The Law on Real Estate Business was enacted in 2014 to regulate issues arising from the sale, purchase, transfer, real estate service business …
1. Having a capital of VND 20 billion to trade real estate
With high value goods such as real estate, investors also need more capital to ensure their business, stable capital turnover. In order to conduct real estate business, the investor must establish an enterprise or a cooperative with a legal capital of not less than VND 20 billion (According to Article 10 of the Law on Real Estate Business 2014).
For households and individuals doing small and irregular real estate business, they are not required to establish enterprises but must declare and pay taxes fully. Real estate investors who do not establish enterprises in accordance with regulations, may be fined with a fine of between VND 50 million and VND 60 million in accordance with Article 57 of Decree 139/2017 / ND-CP.
- Foreign organizations and individuals eligible to own houses in Vietnam can only buy and rent houses from investors of housing construction projects;
- Foreign organizations and individuals can own no more than 30% of the total number of apartments of an apartment building;
In case there are many apartment buildings for sale or lease in a ward or equivalent administrative unit, foreign organizations and individuals may own no more than 30% of the apartments of each apartment building and no more than 30% of the total apartments of all apartment buildings.
Currently, regulations on social housing are specified by the Ministry of Construction in Circular 20/2016 / TT-BXD. Accordingly, social housing is built by individuals or organizations for sale or lease, if it is an apartment, the minimum use area must be 25m2, including toilets; if it is a living room of a social house, it must meet a number of minimum criteria as follows:
- The room area used must not be less than 10m2;
- Average use area is not less than 5m2 for a person;
- Have papers on land use rights, project documents, construction drawing designs approved by competent authorities, construction permits, papers on acceptance of the completion of good infrastructure construction corresponding art according to project progress …
- The investor has sent a notice to the provincial housing management agency and received the agency’s reply on whether the house is eligible for sale or lease-purchase;
- The investor must be guaranteed by a commercial bank to guarantee the investor’s financial obligations to the customer when the investor fails to hand over the house according to the schedule committed to the customer …
- Assigning all or part of the project in contravention of prescribed procedures;
- Assigning all or part of a project without fully meeting the requirements or the prescribed conditions;
- Assignment without a land use right certificate, when there is a dispute over land use rights or distraint to ensure judgment execution;
- Handing over houses and construction works to customers when the construction is not completed according to the progress stated in the approved project, not yet ensuring connection with the regional infrastructure system, not fully completed. the outer part (for cases of handing over houses or rough construction works) or having not yet completed the pre-acceptance test of putting houses and social infrastructure works into use according to regulations …
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