Investors are not authorized to receive deposits for future housing.

Mr. Vuong Duy Dung - Deputy Director of the Department of Housing and Real Estate Market Management - informed about the new points of the law at the conference on October 15 - Photo: B.NGOC

That is one of the new points of the Law on Real Estate Business and the Law on Housing, which was presented by Mr. Vuong Duy Dung - Deputy Director of the Department of Housing and Real Estate Market Management (Ministry of Construction) - at the Conference on dialogue, propaganda, dissemination, and effective implementation of policies and laws on land, housing, and real estate business, organized by the Vietnam Real Estate Association on October 15.

Deposit no more than 5% of apartment value

Talking about the new points affecting real estate businesses in the 2 Laws on Real Estate Business and Housing Law, Mr. Dung said that there are 6 new points, worth noting for real estate investment and business enterprises and home buyers.

Firstly, the conditions for housing and construction works put into business, according to Article 14 of the Law on Real Estate Business 2023, each type and form of real estate business is associated with different business conditions.

For example, houses and construction works put into business must meet the following conditions: Having a land certificate, which records the ownership of the house and construction works. Not being in a state of dispute over the right to use land attached to the house and construction works, or dispute over the ownership of the house and construction works.

Second, for housing business and future construction works, Article 23 of the Law on Real Estate Business stipulates that project investors are responsible for using the money collected from buyers and hire-purchasers to invest in the construction of projects, houses and construction works for the correct purposes as agreed in the signed contract.

Do not authorize other organizations or individuals to sign deposit contracts, purchase and sale contracts, or lease-purchase contracts for houses, construction works, or construction floor areas in future construction works.

The project investor is only allowed to collect a deposit of no more than 5% of the selling price, lease-purchase price of the house, construction work, or floor area of ​​the construction work from the depositor. The deposit agreement must clearly state the selling price, lease-purchase price of the house, construction work.

Businesses raised many difficulties in the implementation of 3 laws related to land and housing at the dialogue conference with representatives of the ministries: Construction, Natural Resources and Environment - Photo: B.NGOC

Must complete financial obligations before transferring project land

In addition, new points related to land use rights business have technical infrastructure in real estate projects. Article 32 of the 2023 Law on Real Estate Business requires that the party transferring the right to use land with technical infrastructure in the project for individuals to build their own houses must comply with the following conditions:

Must be the investor of the real estate project; have fulfilled financial obligations regarding land including land use fees, land rents and taxes, fees and charges related to land (if any) to the State according to the provisions of law.

In case of being sanctioned for administrative violations in the fields of investment, construction, land, housing, real estate business, and tax, the decisions on sanctioning administrative violations must be completed before signing contracts for transferring land use rights.

Regarding new points related to the issue of transferring real estate projects, according to Article 41 of the Law on Real Estate Business, projects can be transferred when they meet conditions such as being approved by investors or being granted investment registration certificates according to the provisions of the Investment Law. Procedures for transferring all or part of the project are implemented according to the Investment Law.

For projects in other cases, the Prime Minister decides to allow the transfer of all or part of the project for projects for which the Prime Minister decides on the investment policy, approves the investment policy, and approves the investment.

The Provincial People's Committee decides to allow the transfer of all or part of a real estate project for which the Provincial People's Committee decides on the investment policy, approves the investment policy, and approves the investment.

It is necessary to clearly define the conditions for deposit and sale of future housing, as there have been a series of disputes in the buying and selling process recently - Photo: NAM TRAN

In connection with the real estate business contract, The law stipulates that investors, real estate businesses, and real estate service businesses receive payments under real estate business contracts and real estate service business contracts from customers through accounts opened at domestic credit institutions or foreign bank branches legally operating in Vietnam.

For organizations and individuals doing business in real estate brokerage services, they must establish a real estate service business enterprise in accordance with the provisions of the Law on Real Estate Business. Individuals practicing real estate brokerage must have a real estate brokerage practice certificate and must practice in a real estate trading floor service business enterprise or a real estate brokerage service business enterprise.

Source: https://tuoitre.vn/chu-dau-tu-khong-duoc-uy-quyen-nhan-dat-coc-nha-o-hinh-thanh-trong-tuong-lai-20241015194250762.htm