How are houses and construction projects formed in the future understood?

1. Definition

According to regulations in Clause 4, Article 3 of the Law on Real Estate Business 2014Accordingly, houses and construction works formed in the future are houses and construction works that are in the process of being built and have not yet been accepted and put into use.

Thus, unlike available housing, housing formed in the future may not yet “exist in reality”. It is understood as the pre-sale of projects and works, in order to create conditions for buyers to "deposit" a new residential area and collect an amount of money in advance from the buyer to serve the construction of the project.

2. Conditions of real estate formed in the future are included in the business

To be put into business, housing formed in the future requires satisfying the conditions specified in Article 55 of the Law on Real Estate Business 2014, specifically as follows:

- Have documents on land use rights, project documents, construction drawing designs approved by competent authorities, Construction Permit in cases where a Construction Permit is required, acceptance documents Completion of construction of corresponding technical infrastructure according to project progress; In the case of an apartment building or mixed-use building with residential purposes formed in the future, there must be a record of acceptance of the completed foundation of that building.

- Before selling or leasing future housing, the investor must notify the provincial housing management agency in writing that the housing is eligible to be sold or leased.

Within 15 days from the date of receipt of the notice, the provincial housing management agency is responsible for responding in writing to the investor regarding housing eligible for sale or lease-purchase; In case of ineligibility, the reason must be clearly stated.