5 principles for buying and selling houses and construction projects in Vietnam that foreigners should know

1. 5 principles for buying and selling houses and construction projects

Specifically in Article 19 Law on Real Estate Business 2014 Regulates principles for buying and selling houses and construction works as follows:

- The purchase and sale of houses and construction works must be associated with land use rights.

- The purchase and sale of apartment buildings and mixed-use buildings must ensure the following principles:

+ Clearly define the area and equipment for common use and the area and equipment for private use by the owners;

+ The land use rights of the owners after purchasing apartments, areas in apartment buildings, mixed-use buildings are common use rights and must be unified according to a stable form of use. long term or lease, if it is leased land use rights, the land lease term must be agreed upon.

- The buyer of a house, construction project, apartment, area in an apartment building, mixed-use building with multiple uses is granted a Certificate of land use rights, ownership of housing and property by the State. other assets attached to land.

- The purchase and sale of houses and construction works must be accompanied by documents about the house and construction works.

- The time of transfer of ownership of a house or construction project is the time the seller hands over the house or construction project to the buyer or the buyer has paid the seller in full, unless otherwise agreed by the parties. .

2. Rights and obligations of the seller of the house or construction project

(1) Rights of the seller of the house or construction project

- Require the buyer to receive the house and construction project according to the deadline agreed in the contract.

- Require the buyer to pay in full according to the time and method agreed in the contract; In case there is no agreement, the buyer can only collect money not exceeding 95% of the contract value when the buyer has not been granted a Certificate of land use rights, ownership of housing and other assets attached to the land. .

- Require the buyer to coordinate in carrying out purchase and sale procedures within the agreed time limit.

- Do not hand over houses or construction projects without receiving full payment, unless the parties have otherwise agreed.

- Request the buyer to compensate for damage caused by the buyer's fault.

- Other rights in the contract.

(2) Obligations of the seller of the house or construction project

- Inform the buyer of restrictions on ownership of houses and construction works (if any).

- Preserve houses and construction works that have been sold while they have not yet been handed over to the buyer.

- Carry out procedures for buying and selling houses and construction works according to the provisions of law.

- Deliver houses and construction works to the buyer on time, with quality and other conditions agreed in the contract; Hand over the Certificate of land use rights, ownership of houses and other assets attached to land and related documents as agreed in the contract.

- Warranty on sold houses and construction works according to the provisions of Article 20 Law on Real Estate Business 2014.

- Compensate for damages caused by your fault.

- Fulfill financial obligations to the State according to the provisions of law.

- Other obligations in the contract.

(Articles 21, 22 Law on Real Estate Business 2014)

3. Rights and obligations of the buyer of a house or construction project

(1) Rights of the buyer of a house or construction project

- Require the seller to complete procedures for buying and selling houses and construction works according to the deadline agreed in the contract.

- Require the seller to deliver the house and construction project on time, with quality and other conditions agreed in the contract; Hand over the Certificate of land use rights, ownership of houses and other assets attached to land and related documents as agreed in the contract.

- Request the seller to warranty the house and construction works according to the provisions of Article 20 Law on Real Estate Business 2014.

- Request the seller to compensate for damage caused by the failure to deliver houses and construction works on time, with poor quality and other commitments in the contract.

- Other rights in the contract.

(2) Obligations of the buyer of a house or construction project

- Pay in full for the purchase of houses and construction projects according to the deadline and method agreed in the contract.

- Receive houses and construction works accompanied by Certificates of land use rights, ownership of houses and other assets attached to land and related documents on time as agreed in the contract.

- Coordinate with the seller to carry out purchase and sale procedures within the time limit agreed in the contract.

- In case of buying a house or construction project that is being leased, the rights and interests of the lessee must be guaranteed as agreed in the lease contract while the lease term is still valid.

- Compensate for damages caused by your fault.

- Other obligations in the contract.

(Articles 23, 24 Law on Real Estate Business 2014)