Chapter III
OFF-THE-PLAN REAL ESTATE TRADING
Article 54. Rights to conduct off-the-plan real estate trading
1. A real estate investor is entitled to sell, lease or lease purchase off-the-plan buildings.
2. The off-the-plan building sale, lease or lease purchase shall be complied with regulations of this Chapter, equivalent regulations of Chapter II and other relevant regulations of this Law.
Article 55. Requirements in terms of off-the-plan real estate to be put on the market
1. There are documents on land, project documents or construction drawing approved by competent agencies, License for construction if it is required, documents on certification of completion of technical infrastructure in equivalent to project progress; or it is required to gain the certification of completion of the foundation of the building regarding off-the-plan apartment buildings or mix-used buildings.
2. Before entering an agreement on sale or lease purchase of an off-the-plan building
Within 15 days from the day on which the notification is received, the agency in charge of housing of province shall respond in writing to the investor with the building permitted to be sold or leased purchase; if the building do not meet the requirements, they must provide explanation.
Article 56. Guarantee on off-the-plan building sale or lease purchase
1. The investor’s financial obligations must be guaranteed by a competent commercial bank in case the investor fails to transfer the building on schedule as commitment to clients before the investor sell or lease purchase off-the-plan buildings.
The State bank of Vietnam shall issue the list of competent commercial banks which may give guarantee in the off-the-plan real estate trading.
2. The scope, requirements, content and guarantee fee shall be agreed by contracting parties and concluded in an agreement provided that responsibility of the guarantor must be ensured as prescribed in Clause 3 of this Article. The investor shall send the copy of guarantee agreement to the buyer or lessee when the agreement on sale or lease purchase is signed.
The guarantee agreement will stay unexpired until the building is transferred to the buyer or lessee.
3. If the investor fails to transfer the building on schedule as committed and at the request of the buyer or lessee, the guarantor shall make a refund of the option fee and other payments to clients under agreement on housing sale or lease purchase and signed guarantee agreement.
4. The guarantee on off-the-plan building sale or lease purchase shall be conformed to regulations of this Article and regulations of law on guarantee.
Article 57. Payment for off-the-plan real estate sale or lease purchase
1. The off-the-plan real estate sale or lease purchase shall be paid by installments, the initial installment do not exceed 30% of the agreement value, the next installments shall be conformable with real estate construction progress provided that total installment does not exceed 70% of the agreement value if the building has been not transferred to clients; if the seller or the lessor is a foreign-invested enterprise, the total installment does not exceed 50% of the agreement value.
If the buyer or the lessee has been not granted the Certificate of land, ownership of land and property on land, the seller or the lessor shall not collect payment not exceeding 95% of the agreement value from the buyer or the lessee; the remaining value shall be paid when the buyer or the lessee is granted the Certificate of land, ownership of land and property on land by competent agencies.
2. The investor must use the option fee given by clients for proper purpose as committed.
Article 58. Rights and obligations of contracting parties in off-the-plan building sale or lease purchase
Apart from rights and obligations of contracting parties in real estate sale or lease purchase prescribed in Chapter II of this Law, they shall have following rights and obligations:
1. The buyer or the lessee may request the seller or the lessor to provide information about construction progress, option fee use and physical verification at the work;
2. The seller or the lessor must provide information about construction progress, option fee use and enable the buyer to conduct physical verification at the work;
Article 59. Transfer of off-the-plan building sale or lease purchase agreement
1. The buyer or the lessee may transfer the off-the-plan building sale or lease purchase agreement if the application for the Certificate of land, ownership of land and property on land granted to the buyer or the lessee has been not sent to competent agencies. The transfer of off-the-plan building sale or lease purchase agreement must be made in writing and certified by the investor.
2. The agreement transferee may retain rights and obligations of the buyer or the lessee. The investor must enable contracting parties to transfer the agreement and collect no remuneration related to the agreement transfer.
3. The last agreement transferee shall be granted the Certificate of rights to use land, ownership of land property on land as prescribed in law on land.
4. The agreement transfer prescribed in this Article shall not apply to social house sale or lease purchase agreements.
5. The Government shall providing guidance on this Article.
Tìm kiếm
Luật Kinh doanh bất động sản 2014 (Bản Word)
Luật Kinh doanh bất động sản 2014 (Bản Pdf)