“Currently I have an apartment that I want to sell because I want to move to another place to live. A foreigner asked to buy my apartment. This person is currently working and living in Vietnam. Can I sell my apartment to this foreigner?“. It can be seen that the demand for foreigners to live and work in Vietnam is increasing day by day. Because they want to stay for a long time, many foreigners want to buy a house to live in Vietnam. So what are the conditions for foreigners to own houses in Vietnam? How long does it take to own a house in Vietnam? To answer this, today, LSX Lawfirm will give you an article about “Procedures for selling apartments to foreigners in Vietnam“, as follows:
Legal grounds
Housing Law 2014
Decree 99/2015/ND-CP
Regulations on foreign ownership of houses
Foreign subjects are allowed to own houses in Vietnam
Article 159 provides for foreigners’ ownership of houses in Vietnam as follows:
1. Foreign organizations and individuals entitled to own houses in Vietnam include:
a) Firstly, Foreign organizations and individuals investing in housing construction under projects in Vietnam in accordance with this Law and relevant laws;
b) Secondly, Foreign-invested enterprises; branches, representative offices of foreign enterprises; foreign investment funds, and foreign bank branches operating in Vietnam.
c) Thirdly, Foreign individuals are allowed to enter Vietnam.
Subjects may own houses in Vietnam through the following forms:
a) Invest in housing construction under projects in Vietnam in accordance with this Law and relevant laws;
b) Purchase, lease-purchase, gift, or inheritance of commercial houses, including apartments and separate houses in housing construction investment projects, except for areas ensuring national defense and security according to regulations. Government regulations.
Conditions for foreigners to own houses in Vietnam
In order for foreigners to own houses in Vietnam, they need to meet the following conditions; According to Article 160 of the Law on Housing 2014 stipulates:
– For foreign organizations and individuals specified at Point a, Clause 1, Article 159 of this Law, they must have an investment certificate and have a house built in the project in accordance with this Law and relevant laws. relate to.
– Foreign individuals specified at Point c, Clause 1, Article 159 of this Law must be allowed to enter Vietnam and not be entitled to diplomatic and consular privileges and immunities as prescribed by law. the law.”.
Accordingly to Clause 1, Article 74 of Decree 99/2015/ND-CP:
“For foreign individuals, must have a valid passport with an entry verification stamp of the Vietnam Immigration Department and are not entitled to diplomatic privileges and immunities under the provisions of the Law on Foreign Affairs. Ordinance on privileges and immunities for diplomatic missions, consular offices, and representative offices of international organizations in Vietnam.”
Accordingly, foreign individuals who want to own a house in Vietnam need to meet the above regulations.
Procedures for buying real estate for foreigners
When all of the above conditions met, foreigners have the right to buy, own and sell real estate in Vietnam. Therefore, you can sell apartments to foreigners according to the following procedures:
The parties agree and sign a contract to buy and sell real estate
The parties together draft a house sale and purchase contract. The content of the contract is to agree upon by the parties themselves, but there must be some key information as follows:
-Full names of individuals and organizations of the buying and selling parties.
Address, and basic information about the parties.
– Description of the characteristics of the apartment; clearly stating details of shared ownership, shared use, the area under private ownership, the purpose of use in parts under common or separate ownership, and the floor area of the apartment.
– Time and method of payment when making real estate transactions.
– Time of handing over the house, the process of operation, and warranty for houses and apartments. For apartments owned with a term, it is also important to note the ownership period, capital contribution time limit, management authorization, etc.
– Rights and obligations of the parties; commitments between the two parties, and a number of other agreements.
– The time when the contract officially takes effect.
– Date, month, and year of signing the contract, certifying signatures of the parties.
Notarization and certification of real estate purchase and sale contracts
Because the authorization contract in this case has real estate assets such as land and houses, according to current regulations, the contract needs to made in writing and notarized for the authorization contract to considered. is legal and has legal validity. Therefore, in order to notarize the real estate purchase authorization contract, the authorizer must prepare a number of documents as follows:
– Draft real estate sale and purchase contract;
– Notarization request form;
– Copy of legal papers of the notarization requester;
– A copy of the certificate of land use right;
Copies of other relevant documents.
How long can foreigners own houses in Vietnam?
Pursuant to Point c, Clause 1, Article 161 of the Law on Housing 2014 stipulates:
Foreign individuals entitled to own houses as agreed upon in contracts for purchase, sale, lease-purchase, donation, or inheritance, but for a maximum of 50 years from the date of issuance of the Certificate of Inheritance. and can extend according to the Government’s regulations if required; The term of house ownership must clearly state in the Certificate.
In case a foreign individual marries a Vietnamese citizen; or marries a Vietnamese residing abroad, they entitled to own stable and long-term houses and have the same rights as homeowners as Vietnamese citizens then.
Whereby; The time limit for a foreigner to own a house in Vietnam depends on the content of the agreement of the parties when participating in the housing transaction, but must not exceed 50 years from the date of issuance of the certificate and may extend. In case a foreigner marries a Vietnamese or a Vietnamese residing abroad, he/she entitled to own a long-term house.
The extension of house owners must comply with the provisions of law.
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Above is LSX Lawfirm’s advice on the content of the problem “Procedures for selling apartments to foreigners in Vietnam”. And all the above knowledge to use in work and life. If you have any questions and need more advice and help, please contact the hotline for the reception. Lawyer X is a place that provides reputable and fast business services at reasonable prices. Customers will be extremely satisfied when using our services.
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Related questions
A foreigner means a person with the nationality of another country who is working, studying, working, or living in the territory of the Socialist Republic of Vietnam.
Foreign individuals may not be granted a Certificate for a house but may only sell or donate this house to subjects entitled to own houses in Vietnam in the following cases:
– Firstly, Foreign individuals are given or inherited houses located in areas not subject to ownership or exceeding the number of houses allowed to own according to regulations.
– Secondly, Foreign individuals are not allowed to enter Vietnam but are gifted or inherited houses in Vietnam.
An apartment building is a house with 2 floors or more, with many apartments, with common walkways and stairs, with private ownership, shared ownership, and a system of infrastructure work for common use by households, individuals, and organizations, including condominiums built for residential purposes and condominiums built with mixed-use purposes for residential and business purposes then.
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