Today, Lawyer X would like to share with readers the article “Conditions for providing real estate brokerage services in Vietnam” as follows:
Legal grounds
Law on Real Estate Business 2014
Consulting content
What is a real estate brokerage service?
According to the provisions of Clause 2, Article 3 of the Law on Real Estate Business 2014:
“Real estate brokerage is acting as an intermediary for parties in the purchase, sale, transfer, lease, sub-lease, and lease-purchase of real estate.”
Thus, real estate brokerage is a profession that can be understood simply as the connection of parties wishing to buy and sell; transfer real estate to each other.
Contents of real estate brokerage
According to Article 63 of the Law on Real Estate Business 2014:
Contents of real estate business activities in Vietnam include:
– Looking for partners that meet the customer’s conditions to participate in negotiations; contracting.
– Moreover, an authorized representative to perform work related to the purchase and sale procedures; transfer; lease; sublet; rental real estate.
– Besides, provide information about real estate; so, assist parties in negotiating and signing purchase and sale contracts; transfer; lease; sublet; rental real estate.
Rights of businesses and individuals providing real estate brokerage services
Business real estate brokerage services are a special industry. The law empowers individuals and organizations providing real estate services, including the following rights:
– Provide real estate brokerage services by the Law on Real Estate Business.
– Moreover, request customers to provide documents and information about real estate.
– Remuneration, brokerage commission as agreed in the contract signed with the customer.
– Hire a real estate brokerage service business; other independent real estate brokerage service individuals performing real estate brokerage work within the scope of the real estate brokerage service contract signed with the client but must be responsible to the client for brokerage results.
– Finally, other rights as agreed in the contract.
Obligations of enterprises and individuals providing real estate brokerage services
In addition to rights, the law also stipulates the following obligations:
– Comply with the contract signed with the customer.
– Secondly, provide records; information about the real estate brokered by him and take responsibility for the records; information provided by me.
– Thirdly, support the parties in the negotiation; signing a sale and purchase contract; transfer; lease; sublease, lease purchase of the real estate.
– Besides, implement the reporting regime by the law and submit to inspection; inspection by competent state agencies.
– Compensation for damage caused by their fault.
– To fulfill tax obligations to the State according to the provisions of law.
– Lastly, the obligations in the contract.
Conditions for providing real estate brokerage services
According to regulations, conditions of organizations and individuals providing real estate brokerage services are as follows:
“1. Organizations and individuals providing real estate brokerage services must establish an enterprise and must have at least 02 persons possessing real estate brokerage practice certificates, except for the case specified in Clause 2 of this Article.
2. Individuals have the right to provide independent real estate brokerage services but must have a real estate brokerage practice certificate and register to pay tax by tax laws.
3. Organizations and individuals providing real estate brokerage services must not be both a broker and a contract performer in a real estate transaction.”
Thus, to do business in this industry, individuals and organizations must meet the above conditions.
Conditions for granting a license to practice real estate brokerage.
According to regulations, an individual shall be granted a brokerage practice certificate when he/she meets the following conditions:
– Have full civil act capacity;
– Besides, graduated from high school or higher;
– Passed the test on knowledge of real estate brokerage.
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Procedures for changing business lines online according to Vietnamese law
Frequently asked questions
According to the provisions of Point b, Clause 2, Article 9 of the Law on Real Estate Business 2014, the condition for real estate to be put into the business is that there is no dispute over land use rights. Therefore, real estate with a dispute over land use rights is not allowed to be put into the business.
According to the provisions of Clause 2, Article 68 of the Law on Real Estate Business 2014
The real estate brokerage practice certificate is valid for 5 years.
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