Firstly, regarding general provisions, the 2023 Law on Real Estate Business has resolved the existing problem of overlapping scope of regulation of the Law on Real Estate Business with a number of other Laws in the past; overcoming inadequacies and legal gaps in regulations on types of real estate and real estate projects put into business,
In addition, regarding the conditions for organizations and individuals when doing real estate business, the Law on Real Estate Business has completed the regulations on the conditions for organizations and individuals when doing real estate business to improve the capacity and professionalism of real estate businesses and the real estate market, contributing to a healthy real estate market; overcoming the shortcomings in the business of housing, available construction works and those formed in the future in the past, unblocking the real estate market, protecting buyers and renters.
The 2023 Real Estate Business Law has 6 new highlights, including completely new regulations that can help the market develop safely and sustainably. (Photo: ST)
Second, regarding the business of housing and future construction works, the 2023 Law on Real Estate Business stipulates that real estate project investors are only allowed to collect deposits of no more than 5% of the selling price, lease-purchase price of housing, construction works, and construction floor area in construction works when the housing and construction works have met all the conditions for putting into business according to the provisions of the Law on Real Estate Business; amend and supplement regulations on guarantees in the sale and lease-purchase of future housing to create initiative for investors as well as home buyers in housing transactions.
Third, regarding the transfer of land use rights with technical infrastructure in real estate projects to individuals for self-construction of houses and the transfer, lease, and sublease of land use rights with technical infrastructure in real estate projects to organizations, the Law on Real Estate Business has resolved problems related to the law on land, real estate business, and urban development, contributing to unblocking the real estate market operating on the basis of a clear, specific, and transparent legal corridor.
Fourthly, regarding the transfer of real estate projects, the Law on Real Estate Business has removed the requirement of having a Certificate of Land Use Rights for the project, the transferred part of the real estate project; added a provision that the transferring investor has a decision on land allocation, land lease, permission to change the land use purpose to implement the project from a competent state agency; has completed the financial obligations regarding the project's land, including land use fees, land rents, and taxes, fees, and charges related to land (if any) to the State of the project.
The Law also amends and supplements regulations that in case the transferee of the entire or part of the project is an economic organization with foreign investment capital, after a decision permitting the transfer is issued by a competent state agency and the parties have signed a transfer contract, land procedures shall be carried out in accordance with the provisions of the law on land.
Fifth, regarding real estate service business, the Law on Real Estate Business has added a provision that individuals practicing real estate brokerage must meet the conditions of practicing in a real estate trading floor service business or a real estate brokerage service business; contributing to further transparency and professionalization of real estate brokerage and transaction activities.
The Law has prevented and limited market instability due to the lack of effective control of real estate brokerage and service business activities; real estate business transactions are more standardized and transparent, customers' rights are protected, investors and real estate businesses have a clear and synchronous legal basis to establish, sign and carry out smooth real estate transactions.
Sixth, regarding the information system and database on housing and real estate market, the Law on Real Estate Business has many new regulations to ensure clear, strict and feasible legality for the construction and management of the information system and database on housing and real estate market; ensure connection and data sharing with the national database on land, databases of ministries, branches, localities and relevant agencies; enhance the scientific, systematic, synchronous, public and transparent nature of the real estate market, contributing to overcoming legal shortcomings in the past time, improving the effectiveness of state management activities on the real estate market.
Source: https://www.congluan.vn/luat-kinh-doanh-bat-dong-san-lieu-co-giup-thi-truong-phat-trien-ben-vung-post299522.html
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