Knowing the conditions and areas to buy houses, foreigners need to know the regulations on documents and procedures for buying houses according to Vietnamese law. Below are the documents; order and procedures for signing a house purchase contract with the investor in Viet Nam from LSX Law firm.
Law on Housing 2014
Step 1: Make a contract
Pursuant to Articles 120 and 121 of the 2014 Law on Housing; the parties agree to make a written house sale and purchase contract with the following main contents:
– Full names of individuals, names of organizations and addresses of parties;
– Describe the characteristics of the transaction house and the characteristics of the residential land plot associated with that house. For an apartment purchase and sale contract; the parties must clearly state the part under common ownership and common use; use area under private ownership; floor area of apartment construction; the use purpose of the part under common ownership and common use in the apartment building in accordance with the original approved design purpose;
– Term and method of payment;
– Time of house delivery; the housing warranty period if it is a purchase or lease-purchase of a newly built house;
– Rights and obligations of the parties;
– Commitment of the parties;
– Other agreements;
– Effective date of the contract;
– Date, month and year of contract signing
– Signatures and full names of the parties, if it is an organization, clearly state the position of the signer.
Step 2: Notarize and certify the contract
Step 3: Apply for a Certificate
The parties agree to have one party submit a dossier to request a competent state agency to issue a Certificate for that house; In case of purchase or lease-purchase of housing by the project investor; the investor is responsible for carrying out the procedures for the competent state agency to issue the Certificate to the purchaser or the lessee; except for the case where the buyer. The lessee voluntarily carries out the procedures for applying for the Certificate.
Finally, hope this article “Procedures for signing a house purchase contract with the investor” is helpful for you!
Foreigners may not own houses in Vietnam when it does not meet the conditions for owning houses in Vietnam.
If a foreign individual marries a Vietnamese citizen; he/she is entitled to own a stable and long-term house; has the same rights as a house owner as a Vietnamese citizen.
Foreign individuals are allowed to lease houses to use for purposes not prohibited by Law. Before renting a house; the owner must send a written notice of the house lease to the district-level housing management agency at the house’s location. Taxes from this housing rental must be paid under the Law.
Foreigners may buy and own no more than 30% of the apartments in an apartment building. If it is a separate house; including villas and adjacent houses; in an area with a population equivalent to a ward-level administrative unit; only buy, rent-purchase, receive as a gift; inherit and own no more than 250 houses.