What Are Real Estate Transaction Conditions for Buyer and Seller in Vietnam?
The real estate market is always an attractive market with a large source of potential speculative profits for investors. Because real estate transaction is always high in value, and buying a property for most people is always a life time important decision, and many times with the financial support from the bank, therefore in developed country, real estate lawyers are always involved in all steps of the transaction to ensure the legitimate transfer of the property. In Vietnam, in reality, many real estate transitions are conducted by the buyer and sellers themselves without real estate lawyers and there are many disputes arisen from the transactions in regard to property deposit agreement, property sales and purchase agreement between real estate developer and buyer for a new property, or between buyer and the previous property owner for resale property.
Residential property is one of the common types of real estate traded, so when joining in transactions related to property, it is necessary to ensure the conditions for property transfer. The related parties need to comply and meet the requirements of the above conditions for a successful transfer transaction.
Conditions for property transfer transaction include the following basic points: the transferred property is not in a dispute, complaint, or claim about ownership; the transferred property shall be within the property ownership period, in the case of property owners with a definite term; the transferred property is not distrained for judgment enforcement or distrained to comply legally effective administrative decisions of competent state agencies; the transferred property is not subject to a decision on land recovery or a notice of house clearance or demolition issued by a competent agency.
For the conditions on the parties to the property transaction, the property transferor needs to meet the following conditions:
The transferor is the owner of the property or the person permitted or authorized by the owner to carry out the transaction on property according to the provisions of law;
In case of transfer of a commercial house purchase and sale contract, the transferor shall be the person who bought the house from the investor or the person who has received the transfer of the house purchase and sale contract;
If the transferor is an individual, this person shall have full civil act capacity to carry out transactions on housing under the provisions of civil law;
If the transferor is an organization, it shall have legal status, unless the organization donates a house of gratitude or charity.
At the same time, the transferee shall also meet the conditions, specifically including the following conditions:
If the transferee is a domestic individual, this person shall have full civil act capacity to conduct property transactions under civil law and it is not required to them to have permanent residence registration in the place where the housing transferred is located;
If the transferee is a foreign individual or overseas Vietnamese, this person shall have full civil act capacity to carry out transactions on housing under Vietnamese law. In addition, this person must be eligible to own houses in Vietnam according to the provisions of law and it is not required to them to have temporary residence registration or permanent residence registration at the place where the housing transferred is located;
If the transferee is an organization, it shall have legal status and not depend on the place of business registration and establishment; if it is a foreign organization, it must be eligible to own a house in Vietnam according to the provisions of law; if the organization is authorized to manage to house, it must have the function of providing real estate services and be operating in Vietnam under the law on real estate business.
Having said that, it would be more efficient for buyer and seller to engage real estate law firm specializing in real estate transaction for buying and selling property in Vietnam to avoid potential disputes and protect their best interest for seller and safeguard investment for buyer.
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