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 in Vietnam 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.
ANT Lawyers – Real estate law
firm in Vietnam with
international standard, local expertise and strong international network. We
focus on customers’ needs and provide clients with a high quality legal advice
and services. For advice or services request, please contact us via email
ant@antlawyers.vn, or call us +84 24 730 86 529
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