, floor areas in construction works. In case of purchasing, lease-purchasing residential houses, construction works, floor areas in construction works from project investors, the investors are responsible for carrying out procedures for competent state agencies to issue certificates of land use rights and ownership of land-attached assets to buyers and lessees, unless the buyers and lessees voluntarily carry out the procedures for certificate issuance.

4. Competent state agencies are responsible for issuing certificates of land use rights and ownership of land-attached assets in accordance with the law on land.

Article 17. Responsibilities of investors of real estate projects

1. Implement the investment, construction, business, management and exploitation of real estate projects in accordance with law. Fully perform the responsibilities of project investors, carry out the formulation, appraisal, approval and implementation of projects in accordance with the law on construction and relevant laws.

2. Ensure financial resources to implement projects according to the approved progress.

3. Within 50 days from the date of handing over residential houses to buyers or from the time lessees have fully paid according to the agreement, submit application dossiers to competent state agencies for the issuance of certificates of land use rights and ownership of land-attached assets in accordance with the law on land to buyers and lessees, unless the buyers and lessees voluntarily carry out the procedures for certificate issuance.

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

5. Comply with the provisions of law in investment, construction, land use activities and transactions of sale, lease-purchase of residential houses, construction works, floor areas in construction works to ensure that buyers and lessees of residential houses, construction works, floor areas in construction works are granted certificates of land use rights and ownership of land-attached assets by competent state agencies in accordance with the law on land for the purchased or leased residential houses, construction works, floor areas in construction works from investors.

6. Construct residential houses, construction works, technical infrastructure works and social infrastructure works in projects according to the approved detailed planning, design, construction permits, and content of project investment policy approval by competent state agencies; comply with construction standards.

7. The handover of residential houses shall comply with housing laws.

8. In case of handing over unfinished residential houses, which are not apartments, to buyers or lessees, the investor must complete all the exterior parts of such residential houses.

9. Other responsibilities of project investors as prescribed by law.

Article 18. Rights of sellers, lessors, lease-sellers of existing residential houses and construction works

1. Sellers, lease-sellers of residential houses, construction works, floor areas in construction works have the following rights:

a) Request buyers, lessees to receive residential houses, construction works, floor areas in construction works within the time limit agreed in the contract;

b) Request buyers, lessees to make full payment within the time limit and method agreed in the contract;

c) Request buyers, lessees to coordinate in carrying out purchase, lease-purchase procedures within the time limit agreed in the contract;

d) Not hand over residential houses, construction works, floor areas in construction works when the payment has not been fully received as agreed in the contract, unless otherwise agreed by the parties;

đ) Request buyers, lessees to compensate for damages or repair the damaged parts caused by the fault of the buyers, lessees;

e) Other rights according to the contract.

2. Lessors of residential houses, construction works, floor areas in construction works have the following rights:

a) Request lessees to receive residential houses, construction works, floor areas in construction works within the time limit agreed in the contract;

b) Request lessees to make full payment within the time limit and method agreed in the contract;

c) Request lessees to preserve and use residential houses, construction works, floor areas in construction works as agreed in the contract;

d) Request lessees to compensate for damages or repair the damaged parts caused by the fault of the lessees;

đ) Renovate and upgrade leased residential houses, construction works, floor areas in construction works with the consent of the lessees but not affect the lessees;

e) Request lessees to return residential houses, construction works, floor areas in construction works upon expiry of the lease term; in case the contract does not specify the lease term, the lessor may only take back the residential houses, construction works, floor areas in construction works after notifying the lessees 06 months in advance;

g) Unilaterally terminate the lease contract of residential houses, construction works, floor areas in construction works when the lessee commits one of the following acts: late payment of rent for 03 months or more compared to the payment time specified in the contract without the consent of the lessor; using residential houses, construction works, floor areas in construction works not for the leased purpose; intentionally causing serious damage to leased residential houses, construction works, floor areas in construction works; repairing, renovating, upgrading or subletting leased residential houses, construction works, floor areas in construction works without agreement in the contract or written consent of the lessor;

h) Other rights according to the contract.

Article 19. Obligations of sellers, lessors, lease-sellers of existing residential houses and construction works

1. Sellers, lessors, lease-sellers of residential houses, construction works, floor areas in construction works have the following obligations:

a) Notify buyers, lessees, lease-buyers of restrictions on ownership rights of residential houses, construction works, floor areas in construction works (if any);

b) Preserve sold, leased, lease-purchased residential houses, construction works, floor areas in construction works during the time before handing over to buyers, lessees, lease-buyers;

c) Carry out procedures for sale, lease, lease-purchase of residential houses, construction works, floor areas in construction works; perform obligations in signed contracts; facilitate buyers, lessees to transfer sale, lease-purchase contracts of residential houses and construction works;

d) Hand over residential houses, construction works, floor areas in construction works to buyers, lessees, lease-buyers according to the agreed time, quality and other conditions in the contract;

đ) Carry out procedures to request the issuance of certificates of land use rights and ownership of land-attached assets in accordance with the law on land; hand over certificates and related dossiers as agreed in the contract to buyers, lessees of residential houses, construction works, floor areas in construction works;

e) Lessors of residential houses, construction works, floor areas in construction works shall ensure that lessees can use stably during the lease term; maintain and repair in accordance with law or agreement; if the lessor fails to maintain and repair, causing damage to the lessee, compensation must be made;

g) Lessors of residential houses, construction works, floor areas in construction works may not unilaterally terminate the contract when the lessee properly performs obligations under the contract. In case the lessee of residential houses, construction works, floor areas in construction works fails to properly perform obligations under the contract, the lessor may unilaterally terminate the lease contract but must notify the lessee 30 days in advance if the parties have no other agreement;

h) Provide warranty for residential houses, construction works, floor areas in construction works as agreed in the contract and prescribed by law;

i) Compensate for damages caused by their own fault;

k) Fulfill financial obligations to the State as prescribed by law;

l) Fully meet the conditions for organizations and individuals conducting real estate business prescribed in Article 9 and comply with the forms and scope of real estate business prescribed in Article 10 of this Law;

m) Conduct the signing of sale, lease, lease-purchase contracts of residential houses, construction works, floor areas in construction works in accordance with the provisions on standard contracts and relevant provisions on contracts in real estate business as prescribed by this Law;

n) Ensure the lawful ownership and use rights of residential houses, construction works, floor areas in construction works to be sold, leased, lease-purchased;

o) Disclose information in accordance with Article 6 of this Law; take responsibility for information on residential houses, construction works, floor areas in construction works, real estate projects provided by themselves;

p) In case of being administratively sanctioned for violations in the fields of investment, construction, land, housing, real estate business, taxes related to residential houses, construction works, floor areas in construction works put into business, the sanctioned entities must fully execute the decisions on administrative sanctions in accordance with the law on handling of administrative violations before signing sale, lease, lease-purchase contracts of residential houses, construction works, floor areas in construction works;

q) Other obligations according to the contract.

2. When signing contracts to sell, lease-purchase apartment units, construction works or floor areas in construction works serving the purposes of office, commerce, service, tourism, accommodation and mixed-use construction works in real estate projects to many customers, project investors must clearly specify in the contract the following contents related to the construction works according to the approved investment project:

a) The common and private ownership of the owners in the project and construction works;

b) The arrangement of parking spaces in the project and construction works;

c) The plan on management and operation of the construction works;

d) The collection, management and use of maintenance funds and fees for management and operation services of the construction works;

đ) Financial obligations on land and other financial obligations of the project, construction works, floor areas in construction works in accordance with law for buyers and lessees;

e) Other obligations according to the contract.

Article 20. Rights of the buyer, lessee, rent-to-own of existing houses, construction works

1. The buyer, rent-to-own of houses, construction works, floor area in construction works has the following rights:

a) Request the seller, rent-to-own provider to complete the procedures for buying and selling houses, construction works, floor area in construction works according to the agreed timeline in the contract;

b) Request the seller, rent-to-own provider to hand over the house, construction work, floor area in construction work on schedule, with the quality and other conditions agreed in the contract; hand over the certificate of land use rights and ownership of property attached to land in accordance with the law on land and relevant documents as agreed in the contract;

c) Request the seller, rent-to-own provider to warrant the house, construction work, floor area in construction work as agreed in the contract and in accordance with the law;

d) Request the seller, rent-to-own provider to compensate for damages caused by the handover of houses, construction works, floor area in construction works not on schedule, not meeting the quality and other commitments in the contract;

đ) Other rights according to the contract.

2. In addition to the rights stipulated in Clause 1 of this Article, the rent-to-own party also has the following rights:

a) Sublease part or the whole of the house, construction work, floor area in construction work; transfer the rent-to-own contract of the house or construction work in accordance with Article 49 of this Law;

b) Request the rent-to-own provider to repair damages to the house, construction work, floor area in construction work during the rent-to-own period that are not caused by their own fault;

c) Request the rent-to-own provider to compensate for damages caused by the fault of the rent-to-own provider;

d) Have ownership of the house, construction work, floor area in construction work from the time full payment has been made to the rent-to-own provider.

3. The lessee of a house, construction work, floor area in a construction work has the following rights:

a) Request the lessor to hand over the house, construction work, floor area in the construction work as agreed in the contract;

b) Request the lessor to provide complete and truthful information about the house, construction work, floor area in the construction work;

c) Sublease part or the whole of the house, construction work, floor area in the construction work if agreed in the contract or with the written consent of the lessor;

d) Continue the lease under the conditions agreed with the lessor in case of change of ownership;

đ) Request the lessor to repair damages to the house, construction work, floor area in the construction work in case the damages are not caused by their own fault;

e) Request the lessor to compensate for damages caused by the fault of the lessor;

g) Unilaterally terminate the lease contract of the house, construction work, floor area in the construction work when the lessor commits one of the following acts: fails to repair the house, construction work, floor area in the construction work to ensure safe use or causes damage to the lessee; increases the rent not according to the agreement in the contract; the right to use the house, construction work, floor area in the construction work is restricted due to the interests of a third party;

h) Other rights according to the contract.

Article 21. Obligations of the buyer, lessee, rent-to-own of existing houses, construction works

1. The buyer, lessee, rent-to-own of a house, construction work, floor area in a construction work has the following obligations:

a) Make full payment for buying, leasing, rent-to-own of the house, construction work, floor area in the construction work according to the timeline and method agreed in the contract;

b) Receive the house, construction work, floor area in the construction work and relevant documents according to the timeline agreed in the contract;

c) Properly and fully perform the obligations in the contract; coordinate with the seller, lessor, rent-to-own provider to carry out the buying, leasing, rent-to-own procedures within the timeline agreed in the contract;

d) Compensate for damages caused by their own fault;

đ) Use the bought, leased, rent-to-own house, construction work, floor area in construction work for the correct purpose; implement legal regulations on fire prevention and fighting, ensuring hygiene, environment, security, social order and safety;

e) Comply with legal provisions and not affect or cause 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, reconstruction of the house, construction work, floor area in the construction work;

g) Be responsible for allowing related parties and competent persons, as agreed in the contract and prescribed by law, to inspect, monitor, maintain, repair, replace, install equipment systems, technical infrastructure, areas under common ownership and use of the owners of the house, construction work, floor area in the construction work;

h) Other obligations according to the contract.

2. In addition to the obligations specified in Clause 1 of this Article, the buyer, rent-to-own of floor area in a construction work serving commercial, service, tourism, accommodation purposes in an investment project has the following obligations:

a) Contribute maintenance funds and management and operation service fees for the construction work as agreed in the contract and prescribed by law;

b) Comply with the regulations and rules on management and operation of the construction work applicable to the construction work as agreed in the contract and prescribed by law;

c) Comply with legal provisions in the management, use, exploitation and business activities of the construction work, floor area in the construction work;

d) Declare and pay taxes in accordance with the law in the ownership, management, use, exploitation and business of the construction work, floor area in the construction work.

3. In case of buying a leased house, construction work, floor area in a construction work, in addition to the obligations specified in Clauses 1 and 2 of this Article, the buyer of the house, construction work, floor area in the construction work is obliged to ensure the rights and interests of the lessee according to the agreement in the lease contract when the lease term is still valid.

4. In addition to the obligations specified in Clause 1 of this Article, the lessee of a house, construction work, floor area in a construction work has the following obligations:

a) Repair damages to the house, construction work, floor area in the construction work caused by their own fault; return the house, construction work, floor area in the construction work to the lessor as agreed in the contract; not change, renovate, demolish the house, construction work, floor area in the construction work without the consent of the lessor;

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

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

5. In addition to the obligations specified in Clauses 1 and 2 of this Article, the rent-to-own party of a house, construction work, floor area in a construction work is obliged not to change, renovate, demolish the house, construction work, floor area in the construction work without the consent of the rent-to-own provider; repair damages to the house, construction work caused by their own fault during the rent-to-own period; notify the rent-to-own provider about the sublease of part or the whole of the house, construction work, floor area in the construction work; notify the rent-to-own provider about the transfer of the rent-to-own contract of the construction work.

Chapter III BUSINESS OF HOUSES, CONSTRUCTION WORKS FORMED IN THE FUTURE

Article 22. Houses, construction works formed in the future put into business

1. Types of houses formed in the future, except for types of houses belonging to public assets as prescribed in the Housing Law.

2. Types of construction works formed in the future specified in Clause 2, Article 5 of this Law.

3. Floor area in construction works formed in the future specified in Clause 3, Article 5 of this Law.

Article 23. Principles of business of houses, construction works formed in the future

1. The investor of a real estate project has the right to sell, rent-to-own houses, construction works, floor area in construction works formed in the future in the real estate project in accordance with this Law.

2. The sale, rent-to-own of houses, construction works, floor area in construction works formed in the future shall comply with the following provisions:

a) Adhere to the principles specified in Article 13 of this Law;

b) Subjects eligible to buy, rent-to-own houses, construction works, floor area in construction works formed in the future shall comply with Article 15 of this Law;

c) Business transactions of houses, construction works, floor area in construction works formed in the future shall comply with Article 16 of this Law;

d) Rights of the seller, rent-to-own provider of houses, construction works, floor area in construction works formed in the future shall comply with Clause 1, Article 18 of this Law;

đ) Obligations of the seller, rent-to-own provider of houses, construction works, floor area in construction works formed in the future shall comply with Points a, b, c, d, đ, h, i, k, l, m, n, o, p, q of Clause 1 and Clause 2, Article 19 of this Law;

e) Rights of the buyer, rent-to-own party of houses, construction works, floor area in construction works formed in the future shall comply with Clauses 1 and 2, Article 20 of this Law;

g) Obligations of the buyer, rent-to-own party of houses, construction works, floor area in construction works formed in the future shall comply with Clauses 1, 2, 3 and 5, Article 21 of this Law;

h) Comply with other relevant provisions of this Law.

3. Ensure publicity, transparency; protect the legitimate rights and interests of organizations and individuals that have signed contracts to buy, rent-to-own houses, construction works, floor area in construction works.

4. The investor of a real estate project has the following responsibilities:

a) Responsibilities specified in Article 17 of this Law;

b) Use the money collected from the buyer, rent-to-own party to invest in the construction of the project, houses, construction works, floor area in construction works that have been sold or rent-to-own for the correct purpose as agreed in the signed contract; comply with the law on prevention of money laundering;

c) Publicly provide information on the progress of investment and construction of houses, construction works, floor area in construction works to the buyer, rent-to-own party in accordance with the signed sale or rent-to-own contract or at the request of competent state agencies. Provide complete and truthful records and information on real estate eligible for business as prescribed in this Law to the real estate exchange in case of choosing to distribute products through a real estate exchange;

d) Not authorize other organizations or individuals to sign deposit contracts, sale contracts, rent-to-own contracts for houses, construction works, floor area in construction works formed in the future.

5. The investor of a real estate project is only allowed to collect a deposit not exceeding 5% of the sale price or rent-to-own price of houses, construction works, floor area in construction works from the depositor to buy or rent-to-own when the houses or construction works have met all conditions to be put into business as prescribed in this Law. The deposit agreement must clearly state the sale price or rent-to-own price of the houses, construction works, floor area in construction works.

Article 24. Conditions for houses, construction works formed in the future to be put into business

1. The houses, construction works have started construction in accordance with the construction law.

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

a) Decision on land allocation;

b) Decision on land lease and a contract on land use right lease in accordance with the law on land;

c) Decision allowing change of land use purpose;

d) Certificate of land use rights;

đ) Certificate of house ownership and residential land use rights;

e) Certificate of land use rights, house ownership and other property attached to land;

g) Other certificates on land use rights, ownership of property attached to land as prescribed by the law on land.

3. Possess the following documents:

a) Construction permit for the houses, construction works and the application for the construction permit in case a construction permit is required according to the construction law;

b) Notice of commencement of construction of the houses, construction works and the design documents of the houses, construction works in case a construction permit is not required according to the construction law;

c) Documents on the acceptance of the completion of construction of technical infrastructure according to the construction law corresponding to the project progress; in case of apartment buildings or mixed-use buildings with housing, there must be documents proving the completion of foundation construction has been accepted in accordance with the construction law.

4. Before selling, rent-to-own houses formed in the future, the project investor must have a written notice to the provincial-level state management agency in charge of real estate business about the houses meeting the conditions to be sold or rent-to-own.

Within 15 days from the date of receiving the notice, the provincial-level state management agency in charge of real estate business is responsible for checking the conditions of the houses to be put into business and replying in writing to the investor about the houses meeting the conditions to be sold or rent-to-own; in case the conditions are not met, the reasons must be clearly stated.

The Government shall detail this Clause.

5. The houses, construction works must be located in a real estate project that has been approved by a competent state agency in accordance with the law, and the approved project content includes the purpose of investing in the construction of houses, construction works for sale or rent-to-own.

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

7. Information on the real estate and real estate project to be put into business has been publicly disclosed in accordance with Article 6 of this Law.

8. For floor area in construction works formed in the future 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, it must also meet the conditions specified in Clause 3, Article 14 of this Law.

Article 25. Payment in the sale, rent-to-own of houses, construction works formed in the future

1. Payment in the sale of houses, construction works, floor area in construction works formed in the future shall be made in multiple installments, the first installment not exceeding 30% of the contract value including the deposit, the following installments must be in accordance with the construction progress but the total amount must not exceed 70% of the contract value when the houses, construction works, floor area in construction works have not been handed over to the buyer; in case the seller is a foreign-invested economic organization specified in Clause 4, Article 10 of this Law, the total amount must not exceed 50% of the contract value.

2. Payment in the rent-to-own of houses, construction works, floor area in construction works formed in the future shall be made in multiple installments, the first installment not exceeding 30% of the contract value including the deposit, the following installments must be in accordance with the construction progress until the houses, construction works, floor area in construction works are handed over to the rent-to-own party, but the total advance payment to the rent-to-own provider must not exceed 50% of the rent-to-own contract value of the houses, construction works, floor area in construction works. The remaining amount shall be considered as rent to be paid to the rent-to-own provider within a certain period as agreed in the contract.

3. If the buyer, rent-to-own party has not been granted a certificate of land use rights and ownership of property attached to land in accordance with the law on land, the seller, rent-to-own provider is not allowed to collect more than 95% of the contract value; the remaining contract value shall be paid when the competent state agency has granted a certificate of land use rights and ownership of property attached to land to the buyer, rent-to-own party in accordance with the law on land.

Article 26. Guarantee in the sale, rent-to-own of houses formed in the future

1. Before selling, rent-to-own houses formed in the future, the investor of a real estate project must obtain approval for guarantee from a domestic commercial bank or a branch of a foreign bank legally operating in Vietnam for the investor’s financial obligations to the buyer or rent-to-own party when the investor fails to hand over the houses as committed in the contract on sale, rent-to-own of houses formed in the future (hereinafter collectively referred to as the guarantor bank).

The investor’s financial obligations to the buyer or rent-to-own party when the investor fails to hand over the houses as committed with the buyer or rent-to-own party in the contract on sale, rent-to-own of houses formed in the future include the amount received in advance by the investor from the buyer or rent-to-own party and other amounts (if any) as agreed in the signed contract on sale, rent-to-own of houses formed in the future that the investor is obliged to pay to the buyer or rent-to-own party when the investor fails to hand over the houses as committed.

2. In case the guarantor bank approves to provide guarantee for the investor, the guarantor bank and the investor shall sign a guarantee agreement on the contents specified in Clause 1 of this Article.

Based on the signed guarantee agreement, the guarantor bank shall send the investor of the real estate project a written commitment confirming that it will issue guarantee letters to all buyers or rent-to-own parties of the houses in the project for which the investor is approved to be guaranteed. The investor is responsible for sending a copy of this commitment to the buyer or rent-to-own party when signing the contract on sale, rent-to-own of houses formed in the future.

3. When signing a contract on sale, rent-to-own of houses formed in the future, the buyer or rent-to-own party has the option of having or not having a guarantee for the investor’s financial obligations to them. In case the buyer or rent-to-own party chooses not to have a guarantee for the investor’s financial obligations to them, the parties are not required to comply with the provisions of Clauses 4, 5, 6, 7 and 8 of this Article for the buyer or rent-to-own party who has signed the contract. The buyer or rent-to-own party’s refusal of a guarantee for the investor’s financial obligations to them shall be agreed in writing at the time of signing the contract on sale, rent-to-own of houses formed in the future.

4. Based on the contract on sale, rent-to-own of houses formed in the future between the investor and the buyer or rent-to-own party provided by the investor, the guarantor bank is responsible for issuing guarantee letters to the buyer or rent-to-own party who has signed the contract on sale, rent-to-own of houses formed in the future with the investor in accordance with the law on bank guarantee and send them to the investor for the investor to provide to each buyer or rent-to-own party who has signed the contract on sale, rent-to-own of houses formed in the future.

5. The scope of guarantee, conditions for requesting the fulfillment of guarantee obligations, contents and fees of the guarantee shall be agreed by the parties but must ensure the implementation of the guarantor bank’s responsibilities specified in Clauses 1 and 2 of this Article and must be stated in the guarantee agreement signed between the guarantor bank and the investor of the real estate project.

6. The investor shall provide the guarantee letter to the buyer or rent-to-own party within 10 working days from the date of signing the contract on sale, rent-to-own of houses formed in the future or another time limit as agreed by the parties in the contract on sale, rent-to-own of houses formed in the future. The investor is only allowed to receive payment from the buyer or rent-to-own party according to the contract on sale, rent-to-own of houses formed in the future after providing the buyer or rent-to-own party with the guarantee letter of the guarantor bank and the buyer or rent-to-own party has received it.

7. In case the investor fails to hand over the houses as committed in the contract on sale, rent-to-own of houses and fails to perform or fully perform the financial obligations to the buyer or rent-to-own party specified in Clause 1 of this Article and the buyer or rent-to-own party so requests, the guarantor bank is responsible for performing the financial obligations to the buyer or rent-to-own party on behalf of the investor in accordance with the commitment in the guarantee letter.

8. The guarantee in the sale, rent-to-own of houses formed in the future shall comply with the law on bank guarantee. The provisions on guarantee in the sale, rent-to-own of houses formed in the future in this Article do not apply to the sale, rent-to-own of social housing.

9. The State Bank of Vietnam is responsible for guiding the guarantee in the sale, rent-to-own of houses formed in the future.

The guarantee agreement signed between the guarantor bank and the investor of the project and the guarantee letter issued by the guarantor bank to the buyer or rent-to-own party of houses formed in the future must clearly state the validity period.

Article 27. Handover of houses, construction works formed in the future

1. The handover of houses shall comply with the law on housing.

2. The investor of a real estate project shall hand over construction works, floor area in construction works to the buyer or rent-to-own party in accordance with the signed contract and ensure the following principles:

a) The construction works have been accepted, inspected for acceptance for operation and use in accordance with the construction law;

b) The handover of construction works, floor area in construction works shall be made in writing;

c) The conditions, order, procedures and authority for handover of construction works shall comply with the construction law.

3. The buyer or rent-to-own party of construction works, floor area in construction works shall directly receive the handover of construction works, floor area in construction works or authorize in writing in accordance with the Civil Code another representative to receive the handover of construction works, floor area in construction works.

Chapter IV BUSINESS OF LAND USE RIGHTS WITH TECHNICAL INFRASTRUCTURE IN REAL ESTATE PROJECTS

Section 1. GENERAL PROVISIONS

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

1. The investor shall conduct business of land use rights with technical infrastructure in a real estate project in the following forms:

a) Transfer of land use rights with technical infrastructure in a real estate project to individuals for self-construction of houses, which is a form of subdivision of land lots for individuals to self-construct houses;

b) Transfer of land use rights with technical infrastructure in a real estate project to organizations for investment in construction of houses, construction works;

c) Lease, sublease of land use rights with technical infrastructure in a real estate project for organizations and individuals to use in accordance with the land use purpose and the contents of the investment project approved by a competent state agency.

2. Business transactions of land use rights with technical infrastructure in a real estate project shall be conducted as follows:

a) Land use rights with technical infrastructure in a real estate project to be put into business must meet the conditions specified in Articles 31 and 35 of this Law;

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

c) The parties participating in the transaction are responsible for preparing adequate and valid information and documents to ensure they have the legal capacity to establish the transaction and sign the contract in accordance with the civil law; meet the conditions for organizations and individuals engaged in real estate business as prescribed by the law on real estate business;

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

đ) After signing the contract, the parties signing the contract are responsible for properly performing the contents of the signed contract and fully performing tax, fee and charge obligations (if any) to the State in accordance with the law;

e) The transferor of land use rights with technical infrastructure in a real estate project is responsible for carrying out procedures for competent state agencies to grant a certificate of land use rights and ownership of property attached to land in accordance with the law on land to the transferee, except in case the parties agree in the transfer contract that the transferee voluntarily carries out procedures to apply for the certificate;

g) Competent state agencies are responsible for granting certificates of land use rights and ownership of property attached to land in accordance with the law on land to the transferee.

Article 29. Requirements in business of land use rights with technical infrastructure in real estate projects

1. When land use rights with technical infrastructure in a real estate project are put into business, the project must meet the following requirements:

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

b) The investment in construction of technical infrastructure works has been completed according to the approved detailed planning, the approved project progress of a competent state agency in accordance with the law on construction, urban planning and investment;

c) Ensure the provision of electricity supply, water supply, drainage, waste collection, wastewater treatment services; ensure connection with the general infrastructure system of the area before transferring, leasing or subleasing land use rights;

d) The transfer, lease or sublease of land use rights with technical infrastructure must be in accordance with the investment objectives and contents of the investment project approved by a competent state agency.

2. The transfer, lease or sublease of land use rights with technical infrastructure in a real estate project must meet the conditions specified in Articles 31 and 35 of this Law and comply with the provisions on forms, purposes, terms of land use and land registration in accordance with the law on land.

Article 30. Obligations of parties in transfer, lease, sublease of land use rights with technical infrastructure in real estate projects

1. Obligations of the transferor, lessor or sub-lessor of land use rights with technical infrastructure in a real estate project are specified as follows:

a) Provide complete and truthful information about the land use rights and be responsible for the information provided;

b) Hand over the land with sufficient area, on schedule, at the location and with the land parcel boundaries as agreed in the contract;

c) Compensate for damages caused by their own fault;

d) Perform financial obligations to the State in accordance with the law;

đ) Carry out land registration procedures in accordance with the law on land and hand over the certificate of land use rights and ownership of property attached to land in accordance with the law on land to the transferee, except in case the transferee voluntarily carries out procedures to apply for the certificate;

e) Register the lease or sublease of land use rights in accordance with the law; inspect and remind the lessee or sub-lessee to protect and preserve the land and use the land for the correct purpose; notify the lessee or sub-lessee of the rights of third parties to the leased land;

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

h) Other obligations according to the contract.

2. Obligations of the transferee, lessee or sub-lessee of land use rights with technical infrastructure in a real estate project are specified as follows:

a) Pay money to the transferor, lessor or sub-lessor of land use rights according to the term and method agreed in the contract;

b) Ensure the rights of third parties to the transferred, leased or subleased land;

c) Compensate for damages caused by their own fault;

d) Perform financial obligations to the State in accordance with the law;

đ) Receive the land with sufficient area, on schedule, at the location and with the land parcel boundaries as agreed in the contract;

e) Use the land for the correct purpose and within the correct boundaries; not destroy the land; not harm the lawful rights and interests of surrounding land users;

g) Return the leased land on schedule and as agreed in the contract;

h) Other obligations according to the contract.

Section 2. TRANSFER OF LAND USE RIGHTS WITH TECHNICAL INFRASTRUCTURE IN REAL ESTATE PROJECTS TO INDIVIDUALS FOR SELF-CONSTRUCTION OF HOUSES

Article 31. Conditions for land with technical infrastructure in real estate projects of which land use rights are transferred to individuals for self-construction of houses

1. Meet the requirements specified in Clause 1, Article 29 of this Law.

2. Have a certificate of land use rights and be within the term of land use in accordance with the law on land. The use rights of the transferred land area are within the land area of the project that has a certificate of land use rights in accordance with the law on land.

3. The land use rights are not the subject of a dispute being notified, accepted or settled by a competent agency or in case of a dispute that has been settled by a competent agency with a legally effective judgment, decision or award.

4. The land use rights are not distrained to secure judgment enforcement.

5. The land use rights are not prohibited from being transacted; not suspended or temporarily suspended from transaction in accordance with the law.

6. The land is not located in wards, districts or cities of special-class, class-I, class-II and class-III urban centers; not subject to auction of land use rights for investment in housing construction projects in accordance with the Law on Land. For other areas, the provincial People’s Committee shall, based on local conditions, determine the areas where project investors are allowed to transfer land use rights with technical infrastructure to individuals for self-construction of houses.

7. Before transferring land use rights with technical infrastructure in a real estate project, the project investor must send a written notice to the provincial-level state management agency in charge of real estate business about the land use rights meeting the conditions for transfer.

Within 15 days from the date of receiving the notice from the project investor, the provincial-level state management agency in charge of real estate business is responsible for checking the conditions of the land use rights to be put into business and replying in writing to the investor about the land use rights with technical infrastructure meeting the conditions for transfer to individuals for self-construction of houses; in case the land use rights do not meet the conditions for transfer, a written reply must be given clearly stating the reasons.

The Government shall detail this Clause.

8. Information on the land use rights with technical infrastructure in the real estate project to be put into business has been publicly disclosed in accordance with Article 6 of this Law.

Article 32. Requirements for the transferor of land use rights with technical infrastructure in real estate projects to individuals for self-construction of houses

1. Must be the investor of the real estate project.

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

3. Have fulfilled financial obligations on land, including land use fees, land rental and related taxes, fees and charges on land (if any), to the State in accordance with the law for the area of land with technical infrastructure in the real estate project to be put into business of land use rights.

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

Article 33. Rights and obligations of the transferor of land use rights with technical infrastructure in real estate projects to individuals for self-construction of houses

1. Perform the obligations specified in Clause 1, Article 30 of this Law.

2. Monitor, urge and supervise the transferee in the construction of houses to ensure the progress, compliance with the approved detailed design and planning, construction permit in case a construction permit is required, and the agreement in the signed contract on transfer of land use rights with technical infrastructure in the real estate project between the two parties in accordance with the construction law and relevant laws.

3. Request the transferee to compensate for damage if causing damage to the technical infrastructure system during the construction of their houses.

4. Perform repair and remedy of damage to the technical infrastructure system caused by the transferee during the construction of houses.

5. Other rights and obligations according to the contract.

Article 34. Rights and obligations of the transferee of land use rights with technical infrastructure in real estate projects to individuals for self-construction of houses

1. Perform the obligations specified in Clause 2, Article 30 of this Law.

2. Carry out the construction of houses to ensure the progress, in accordance with the approved detailed design and planning, construction permit in case a construction permit is required, and the agreement in the signed contract on transfer of land use rights with technical infrastructure in the real estate project.

3. Be subject to the supervision of the transferor during the construction of houses as agreed in the contract and comply with the law on construction and relevant laws.

4. During the construction of houses, if causing damage to the technical infrastructure system, compensate for the damage caused by their own fault.

5. Other rights and obligations according to the contract.

Section 3. TRANSFER, LEASE, SUBLEASE OF LAND USE RIGHTS WITH TECHNICAL INFRASTRUCTURE IN REAL ESTATE PROJECTS TO ORGANIZATIONS

Article 35. Conditions for land with technical infrastructure in real estate projects of which land use rights are transferred, leased or subleased to organizations

Land with technical infrastructure in real estate projects of which land use rights are transferred, leased or subleased to 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 with technical infrastructure in real estate projects to organizations

The transferor, lessor or sub-lessor of land use rights with technical infrastructure in a real estate project 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 with technical infrastructure in real estate projects to organizations

1. Perform the obligations specified in Clause 1, Article 30 of this Law.

2. Provide complete legal documents of the project and land use rights for the transferee, lessee or sub-lessee to carry out procedures for investment and construction of the project in accordance with the law on investment, construction and relevant laws.

3. Facilitate the transferee, lessee or sub-lessee in investing in construction according to the project approved by a competent state agency.

4. Request the transferee to compensate for damage if causing damage to the technical infrastructure system during their investment in construction.

5. Other rights and obligations according to the contract.

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

1. Perform the obligations specified in Clause 2, Article 30 of this Law.

2. Perform the obligations of land users in accordance with the Law on Land.

3. Invest in and construct the investment project on the land area of which land use rights with technical infrastructure in the real estate project are transferred, leased or subleased in accordance with the law on investment, construction, land and relevant laws.

4. Carry out investment in construction of the project on the land of which land use rights are transferred, leased or subleased to ensure the following requirements:

a) Invest in the construction of works in accordance with the approved detailed planning and project progress;

b) Invest in the construction of a synchronous system of technical infrastructure works and connect with the surrounding area’s infrastructure system, in accordance with the approved project implementation time and the approved planning;

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

d) Hand over technical infrastructure and social infrastructure works to local authorities in case they must be handed over according to the approved project as prescribed by law; in case they have not been handed over, be responsible for managing, operating and ensuring the quality of technical infrastructure and social infrastructure works during the time before handover.

5. Other rights and obligations according to the contract.

Chapter V TRANSFER OF REAL ESTATE PROJECTS

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

1. The investor of a real estate project is allowed to transfer the whole or part of the project to another investor to continue investment in construction and business when the project is within the implementation term approved by a competent state agency.

2. The transfer of the whole or part of a real estate project must ensure not to change the planning and objectives of the project; ensure the legitimate rights and interests of related parties.

3. After the transfer of the whole or part of a real estate project has been completed, the transferee shall inherit the rights and obligations of the transferor and become the investor of the project or the transferred part of the project. The investor receiving the transfer of the whole or part of a real estate project is not required to redo the project dossier, construction planning and construction permit if there is no change in the project content; in case of any change, the investor receiving the transfer shall make adjustments in accordance with the law.

4. The transfer of the whole or part of a real estate project must meet the conditions specified in Article 40 of this Law and comply with the provisions on forms, purposes, terms of land use and land registration in accordance with the law on land.

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

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

a) The project has been decided on the investment policy, approved for the investment policy or approved for investment by a competent state agency; the investor has been selected or recognized in case the project is required to carry out procedures for investor recognition;

b) The project has detailed planning approved in accordance with the law on construction and urban planning;

c) The transferred project or part of the project has completed compensation and resettlement support. In case of transferring the whole project of investment in construction of infrastructure, the corresponding technical infrastructure works must have been completed according to the approved progress, design and detailed planning in accordance with the law on construction, urban planning and the contents of the project approved in accordance with the construction law;

d) The land use rights of the transferred project or part of the project are not the subject of a dispute being notified, accepted or settled by a competent agency or in case of a dispute that has been settled by a competent agency with a legally effective judgment, decision or award; not distrained to secure judgment enforcement; not prohibited from being transacted; not suspended or temporarily suspended from transaction in accordance with the law;

đ) The project is not suspended, terminated or has no decision on land recovery by a competent state agency; in case the transferred project or part of the project is sanctioned for administrative violations, the investor must have completed the decision on sanctioning administrative violations of a competent state agency in accordance with the law on handling of administrative violations;

e) In case the project is mortgaged to secure the performance of obligations in accordance with the law, the mortgage must be released;

g) The project is still within the implementation term;

h) For a real estate project of which a part is transferred, the construction items or the purpose of use and business of the construction works of the transferred part of the project must be able to be independent from other parts of the real estate project.

2. The investor receiving the transfer of the whole 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 the investment in construction and business in accordance with the approved project contents; in case of any change in the project contents, comply with Clause 3, Article 39 of this Law.

3. The transferor has a decision on land allocation, land lease or permission for change of land use purpose to implement the project from a competent state agency; has fulfilled financial obligations on land of the project, including land use fees, land rental and related taxes, fees and charges on land (if any), to the State for the transferred project or part of the project without being required to have a certificate of land use rights in accordance with the law on land for the whole or part of the transferred project.

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

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

Article 41. Authority to permit the transfer of the whole or part of a real estate project

1. For a real estate project of which the investor is approved or granted an Investment Registration Certificate in accordance with the Investment Law, the authority and procedures for transfer of the whole or part of the real estate project shall comply with the Investment Law.

2. For a real estate project not subject to the case specified in Clause 1 of this Article, the authority to permit the transfer of the whole or part of the real estate project is as follows:

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

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

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

1. The procedures for transfer of the whole or part of a real estate project under the authority of the Prime Minister to decide on permitting the transfer as specified in Clause 2, Article 41 of this Law are as follows:

a) The project investor shall send the application for permission to transfer the whole or part of the real estate project to the People’s Committee of the province where the project is located or the provincial-level state management agency in charge of real estate business authorized by the provincial People’s Committee;

b) Within 45 days from the date of receiving a complete and valid dossier, the provincial People’s Committee is responsible for seeking opinions of the Ministry of Construction and relevant ministries, sectors and agencies, conducting appraisal and submitting to the Prime Minister for consideration and decision on permitting the transfer; in case the real estate project does not meet the conditions for transfer, the dossier-receiving agency must issue a written notice clearly stating the reasons to the project investor;

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

2. The procedures for transfer of the whole or part of a real estate project under the authority of the provincial People’s Committee to decide on permitting the transfer as specified in Clause 2, Article 41 of this Law are as follows:

a) The investor shall send the application for permission to transfer the whole or part of the real estate project to the People’s Committee of the province where the project is located or the provincial-level state management agency in charge of real estate business authorized by the provincial People’s Committee;

b) Within 30 days from the date of receiving a complete and valid dossier, the provincial People’s Committee is responsible for seeking opinions of relevant agencies, conducting appraisal and issuing a decision permitting the transfer; in case the real estate project or part of the project does not meet the conditions for transfer, the dossier-receiving agency must issue a written notice clearly stating the reasons to the project investor;

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

3. In case the transferee of the whole or part of a 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 the competent state agency issues a decision permitting the transfer and the parties have signed the transfer contract, the procedures on land shall comply with the law on land.

4. The Government shall detail this Article.

Article 43. Rights and obligations of parties in the transfer of all or part of a real estate project

1. An investor transferring all or part of a real estate project has the following rights and obligations:

a) To transfer their rights and obligations for all or part of the project to the investor receiving the transfer to continue investing in the construction of real estate for business, except for the rights and obligations that have been completed and are not related to the investor receiving the transfer and the continued implementation of that project or part thereof;

b) To hand over relevant documents to the transferee; to promptly, fully, publicly notify and satisfactorily resolve the legitimate rights and interests of parties related to the transferred project or part thereof;

c) To coordinate with the transferee in carrying out land procedures in accordance with the law on land for the transferee;

d) In case of transferring a part of a real estate project, the transferor has the right to request the transferee to continue investing in the construction of houses and construction works in the transferred part of the project in accordance with the approved project contents, construction permit for cases requiring construction permits, and the approved detailed planning as prescribed by the law on construction and the law on urban planning; to monitor and promptly notify competent state agencies of violations of the law in land use and construction investment by the transferee;

đ) To fulfill financial obligations to the State as prescribed by law;

e) Other rights and obligations according to the contract.

2. The party receiving the transfer of all or part of a real estate project has the following rights and obligations:

a) To inherit and perform the transferred rights and obligations of the transferring investor;

b) To continue deploying investment in construction and business of the project in accordance with the approved project contents; in case of changes, to comply with the provisions of Clause 3, Article 39 of this Law;

c) In case of receiving the transfer of a part of a real estate project, the transferee is responsible for fulfilling the requirements of the project transferor on ensuring compliance with the project planning during the investment in construction;

d) To fulfill financial obligations to the State as prescribed by law;

đ) Other rights and obligations according to the contract.

Chapter VI REAL ESTATE BUSINESS CONTRACTS

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 sale and purchase contracts, house hire purchase contracts;

b) House rental contracts;

c) Sale and purchase contracts, hire purchase contracts of construction works, parts of floor areas in construction works serving tourism and accommodation purposes;

d) Rental contracts of construction works, parts of floor areas in construction works serving tourism and accommodation purposes;

đ) Sale and purchase contracts, hire purchase contracts of construction works, parts of floor areas in construction works serving education, healthcare, sports, culture, office, commerce, service, industrial purposes and construction works serving mixed purposes;

e) Rental contracts of construction works, parts of floor areas in construction works serving education, healthcare, sports, culture, office, commerce, service, industrial purposes and construction works serving mixed purposes;

g) Contracts on transfer of land use rights of which technical infrastructure in real estate projects is available;

h) Contracts on lease, sublease of land use rights of which technical infrastructure in real estate projects is available;

i) Contracts on transfer of entire real estate projects;

k) Contracts on transfer of parts of real estate projects;

l) Contracts on transfer of house sale and purchase contracts, house and construction works hire purchase contracts.

2. Types of real estate service business contracts include:

a) Contracts on real estate trading floor services;

b) Contracts on real estate brokerage services;

c) Contracts on real estate consultancy services;

d) Contracts on real estate management services.

3. Real estate business contracts are signed when real estate is qualified for being put into business, real estate projects are qualified for being transferred as prescribed by this Law.

4. Real estate business contracts and real estate service business contracts in which at least one contractual party is a real estate business enterprise must be notarized or authenticated as required by the parties.

5. Contracts on sale and purchase, hire purchase of houses, construction works, parts of floor areas in construction works in which the contracting parties are individuals must be notarized or authenticated.

6. The effective time of a contract is the time when the last party signs the contract or accepts it in another form expressed in the contract, unless otherwise agreed by the parties. In case the contract is notarized or authenticated, the effective time of the contract is the time when the notarized or authenticated document takes effect as prescribed by the law on notarization and authentication.

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

Article 45. Use of contracts in real estate business

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

2. Investors of real estate projects and real estate business enterprises shall use the model contracts specified in Article 44 of this Law and publicly disclose real estate business contracts as prescribed at Point d, Clause 2, Article 6 of this Law before application.

3. The real estate business contracts specified in Article 44 of this Law do not apply to the sale, lease, hire purchase, and sublease of social housing.

Article 46. Main contents of contracts in real estate business

1. Contracts on sale and purchase, lease, hire purchase of houses and construction works must have the following main contents:

a) Names and addresses of the parties;

b) Information about the real estate;

c) Sale, lease, or hire purchase price;

d) Payment method and time limit;

đ) Guarantee by the guarantor bank for the financial obligations of the investor in case of selling houses to be formed in the future;

e) Time limit for handing over the real estate and accompanying documents;

g) Warranty;

h) Rights and obligations of the parties;

i) Liabilities for breach of contract;

k) Penalties for breach of contract;

l) Cases of termination, cancellation of the contract and handling measures;

m) Dispute resolution method;

n) Effective time of the contract.

2. Contracts on transfer or lease of land use rights of which technical infrastructure in real estate projects is available must have the following main contents:

a) Names and addresses of the parties;

b) Information about the type of land, area, location, number, boundary and status of the land lot, assets attached to the land (if any);

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

d) Payment method and time limit;

đ) Time limit for handing over land and accompanying documents;

e) Rights and obligations of the parties;

g) Rights of third parties to the land lot (if any);

h) Liabilities for breach of contract;

i) Penalties for breach of contract;

k) Handling of consequences upon expiry of the contract in case of lease or sublease of land use rights;

l) Cases of termination, cancellation of the contract and handling measures;

m) Dispute resolution method;

n) Effective time of the contract.

3. Contracts on transfer of entire or part of real estate projects must have the following main contents:

a) Names and addresses of the parties;

b) Basic information about the approved project;

c) Detailed information about the entire project or the transferred part of the project;

d) Transfer price;

đ) Payment method and time limit;

e) Time limit for handing over the entire or part of the project and accompanying documents;

g) Rights and obligations of the parties;

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

i) Liabilities for breach of contract;

k) Penalties for breach of contract;

l) Cases of termination of the contract and handling measures;

m) Dispute resolution method;

n) Effective time of the contract.

4. Real estate service business contracts must have the following main contents:

a) Names and addresses of the parties;

b) Objects and contents of the service;

c) Service requirements and results;

d) Service implementation time limit;

đ) Service fees, remuneration, commissions;

e) Payment method and time limit;

g) Rights and obligations of the parties;

h) Dispute resolution method;

i) Effective time of the contract.

Article 47. Transaction prices in real estate business

1. The sale, transfer, lease, and hire purchase prices of real estate and real estate projects put into business shall be agreed upon by the parties and stated in the contract; in case the State has regulations on prices, the parties must comply with such regulations.

2. Organizations and individuals engaged in real estate business shall accurately record the actual transaction prices in contracts; they shall be responsible for incorrectly recording transaction prices in contracts that do not match the actual transaction prices.

Article 48. Payment in real estate business

1. Payment in real estate and real estate project transactions shall be agreed upon by the parties in the contract and comply with the provisions of law.

2. Project investors, real estate business enterprises, and real estate service business enterprises shall receive payment amounts under real estate business contracts and real estate service business contracts from customers through accounts opened at domestic credit institutions or branches of foreign banks legally operating in Vietnam.

3. Penalties and compensation for damage due to late payment progress by the buyer, transferee, lessee, hire purchaser or late handover of real estate by the seller, transferor, lessor, hire purchase seller shall be agreed upon by the parties and must be stated in the contract.

Section 2. TRANSFER OF REAL ESTATE BUSINESS CONTRACTS

Article 49. Transfer of house and construction works sale and purchase, hire purchase contracts

1. House and construction works sale and purchase, hire purchase contracts that can be transferred in accordance with this Law include:

a) Contracts on sale and purchase of houses to be formed in the future;

b) Contracts on hire purchase of houses to be formed in the future;

c) Contracts on hire purchase of existing construction works.

2. The provisions on the transfer of real estate business contracts in Section 2, Chapter VI of this Law do not apply to contracts on sale and purchase, hire purchase of social housing.

Article 50. Conditions for transferring real estate business contracts

1. The transfer of house and construction works sale and purchase, hire purchase contracts must satisfy the following conditions:

a) The contract has not been submitted to a competent state agency for the issuance of a certificate of land use rights and ownership of assets attached to land as prescribed by the law on land;

b) The house and construction works sale and purchase, hire purchase contract is not in dispute as notified, accepted or settled by a competent agency in accordance with the law, or is in dispute over the contract but has been settled by a competent agency with an effective judgment, decision or award;

c) The house or construction works under the sale and purchase, hire purchase contract is not subject to distraint or mortgage to secure the performance of obligations as prescribed by law, unless approved by the mortgagee;

d) There is a sale and purchase, hire purchase contract established in accordance with the law on real estate business.

2. The transfer of a house and construction works sale and purchase, hire purchase contract shall be made for the entire contract. In case of sale and purchase, hire purchase of many houses or construction works in the same contract where the parties have the need to transfer each house or construction works, the parties shall amend the house and construction works sale and purchase, hire purchase contract or sign an annex to the contract before transferring the contract in accordance with this Law.

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

1. The buyer, hire purchaser of houses to be formed in the future and the hire purchaser of existing construction works have the right to transfer house sale and purchase, hire purchase contracts of houses to be formed in the future, hire purchase contracts of existing construction works when the dossier requesting the issuance of a certificate of land use rights and ownership of assets attached to land as prescribed by the law on land has not been submitted to a competent state agency by the buyer or hire purchaser.

2. The transferee of the contract shall continue to inherit and perform the rights and obligations of the buyer, hire purchaser of houses to be formed in the future, hire purchaser of existing construction works with the investor. The investor is responsible for facilitating the parties in transferring the contract and shall not collect any fees related to the contract transfer.

3. The transferee of the house sale and purchase, hire purchase contract of houses to be formed in the future, existing construction works shall be issued a certificate of land use rights and ownership of assets attached to land by a competent state agency as prescribed by the law on land.

Article 52. Procedures, order and dossiers for transferring real estate business contracts

The Government shall provide detailed regulations on the procedures, order and dossiers for transferring real estate business contracts.

Chapter VII REAL ESTATE SERVICE BUSINESS AND TRAINING, FOSTERING, GRANTING OF CERTIFICATES OF PRACTICE IN REAL ESTATE SERVICE BUSINESS

Section 1. REAL ESTATE TRADING FLOOR

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

1. The operation of a real estate trading floor must comply with the principles specified in Article 4 of this Law.

2. The operation of a real estate trading floor must be transparent and public, in accordance with the promulgated operation regulations and transaction processes; provide real estate transaction services through the floor, enjoy remuneration as prescribed and contracts signed with the party requesting the provision of services.

3. Information about the real estate trading floor is allowed to be posted on the housing and real estate market information system.

4. When signing a contract with a real estate broker individual, the real estate broker individual must satisfy the operating conditions prescribed by this Law.

5. A real estate trading floor conducts direct transactions and electronic transactions (if any); if conducted through electronic transactions, it must comply with this Law, the Law on E-transactions and relevant legal provisions.

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

1. Organizations and individuals operating real estate trading floor services must establish a real estate service business enterprise as prescribed in Clause 5, Article 9 of this Law.

2. The name of the real estate trading floor service business enterprise established by an organization or individual shall be selected in accordance with the Law on Enterprises and must include the phrase “real estate trading floor”, and must not be identical to or cause confusion with the name of another real estate trading floor service business enterprise that has been registered for operation.

3. Before operating, a real estate trading floor must send a dossier to the provincial state management agency in charge of real estate business where the trading floor’s head office is located to be granted an operating license.

4. The Government shall provide detailed regulations on Clause 3 of this Article.

Article 55. Operating conditions of real estate trading floor

1. The manager and operator of a real estate trading floor must satisfy the following conditions:

a) Have the right to manage an enterprise in Vietnam as prescribed by the Law on Enterprises;

b) Completed a training course on management and operation of real estate trading floors and been granted a certificate of completion of the management and operation training course by the training institution.

2. Real estate trading floors must be established and registered for operation in accordance with Article 54 of this Law.

3. Real estate trading floors must issue and publicly announce the process of real estate transactions through the real estate trading floor.

4. Real estate trading floors must register a fixed business location and have physical and technical facilities to ensure the operation of the real estate trading floor.

5. The Government shall provide detailed regulations on this Article.

Article 56. Contents of real estate trading floor’s operation

1. Checking the legality and conditions for putting into business of real estate put into transactions through the real estate trading floor; posting and providing information about real estate that is qualified for being put into business as prescribed by this Law.

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

3. Providing real estate brokerage services, assisting parties in negotiating and bargaining real estate transactions. Real estate brokerage activities in a real estate trading floor must meet the conditions and comply with the provisions of Section 2 of this Chapter.

4. Providing services and assisting parties in drafting and signing real estate transaction contracts.

5. Providing services and assisting parties in payment, handover of documents, papers and real estate (if any) for transactions through the real estate trading floor.

6. Archiving information, documents and papers on real estate and real estate transactions conducted through the real estate trading floor.

7. Providing other related services and support for transactions through the real estate trading floor.

8. Certifying transactions through the real estate trading floor; providing information on transactions through the real estate trading floor to provincial state management agencies in charge of real estate business.

9. The Government shall provide detailed regulations on this Article.

Article 57. Rights of real estate trading floor

1. To request customers to provide documents and information about the real estate posted on the real estate trading floor.

2. To refuse to post on the trading floor real estate that is not qualified for being put into business.

3. To collect service fees from customers as agreed by the parties.

4. To request customers to compensate for damage caused by their faults.

5. Other rights according to the contract.

Article 58. Obligations of real estate trading floor

1. To ensure that the real estate posted on the real estate trading floor must be fully qualified for being put into business.

2. To post and provide complete and truthful documents and information about real estate and be responsible for the documents and information posted and provided.

3. To ensure the physical and technical facilities and operating conditions of the real estate trading floor.

4. To implement the reporting regime as prescribed by law and be subject to inspection and examination by competent state agencies.

5. To fulfill tax obligations to the State as prescribed by law.

6. To compensate for damage caused by its faults to customers.

7. To manage brokers and employees working at the real estate trading floor in complying with the law.

8. To organize annual training and fostering to improve professional knowledge of real estate brokerage for brokers working at the real estate trading floor.

9. To archive transaction documents as prescribed by law.

10. Other obligations according to the contract.

Article 59. Rights and obligations of organizations and individuals conducting real estate transactions at real estate trading floors

1. Organizations and individuals conducting real estate transactions at real estate trading floors have the following rights:

a) To request the real estate trading floor to provide documents and information about the real estate;

b) To sign contracts with the real estate trading floor for sale and purchase, transfer, lease, sublease or hire purchase of real estate;

c) To request the real estate trading floor to compensate for damage caused by its faults;

d) Other rights according to the contract.

2. Organizations and individuals conducting real estate transactions at real estate trading floors have the following obligations:

a) To comply with the internal regulations of the real estate trading floor;

b) To pay service fees to the real estate trading floor;

c) To compensate for damage caused by their faults;

d) Other obligations according to the contract.

Article 60. Management of real estate trading floor’s operation

1. Provincial state management agencies in charge of real estate business have the following powers and responsibilities:

a) To manage, supervise, and conduct periodic or irregular inspections of the operation of real estate trading floors in their localities;

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

c) To decide to suspend or terminate the operation of real estate trading floor service business in their localities as prescribed.

2. The Government shall provide detailed regulations on this Article.

Section 2. REAL ESTATE BROKERAGE

Article 61. Conditions for organizations and individuals operating real estate brokerage service business

1. Organizations and individuals operating real estate brokerage service business must establish a real estate service business enterprise as prescribed in Clause 5, Article 9 of this Law and satisfy the following conditions:

a) Must have regulations on real estate brokerage service operation;

b) Must have physical and technical facilities meeting operating requirements as prescribed by the Government;

c) Have at least 01 individual with a real estate broker’s certificate;

d) Before operating real estate brokerage service business, enterprises operating real estate brokerage services must send information about the enterprise to the provincial state management agency in charge of real estate business where the enterprise is established to be posted on the housing and real estate market information system as prescribed by this Law.

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

a) Have a real estate broker’s practicing certificate;

b) Must practice in a real estate trading floor service business enterprise or a real estate brokerage service business enterprise.

Article 62. Contents of real estate brokerage

1. Searching for partners who meet the customer’s conditions to participate in negotiation and signing of contracts.

2. Representing under authorization to perform work related to procedures for sale and purchase, transfer, lease, sublease or hire purchase of real estate.

3. Providing information and support for parties in negotiating and signing contracts for sale and purchase, transfer, lease, sublease or hire purchase of real estate.

Article 63. Real estate brokerage remuneration and commission

1. Individuals practicing real estate brokerage are entitled to remuneration and commission from real estate trading floor service business enterprises or real estate brokerage service business enterprises.

2. The level of real estate brokerage remuneration and commission shall be agreed upon by the real estate broker individual and the real estate trading floor service business enterprise or the real estate brokerage service business enterprise. The level of real estate brokerage remuneration does not depend on the price of the brokered real estate transaction.

Article 64. Rights of real estate brokerage service business enterprises and individuals practicing real estate brokerage

1. Real estate brokerage service business enterprises have the following rights:

a) To conduct real estate brokerage as prescribed by this Law;

b) To request relevant organizations and individuals to provide documents and information about the real estate for transaction;

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

d) To refuse to broker real estate that is not qualified for being put into business;

dd) To request relevant organizations and individuals to compensate for damage caused by their faults;

e) Other rights according to the contract.

2. Individuals practicing real estate brokerage have the following rights:

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

b) To enjoy real estate brokerage remuneration and commission as prescribed in Article 63 of this Law.

Article 65. Obligations of real estate brokerage service business enterprises and individuals practicing real estate brokerage

1. Real estate brokerage service business enterprises have the following obligations:

a) To provide complete and truthful documents and information about the real estate they broker and be responsible for the documents and information they provide;

b) To organize annual training and fostering to improve professional knowledge of real estate brokerage for real estate brokers working in the enterprise;

c) To fulfill tax obligations to the State;

d) To compensate for damage caused by their faults;

dd) To implement the reporting regime as prescribed by law and be subject to inspection and examination by competent state agencies;

e) Other obligations according to the contract.

2. Individuals practicing real estate brokerage have the following obligations:

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

b) To comply with the operation regulations of the real estate trading floor or the real estate brokerage service business enterprise where the individual works;

c) To participate in annual training and fostering to improve professional knowledge of real estate brokerage.

Section 3. REAL ESTATE CONSULTANCY AND MANAGEMENT

Article 66. Principles and scope of real estate consultancy service business and real estate management service business

1. Principles of real estate consultancy service business and real estate management service business are prescribed as follows:

a) The person directly providing consultancy must have diplomas and certificates in the field in which they directly provide consultancy;

b) The managed real estate must be legal.

2. The scope of real estate consultancy service business includes:

a) Consultancy on investment in creating and trading real estate;

b) Consultancy on real estate finance;

c) Consultancy on real estate prices;

d) Consultancy on real estate business contracts.

3. The scope of real estate management service business includes:

a) Selling, transferring, leasing, subleasing, hire purchasing real estate under the authorization of house owners, owners of construction works, owners of floor areas in construction works, land users;

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

c) Organizing the maintenance and repair of real estate;

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

dd) Exercising the rights and obligations towards customers and the State under the authorization of house owners, owners of construction works, owners of floor areas in construction works, land users.

Article 67. Conditions for organizations and individuals operating real estate consultancy service business and real estate management service business

1. Organizations and individuals operating real estate consultancy service business and real estate management service business must establish a real estate service business enterprise as prescribed in Clause 5, Article 9 of this Law. In case of operating the service of managing apartment buildings or mixed-use buildings with housing, they must fully meet the conditions prescribed by the law on housing.

2. Before operating, enterprises operating real estate consultancy service business and real estate management service business must send information about the enterprise to the provincial state management agency in charge of real estate business where the enterprise is established to be posted on the housing and real estate market information system as prescribed by this Law.

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

1. The rights and obligations of the parties in business of real estate consultancy services, real estate management services, parties related to real estate management services, fees for consultancy services, prices of real estate management services shall be agreed by the parties in the contract but must not contravene the provisions of this Law.

2. The parties in business of real estate consultancy services, real estate management services shall fulfill their commitments in the contract and compensate for damages caused by their faults.

Section 4. TRAINING, FOSTERING KNOWLEDGE FOR PRACTICE OF REAL ESTATE BROKERAGE, OPERATION OF REAL ESTATE EXCHANGES; GRANTING OF CERTIFICATES OF PRACTICE OF REAL ESTATE BROKERAGE

Article 69. Requirements for real estate brokerage and real estate exchange operation knowledge training and fostering establishments

1. Real estate brokerage and real estate exchange operation knowledge training and fostering establishments must have legal personality and fall into one of the following cases:

a) Training and fostering establishments established in accordance with the Law on Vocational Education or the Law on Higher Education;

b) Enterprises established and having the business line of training and fostering of professional knowledge;

c) For other organizations, they must be established by a competent agency or organization and assigned the function and task of training and fostering of professional knowledge.

2. Physical facilities for training, lecturers and training management apparatus shall comply with relevant education laws.

3. Real estate brokerage and real estate exchange operation knowledge training and fostering establishments must have teaching curricula with contents consistent with the Framework Program promulgated by the Minister of Construction.

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

1. Individuals taking the examination must meet all of the following conditions:

a) Have a certificate of completion of the training and fostering course on real estate brokerage practice knowledge;

b) Have completed upper secondary education or higher;

c) Have submitted an application for the examination and paid the examination fee to the examination organizing unit.

2. Individuals granted a certificate of practice of real estate brokerage must meet the following conditions:

a) Have passed the examination on real estate brokerage knowledge;

b) Have full civil act capacity;

c) Are not being examined for penal liability, being held in custody, serving an imprisonment sentence, being subject to the administrative handling measure of being sent to a compulsory detoxification establishment or compulsory education establishment, or being banned by a court from holding certain positions or practicing certain professions or doing certain jobs.

3. The Government shall provide for the organization of the examination and granting of certificates of practice of real estate brokerage.

Chapter VIII DEVELOPMENT AND MANAGEMENT OF THE INFORMATION SYSTEM AND DATABASE ON HOUSING AND REAL ESTATE MARKET

Article 71. Information system on housing and real estate market

1. The information system on housing and real estate market shall be developed in a centralized and unified manner nationwide; ensure connection and data sharing with the national database on land, databases of ministries, sectors, localities and relevant agencies to update, share and exploit information on housing and real estate market, developing a national database system to create a foundation for e-Government development.

2. The information system on housing and real estate market consists of the following components:

a) Information technology infrastructure;

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

c) Database on housing and real estate market.

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

1. The information technology infrastructure on housing and real estate market includes the following basic equipment: computing devices, network connection devices, network security and safety devices and databases, storage devices, peripherals and auxiliary devices, internal network.

2. The software system for management, operation and exploitation of the information system on housing and real estate market includes: operating system, database management system and application software, network security and safety software.

3. The Government shall detail this Article.

Article 73. Database on housing and real estate market

1. The database on housing and real estate market shall be developed in conformity with the Vietnam e-Government architecture framework, the e-Government architecture in localities, and meet the database standards, technical standards and norms, information technology standards, and techno-economic norms.

2. The contents of the database on housing and real estate market include:

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

b) Database on housing development programs and plans; housing support programs;

c) Database on housing and real estate market survey and statistics programs, on management and use of housing and residential land;

d) Database on houses, real estate; housing and real estate projects;

đ) Database on the number and value of real estate transactions, housing and real estate business contracts;

e) Database on real estate service business;

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

3. The Government shall detail this Article.

Article 74. Development, management and operation of the information system on housing and real estate market

1. Information in the database on housing and real estate market shall have legal value like paper documents when electronically authenticated by a competent state agency in accordance with the Law on Electronic Transactions.

2. Ministries, ministerial-level agencies, sectors, localities and related agencies and organizations shall implement interconnection of specialized databases, including the national database on land, the database on notarization and other related databases, to update, share, exploit and use information with the database on housing and real estate market. The interconnection must ensure efficiency, safety, and consistency with the functions, tasks and powers prescribed in this Law and relevant laws.

3. The Ministry of Construction has the following responsibilities:

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

b) Develop, update, manage and exploit the database on housing and real estate market nationwide;

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

d) Publicly disclose information on housing and real estate market nationwide of the information system on housing and real estate market.

4. Relevant ministries, ministerial-level agencies, sectors and agencies are responsible for connecting and sharing data and results of basic surveys and other information related to the fields of housing and real estate market to the Ministry of Construction for updating and supplementing the database on housing and real estate market, including:

a) Information and data on foreign direct investment in the real estate business sector;

b) Information and data on outstanding loans for business activities in the real estate sector;

c) Information and data on corporate bond issuance related to the real estate business sector;

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

đ) Information and data on land for the granting of certificates of land use rights and ownership of property attached to land in accordance with the law on land;

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

g) Information and data from national housing survey and statistics programs.

5. Provincial People’s Committees have the following responsibilities:

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

b) Publicly disclose and be responsible for information on housing and real estate market within the locality of 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 are responsible for providing complete, accurate and timely information and data on housing and real estate market as prescribed.

7. The Government shall detail this Article.

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

1. The exploitation and use of information on housing and real estate market must comply with the provisions of 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 are allowed to access and exploit information disclosed and publicized by the information system on housing and real estate market;

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

c) The exploitation of information in the database on housing and real estate market not subject to 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. Funds for development, management, operation and exploitation of the information system on housing and real estate market

1. Funds for activities of development and upgrading of the information technology infrastructure system; software system for management, operation and exploitation; survey and collection of information; development of databases and maintenance of regular operation of the information system on housing and real estate market shall be allocated from the state budget in accordance with the law on state budget, the law on public investment and other sources as prescribed by law.

2. Organizations and individuals with sufficient capacity are encouraged to participate in investing in the development and provision of information technology infrastructure system services; providing application software in the development of the database on housing and real estate market and exploitation of information and data.

3. The Minister of Finance shall prescribe the use of funds for development, survey, collection of information, updating, maintenance and operation of the information system and database on housing and real estate market; guide the pricing of housing and real estate market information and data services in accordance with the law on prices; guide the management and use of proceeds from the provision of housing and real estate market information and data services.

Chapter IX STATE MANAGEMENT OF REAL ESTATE BUSINESS

Section 1. REGULATION OF REAL ESTATE MARKET

Article 77. Principles of regulating the 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 the supply and demand and appropriate structure of real estate products in each stage of the market; ensure the real estate market develops healthily, safely and sustainably.

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

a) The unity of the national economy;

b) Maximally respecting market rules;

c) Protecting the interests of the State and the legitimate rights and interests of related organizations and individuals;

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

Article 78. Measures to regulate the real estate market

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

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

3. Extending tax payment for entities operating in the field of real estate business that have special difficulties in each period.

4. Supporting preferential interest rate loans for customers and real estate business enterprises for real estate types that need support and prioritized development.

5. Operating financial and credit policies for the field of real estate business in accordance with the market situation in each period.

6. Implementing other policy operations to regulate the real estate market in each period.

Article 79. Authority to regulate the real estate market

1. The Ministry of Construction shall take the lead and coordinate with ministries, ministerial-level agencies and provincial People’s Committees to study and propose measures to regulate the real estate market specified in Article 78 of this Law according to their assigned functions and tasks.

2. Within its delegated authority, the Government shall decide on measures to regulate the real estate market through operating the implementation of investment, construction, real estate business, tax, credit, land and finance policies specified in Article 78 of this Law.

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

4. The Government shall provide detailed regulations on Clause 1 of this Article.

Section 2. CONTENTS AND RESPONSIBILITIES OF 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 the housing and real estate market information system.

4. Issuing decisions and regulations to implement management and regulation of the real estate market.

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

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 uniformly perform state management of real estate business.

2. The Ministry of Construction is the focal point agency assisting the Government in uniformly performing state management of real estate business, and has the following tasks and powers:

a) Submitting to competent authorities for promulgation or promulgating according to its competence legal documents on real estate business;

b) Developing schemes and policies on development and management of real estate business;

c) Taking the lead and coordinating with ministries, ministerial-level agencies and provincial People’s Committees in proposing to competent authorities to decide on measures to regulate the real estate market;

d) Taking the lead and coordinating with ministries, ministerial-level agencies and provincial People’s Committees in organizing the implementation and management of real estate business;

dd) Managing the granting of real estate broker’s certificates and real estate brokerage activities; the establishment and organization of operation of real estate trading floors;

e) Taking the lead and coordinating with ministries, ministerial-level agencies and provincial People’s Committees in building, managing and operating the national information system on housing and real estate market; building and publicizing indexes for assessing the real estate market nationwide;

g) Disseminating and educating the law, monitoring the implementation of the law on real estate business nationwide;

h) Conducting international cooperation on real estate business;

i) Inspecting and examining the implementation of the law on real estate business; coordinating with provincial People’s Committees in organizing inspection and review of real estate business activities to propose to competent state agencies to suspend, temporarily suspend, terminate operations or adjust, convert, transfer real estate business projects;

k) Settling complaints and denunciations, and handling violations within its competence or submitting to competent authorities for handling in accordance with law;

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

3. Ministries and ministerial-level agencies, within the scope of their functions, tasks and powers, are responsible for coordinating with the Ministry of Construction in performing tasks of state management of real estate business.

4. Provincial People’s Committees have the following responsibilities:

a) Performing the function of state management of real estate business within the scope of their localities;

b) Managing real estate brokerage practice, operation of real estate trading floors, real estate brokerage and other real estate services within the scope of their localities;

c) Building, managing and operating the housing and real estate market information system, building and publicizing indexes for assessing the real estate market within the scope of their localities;

d) Disseminating and educating the law, monitoring the implementation of the law on real estate business within the scope of their localities;

dd) Coordinating with the Ministry of Construction in studying and proposing measures to regulate the real estate market within the scope of their localities;

e) Inspecting, examining, settling complaints and denunciations, and handling violations of the law on real estate business in their localities according to their competence; organizing inspection and review of real estate business projects within the scope of their localities;

g) Reporting to the Prime Minister and the Ministry of Construction on the situation of the real estate market in their localities periodically or ad hoc as required.

5. District-level People’s Committees are responsible for performing state management of real estate business according to their competence as prescribed by law and according to the decentralization of superior 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 Law No. 61/2020/QH14 (hereinafter referred to as Law No. 66/2014/QH13), expires 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. Real estate business enterprises and real estate service business enterprises that are operating before the effective date of this Law but have not fully met the conditions prescribed by this Law shall supplement all the conditions within 06 months from the effective date of this Law.

2. Real estate projects that have met the requirements for real estate investment projects for business as prescribed by 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 as prescribed by this Law.

3. Valid dossiers of transfer of all or part of a real estate project that have been received as prescribed by Law No. 66/2014/QH13 but have not been returned with results by the effective date of this Law shall continue to be implemented in accordance with Law No. 66/2014/QH13; in case of re-carrying out the procedures for transferring all or part of a real estate project after the effective date of this Law, the transfer shall be carried out in accordance with this Law.

4. Enterprises with foreign investment capital as prescribed by Law No. 66/2014/QH13 that are carrying out procedures to receive the transfer of all or part of a real estate project but by the effective date of this Law have not completed the land procedures for the project or the transferred part of the project, the implementation of land procedures shall be carried out in accordance with Clause 3, Article 42 of this Law.

5. Houses and construction works to be formed in the future that have been qualified for being put into business as prescribed by Law No. 66/2014/QH13, but by the time this Law takes effect, sale and purchase or hire purchase contracts have not been signed, the procedures for sale and hire purchase shall continue to be implemented in accordance with Law No. 66/2014/QH13, but information about the real estate and the real estate project put into business must be publicly disclosed in accordance with Article 6 of this Law before signing sale and purchase or hire purchase contracts.

6. Investors of real estate projects that have been approved by the bank to guarantee their financial obligations to the buyer or hire purchaser of houses to be formed in the future are not required to re-carry out the procedures for granting guarantee in accordance with this Law.

7. For sale and purchase or hire purchase contracts of houses to be formed in the future for which the guarantor bank has issued a letter of guarantee of the investor’s financial obligations to customers before the effective date of this Law, it is not mandatory to implement the guarantee in accordance with this Law.

8. Sale and purchase or hire purchase contracts of houses to be formed in the future that have been established in accordance with Law No. 66/2014/QH13 and its guiding documents before the effective date of this Law but the handover of houses has not been carried out, the provisions of Clause 3, Article 26 of this Law shall not apply.

9. Real estate business contracts that have been established in accordance with Law No. 66/2014/QH13 before the effective date of this Law shall continue to be implemented in accordance with Law No. 66/2014/QH13 and its guiding documents; in case of amending or supplementing the contract after the effective date of this Law, the parties must adjust and supplement the contract-related contents in accordance with this Law.

10. Real estate trading floors that are operating before the effective date of this Law but have not fully met the conditions prescribed by this Law shall supplement all the conditions specified in Article 55 of this Law within 06 months from the effective date of this Law.

11. Training institutions fostering knowledge of real estate brokerage practice and operation of real estate trading floors that are operating before the effective date of this Law but have not fully met the conditions prescribed by this Law shall supplement all the conditions within 06 months from the effective date of this Law.

12. Real estate broker’s certificates granted before the effective date of this Law shall continue to be used according to the term stated on the Certificate.

13. Credit institutions, foreign bank branches, asset management companies of credit institutions, asset management companies of Vietnamese credit institutions established and operating in accordance with the law on credit institutions that have submitted dossiers for transferring all or part of a real estate project being a collateral and have been received by a competent agency before the effective date of this Law shall continue to implement in accordance with Law No. 66/2014/QH13 and its guiding documents.

This Law was passed by the 15th National Assembly of the Socialist Republic of Vietnam at its 6th session on November 28, 2023.