Real estate brokers are running out of time to buy and sell in circles and run away.

According to experts, the regulation that brokers must operate in the trading floor and have a practice certificate will eliminate the situation of introducing ghost projects or "running away without a trace".

The Law on Real Estate Business was passed by the National Assembly at its November 2023 session and will take effect from January 1, 2025. The Government is proposing to allow this law, along with the 2024 Land Law and the Housing Law, to take effect from August 1.

With this law, a number of new regulations related to real estate brokerage will take effect from the effective date of the law.

Notably, unlike the 2014 Law on Real Estate Business, when the 2023 Law on Real Estate Business comes into effect, individuals practicing real estate brokerage must have a real estate brokerage practice certificate and must practice in a real estate trading floor service business or a real estate brokerage service business.

Specifically, Article 61 of this law stipulates that individuals practicing real estate brokerage must have a practice certificate; must practice in a real estate trading floor service business or a real estate brokerage service business.

In addition, according to Article 63 of the 2023 Law on Real Estate Business, individuals practicing real estate brokerage are entitled to receive remuneration and commissions from real estate trading floor service businesses.

Accordingly, the remuneration and commission levels are agreed upon by real estate brokers and real estate trading floor service businesses, regardless of the transaction price.

For real estate brokerage service businesses, Article 64 stipulates that businesses have the right to request relevant organizations and individuals to provide real estate records and information to conduct transactions.

Collecting service fees from customers according to the agreement of the parties as well as refusing to broker real estate that is not qualified to be put into business. Requiring related organizations and individuals to compensate for damages caused by their mistakes and other rights under the contract.

In addition, real estate brokerage service businesses must have the obligation to provide complete and honest records and information about the real estate they broker and be responsible for the records and information they provide...

Real estate brokerage service enterprises must fulfill tax obligations to the State; must compensate for damages caused by their own mistakes.

Individuals practicing real estate brokerage are obliged to comply with the operating regulations of the real estate trading floor or real estate brokerage service business where the individual works. Participate in annual training and improvement of knowledge of real estate brokerage practice and other obligations as prescribed.

According to Mr. Nguyen Van Dinh - Chairman of the Vietnam Association of Real Estate Brokers (VARS) - when the 2023 Real Estate Business Law comes into effect, the brokerage team must be more serious, must operate in the trading floor and have a practice certificate.

At the same time, the trading floor must be responsible for managing and controlling its employees. All information must be fully disclosed, public and only allowed to execute, buy, sell or introduce real estate projects that are eligible for operation.

"This contributes to eliminating situations such as roundabout trading, introducing ghost projects or "washing hands and running away", causing serious consequences for consumers, affecting the reputation of genuine investors", Mr. Dinh emphasized and said that the brokerage force is forced to improve its knowledge, experience and ethics to suit reality and not be "left behind".

According to Mr. Dinh, the 2023 Real Estate Business Law will help to resolve many remaining difficulties and problems. Previously, taking exams and receiving certificates was more difficult because many localities did not organize or provide support. Now, the Ministry of Construction will be responsible for organizing exams and issuing real estate brokerage practice certificates.

"In the near future, individuals practicing real estate brokerage will be professionally trained, with practice certificates issued by the Ministry of Construction," Mr. Dinh added.

According to recent statistics from VARS, about 40,000 real estate brokers have brokerage certificates issued by competent authorities.

Duong Chung (According to Dantri.com.vn)

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