Joint Circular No. 01/2014/TTLT-NHNN-BXD-BTP-BTNMT guiding procedures for mortgage on future-formed housing as stipulated in Clause 2, Article 61 of Decree No. 71/2010/NĐ-CP dated June 23, 2010 of the Government detailing and guiding the implementation of the Law on Housing.

 

JOINT CIRCULAR

Hguiding procedures for mortgaging future residential properties as stipulated in

kClause 2 Article 61 of Decree No. 71/2010/NĐ-CP dated June 23, 2010

of the Government detailing and guiding the implementation of the Law on Housing

___________________

 

Pursuant to the Civil Code 2005;

Pursuant to the Law on Housing No. 56/2005/QH11; Law No. 34/2009/QH12 amending and supplementing Article 126 of the Law on Housing and Article 121 of the Land Law; Law No. 38/2009/QH12 amending and supplementing certain provisions of laws related to basic construction investment;

Pursuant to the Law on Real Estate Business 2006;

Pursuant to the Law on Notarization 2006;

Pursuant to the Law on the State Bank of Vietnam 2010 and the Law on Credit Institutions 2010;

Pursuant to the Land Law 2003;

Pursuant to Decree No. 163/2006/NĐ-CP dated December 29, 2006 of the Government on secured transactions and Decree No. 11/2012/NĐ-CP dated February 22, 2012 of the Government amending and supplementing certain provisions of Decree No. 163/2006/NĐ-CP dated December 29, 2006 of the Government on secured transactions;

Pursuant to Decree No. 153/2007/NĐ-CP dated October 15, 2007 of the Government detailing and guiding the implementation of the Law on Real Estate Business;

Pursuant to Decree No. 71/2010/NĐ-CP dated June 23, 2010 of the Government detailing and guiding the implementation of the Law on Housing;

Based on Decree No. 83/2010/NĐ-CP dated July 23, 2010 of the Government on registration of secured transactions;

Pursuant to Decree No. 188/2013/NĐ-CP dated November 20, 2013 of the Government on social housing development and management;

Pursuant to Decree No. 156/2013/NĐ-CP dated November 11, 2013, of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Pursuant to Decree No. 62/2013/NĐ-CP dated June 25, 2013 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Construction;

Pursuant to Decree No. 22/2013/NĐ-CP dated March 13, 2013, of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Justice;

Pursuant to Decree No. 21/2013/NĐ-CP dated March 4, 2013, promulgated by the Government, stipulating the functions, tasks, powers, and organizational structure of the Ministry of Natural Resources and Environment;

The Governor of the State Bank of Vietnam, the Minister of Construction, the Minister of Justice, and the Minister of Natural Resources and Environment issue this Joint Circular guiding procedures for mortgaging future residential properties as stipulated in Clause 2 Article 61 of Decree No. 71/2010/NĐ-CP dated June 23, 2010 of the Government detailing and guiding the implementation of the Law on Housing.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

1. This Circular guides procedures for mortgaging future residential properties (including mortgage procedures, notarization of mortgage contracts, and registration of mortgages) of organizations and individuals to borrow funds from credit institutions to purchase residential properties in housing development projects or urban development projects (hereinafter referred to as housing development projects) of real estate businesses as stipulated in Clause 2 Article 61 of Decree No. 71/2010/NĐ-CP dated June 23, 2010 of the Government detailing and guiding the implementation of the Law on Housing (hereinafter referred to as Decree No. 71/2010/NĐ-CP).

2. This Circular does not apply to:

a) Mortgaging future residential properties built on land legally owned by households or individuals to borrow funds from credit institutions;

b) Mortgaging property rights arising from contracts for purchasing future residential properties to borrow funds from credit institutions.

Article 2. Applicability

1. Organizations and individuals purchasing future residential properties from real estate businesses in housing development projects (including organizations and individuals receiving transfers of purchase contracts for residential properties) and mortgaging them to borrow funds to purchase the same residential properties or other residential properties from real estate businesses in housing development projects.

2. Credit institutions established and operating in accordance with the Law on Credit Institutions.

3. Real estate businesses having future residential properties in housing development projects sold to organizations and individuals eligible to own residential properties in Vietnam according to the law.

4. Organizations practicing notarization.

5. Land Registration Office under the Department of Natural Resources and Environment of provinces and centrally-administered cities; Land Registration Office under the District, County, City, and Town Departments of Natural Resources and Environment under provinces; District, County, City, and Town Departments of Natural Resources and Environment under provinces where Land Registration Offices have not been established (hereinafter referred to as Land Registration Office).

6. Property Transaction and Asset Registration Center of the National Property Transaction Registration Department under the Ministry of Justice (hereinafter referred to as Property Transaction and Asset Registration Center).

7. Other organizations and individuals related to mortgaging future residential properties as stipulated in this Circular.

Article 3. Explanation of Terms

In this Circular, the following terms are understood as follows:

1. Future residential properties used as collateral are residential properties purchased by organizations and individuals from real estate businesses in housing development projects at the time of establishing the mortgage contract, which are still under construction according to approved design documents and construction permits (if required) or have completed construction according to the law but have not yet received certificates of land use rights, ownership of houses, and other assets attached to the land (hereinafter referred to as Certificates).

2. Real estate business is a company or cooperative established and operating in accordance with the Law on Enterprises, Investment Law, and Law on Cooperatives, having the function of engaging in real estate business as prescribed by law, being the main investor of housing construction projects or purchasing residential properties from the main investors of housing construction projects to sell to customers.

3. Mortgage contract for future residential properties (hereinafter referred to as mortgage contract) is a written agreement between organizations and individuals stipulated in Clause 1 Article 2 of this Circular (mortgagor) and credit institutions stipulated in Clause 2 Article 2 of this Circular (mortgagee) to establish, change, or terminate the rights and obligations of the parties regarding the mortgage of future residential properties.

4. The scope of guarantee obligations of the mortgagor towards the mortgagee includes the loan amount (principal debt), interest on the loan, overdue interest, and related fees for the loan (if any) agreed upon by the parties in compliance with the law.

5. Future residential mortgage registration is the act of the competent authority registering future residential mortgages by recording information about future residential mortgages in the mortgage registration book, confirming the registration of future residential mortgages on the mortgage registration request form, including: initial registration, change registration, registration of notification documents for collateral asset processing, and cancellation of mortgage registration.

6. Transfer of future residential mortgage registration, transfer of mortgage registration of rights arising from future residential purchase contracts is the act of the Land Registration Office confirming the mortgage registration content of future residences in the land registry book, the supplementary page of the Certificate of Ownership, and the Mortgage Transfer Registration Form in cases where future residential mortgages have been registered according to this Circular or where mortgage rights arising from future residential purchase contracts have been registered according to the law but at the time of issuance of the Certificate of Ownership, the mortgage registration has not yet been canceled.

Article 4. Principles for implementing future residential mortgages

1. Credit organizations accepting future residential mortgages from organizations and individuals to provide loans for purchasing houses from real estate businesses must comply with the provisions of this Circular and other relevant laws.

2. Future residential mortgages can only be implemented when such residences meet all the mortgage conditions stipulated in Article 6 of this Circular.

3. The value of future residential properties used for mortgage shall be agreed upon by both parties based on the value of the property determined at the time of signing the house purchase contract.

4. The mortgage contract must be notarized and registered as a security transaction in accordance with the provisions of this Circular.

5. The mortgagor may only mortgage future residential properties to one credit organization to obtain a loan to purchase houses in real estate development projects.

6. In cases where future residential properties are already mortgaged under the form of mortgage rights arising from future residential purchase contracts, they shall not be further mortgaged to credit organizations as stipulated in this Circular. In cases where future residential properties are already mortgaged in accordance with this Circular, they shall not be further mortgaged under the form of mortgage rights arising from future residential purchase contracts.

7. If a real estate development project has already been mortgaged by a real estate business to fulfill other civil obligations, the real estate business must complete the procedures to change the content of the previously registered mortgage (reducing the collateral assets) before selling houses in that project to organizations or individuals.

8. Prior to the issuance of the Certificate of Ownership, the mortgagor and the mortgagee may agree to amend the content of the previously signed mortgage contract or sign a new mortgage contract.

9. The competent authority for mortgage registration shall implement the registration of future residential mortgages based on the information declared on the registration request form. The person requesting registration shall declare the registration dossier and bear legal responsibility for the legality and accuracy of the declared information and all types of documents and papers in the registration dossier.

Article 5. Types of future housing that can be mortgaged

Future housing that can be mortgaged for loans according to this Circular includes commercial housing and social housing as defined by laws on housing, specifically:

1. Apartment units built within a housing development project;

2. Individual houses (including villas and attached houses) built within a housing development project.

Article 6. Conditions for future housing to be mortgaged

Future housing to be mortgaged at credit institutions must meet the following conditions:

1. It has been approved for technical design, the foundation construction has been completed, the purchase and sale procedures have been finalized, and there is a signed purchase and sale contract with a real estate business enterprise in accordance with laws on housing, or the housing has been handed over to the buyer but has not yet received a Certificate of Ownership from the competent state authority as prescribed by law;

2. It is not subject to seizure for enforcement of judgments or administrative decisions of the competent state authority concerning housing that has been handed over to the buyer but has not yet received a Certificate of Ownership from the competent state authority as prescribed by law;

3. It belongs to a housing development project which has been granted a Certificate of Ownership or a land allocation decision by the competent state authority to the project's developer in accordance with laws on housing development projects.

Article 7. Mortgage Documents for Future Housing

The mortgage documents for future housing to obtain loans from credit institutions include the following papers:

1. In cases where future housing under construction is mortgaged, the mortgage documents shall include:

a) A purchase and sale contract signed between the mortgagor and the real estate business enterprise in compliance with laws on housing (one original copy); receipts and invoices issued by the real estate business enterprise (one original copy, if available). If the future housing is purchased by the real estate business enterprise from the developer to resell to customers, then an additional purchase and sale contract signed between the developer and the enterprise (one certified copy) is required. If the mortgagor is the transferee of the purchase and sale contract, then an additional original transfer agreement of the purchase and sale contract in compliance with laws on housing is also required;

b) A mortgage contract in compliance with the law;

c) An acceptance record confirming the completion of foundation construction in compliance with construction laws (one certified copy);

d) A confirmation of transaction through a real estate trading floor in compliance with laws on real estate business or listed in the maximum distribution list up to 20% of housing products as recognized by the Construction Department where the housing project is located, if it is commercial housing (one original copy);

đ) One of the types of documents specified in Clause 3 of Article 6 of this Circular (one certified copy).

2. In cases where future housing that has been handed over is mortgaged, the mortgage documents shall include:

a) The types of documents specified in Points a, b, d, and đ of Clause 1 of this Article;

b) A handover record signed between the real estate business enterprise and the mortgagor (one original copy).

Article 8. Rights and obligations of the mortgagor

1. Rights of the Mortgagor:

a) Refuse demands from the mortgagee that are not in accordance with the agreement in the mortgage contract and the provisions of the law;

b) To receive back the documents in the mortgage file as prescribed in Article 7 of this Circular and the Certificate of Ownership (if any) immediately after fully performing the debt repayment obligation to the mortgagee or in the case where the mortgagor replaces the collateral with another security measure or another collateral asset upon the mortgagee's consent;

c) Other rights as prescribed by law;

2. Obligations of the Mortgagor:

a) To comply strictly with the contents agreed upon and recorded in the mortgage contract;

b) To provide a complete mortgage file as prescribed in Article 7 of this Circular;

c) To jointly with the mortgagee carry out notarization of the mortgage contract at organizations practicing notary services and register future housing mortgage according to the provisions of Chapter II and Chapter III of this Circular; to cooperate with the mortgagee to register changes to the registered future housing mortgage when the housing is completed, handed over, and granted the Certificate of Ownership;

d) In the event that the mortgaged housing is damaged, destroyed, or cannot be completed due to objective reasons or construction is halted, the mortgagor must immediately notify the mortgagee and replace it with another asset of equivalent value or supplement/replace with another security measure, except in cases where the parties have agreed otherwise;

đ) To compensate for losses suffered by the mortgagee (if any);

e) To perform other obligations as prescribed by civil law and secured transactions;

Article 9. Rights and obligations of the mortgagee

1. Rights of the Mortgagee:

a) To request the mortgagor to provide a complete set of documents on the mortgaged housing as prescribed in Article 7 of this Circular;

b) To exercise the right to supervise and inspect the process of forming the mortgaged housing;

c) To have the right to revalue the mortgaged property periodically or at any time as stipulated in the mortgage contract to request additional mortgaged assets or other security measures if deemed necessary;

d) To enforce the mortgaged property according to the law in the event that the mortgagor fails to fulfill or does not fully fulfill the obligations agreed upon in the mortgage contract;

đ) To request real estate business enterprises selling houses to the mortgagor to provide information related to the mortgaged house, to cooperate with the mortgagor to handle procedures for issuing the Certificate of Ownership for the mortgaged house, and to facilitate the mortgagee's right to supervise and inspect the process of forming the mortgaged house;

e) To request a notary organization to notarize the mortgage contract;

g) To request the competent authority registering secured transactions to cancel registration or change registration information in cases of modification, supplementation, replacement of mortgaged assets, or disposal, cancellation, or termination of future housing mortgage;

h) Other rights as prescribed by law;

2. Obligations of the Mortgagee:

a) Perform all contents agreed upon in the mortgage contract;

b) To inspect and verify that future housing meets the conditions for mortgage as prescribed in Article 6 of this Circular;

c) Not to obstruct or make difficulties for the completion of construction of the mortgaged housing during supervision and inspection;

d) To return to the mortgagor the documents submitted by the mortgagor in the mortgage file and the Certificate of Ownership (if any) when the mortgagor has fulfilled the debt repayment obligation as agreed in the mortgage contract or in the case where the mortgagor replaces the collateral with another security measure or another collateral asset;

đ) After signing the mortgage contract and registering the mortgage contract, the mortgagee must send a notice to the real estate business enterprise informing them that the buyer of future housing has mortgaged the house;

c) To compensate for losses suffered by the mortgagor (if any);

g) To perform other obligations as prescribed by law.

Article 10. Rights and Obligations of Real Estate Business Enterprises

1. Rights of real estate business enterprises selling future residential properties to organizations and individuals for mortgage purposes at credit institutions:

a) Refuse to provide information and documents related to the mortgage property file that do not comply with this Circular;

b) Require the mortgagor to make payments according to the terms agreed upon in the residential property purchase contract;

c) Other rights as prescribed by law;

2. Obligations of real estate business enterprises selling future residential properties to organizations and individuals for mortgage purposes at credit institutions:

a) Provide complete and truthful documents relevant to the buyer's mortgage process at credit institutions as stipulated in this Circular and laws on secured transactions. Deliver to the mortgagee all documents and materials related to the mortgage property arising after the establishment of the mortgage contract according to the mortgagor's authorization;

b) In cases where the real estate business enterprise has already mortgaged the project to guarantee other civil obligations, before signing the residential property purchase contract, the enterprise must register changes to the previously registered content to reduce the collateral assets consisting of future residential properties sold to the mortgagor in accordance with the law;

c) Upon receiving notification from the mortgagee regarding the mortgage of future residential properties, the real estate business enterprise shall not proceed with the transfer procedures for such future residential properties to any organization or individual without the written consent of the mortgagee;

d) Provide complete legal documentation of the mortgage property to competent authorities for issuing the Certificate of Ownership to the mortgagor or the transferee of the mortgage property when the mortgage property is processed according to the law;

đ) Facilitate the mortgagee's exercise of supervisory and inspection rights over the development process of the mortgage property;

e) Inform the mortgagor and mortgagee about the progress of payment for the purchase of residential properties, construction progress, and completion of the construction of residential properties;

g) Cooperate with the mortgagee to implement loan disbursement according to the law, request cancellation of mortgage registration, and handle mortgaged assets;

h) Fulfill other obligations as prescribed by law.

Article 11. Rights and Obligations of Real Estate Trading Floors for Commercial Residential Properties Used as Collateral

1. Provide information and documents related to future residential properties at the request of the mortgagee or the Construction Department where the project is located and bear responsibility for the information and documents provided by themselves;

2. Refuse to provide information and documents related to the mortgage property file that do not comply with this Circular;

3. Fulfill other rights and obligations as prescribed by law.

Chapter II

PROCEDURES FOR NOTARIZATION OF MORTGAGE CONTRACTS ON FUTURE RESIDENTIAL PROPERTIES

Article 12. Notarization of Pre-drafted Mortgage Contracts

1. The person requesting notarization of the mortgage contract submits a set of notarization application documents including the following papers:

a) Application form for notarization of contracts and transactions (one original copy);

b) Draft of the mortgage contract;

c) Identity documents (one copy);

d) Documents specified in Article 7 of this Circular (one copy), except for the mortgage contract;

đ) Other documents related to the mortgage contract required by law (one copy); if the real estate business enterprise has already mortgaged the investment project for residential construction to guarantee other civil obligations, then a confirmation document reducing the collateral assets consisting of residential properties sold to the mortgagor from the mortgage registration authority is also required;

2. Copies referred to in Clause 1 of this Article are photocopies, prints, typed copies, or computer-printed copies but must contain full and accurate content like the original and do not need certification. When submitting copies, the person requesting notarization must present the original for comparison; in cases where the documents specified in Article 7 of this Circular are certified copies, only these certified copies need to be presented for comparison.

3. The notary receives the application documents and checks the papers in the notarization application. If the application documents are complete and comply with the provisions of the law, they will be accepted and recorded in the notarization register.

4. In cases where there are grounds to believe that the notarization application documents contain unclear issues, the conclusion of the mortgage contract shows signs of coercion, or there are doubts about the civil capacity of the person requesting notarization or whether the mortgaged property meets the conditions for mortgage as stipulated in Article 6 of this Circular, the notary may request the person requesting notarization to clarify or, at the request of the person requesting notarization, conduct verification or require appraisal; if clarification cannot be made, the notary has the right to refuse notarization.

5. The notary reviews the draft of the mortgage contract; if the draft contains clauses violating the law or social morals, or the subject matter of the contract does not match reality, the notary must point out to the person requesting notarization for correction. If the person requesting notarization does not correct it, the notary has the right to refuse notarization.

6. The person requesting notarization reads the draft of the mortgage contract again or the notary reads it aloud to the person requesting notarization. If the person requesting notarization does not understand Vietnamese, an interpreter must be present. The interpreter is responsible for accurately translating the content of the draft contract and the notary's statement to the person requesting notarization and signing each page of the contract as the interpreter. If the person requesting notarization agrees with all the contents in the draft contract, they sign each page of the contract. The notary records the statement and signs each page of the contract.

Article 13. Notarization of mortgage contracts drafted upon request of the person requesting notarization

1. The person requesting notarization shall submit a set of documents as prescribed in Points a, c, d and Point đ Clause 1 Article 12 of this Circular and state the contents and intention to conclude the mortgage contract.

2. The notary shall perform the tasks prescribed in Clauses 2, 3 and 4 Article 12 of this Circular. In case the contents and intention to conclude the mortgage contract are genuine, do not violate the law, and do not contravene social morals, the notary shall draft the mortgage contract.

3. The person requesting notarization shall read the draft mortgage contract themselves or the notary shall read it aloud for the person requesting notarization. In case the person requesting notarization does not understand Vietnamese, there must be an interpreter. The interpreter is responsible for accurately translating the contents of the draft contract and the notary's statement to the person requesting notarization and signing each page of the mortgage contract as the interpreter. If the person requesting notarization agrees with all the contents in the draft mortgage contract, they shall sign each page of the contract. The notary shall record the statement and sign each page of the contract.

Article 14. Other procedures for notarizing mortgage contracts

Other procedures for notarizing mortgage contracts include: notarization authority; time limit for notarization; place of notarization; handwriting, signature, thumbprint, technical corrections in the notarized document; amendment, supplementation, cancellation of mortgage contracts shall be carried out in accordance with the law on notarization.

Article 15. Obligations of organizations practicing notarization and notaries

1. Organizations practicing notarization have the obligation to notarize mortgage contracts upon request of the person requesting notarization when having complete valid documents as prescribed in this Circular.

2. When performing notarization of mortgage contracts, notaries must comply with the provisions of this Circular and relevant laws, and bear responsibility under the law for the notarized document.

Chapter III

REGISTRATION AND PROVISION OF INFORMATION ON MORTGAGE OF HOUSING TO BE FORMED IN THE FUTURE

Article 16. Authority receiving applications, registering mortgage of housing to be formed in the future and transferring mortgage registration

1. In cases where administrative procedures are implemented through a single-window mechanism, the unit receiving and delivering results of administrative procedures through the single-window mechanism (hereinafter referred to as the single-window unit) shall be the authority receiving the application for mortgage registration and transferring it to the mortgage registration authorities as prescribed in Clauses 2 and 3 of this Article. In cases where administrative procedures are not implemented through a single-window mechanism, the mortgage registration authority shall receive the application for mortgage registration.

2. The Land Registration Office under the Department of Natural Resources and Environment of the province or centrally-administered city where the housing to be formed in the future is located shall implement the registration of mortgage of housing to be formed in the future and transfer mortgage registration for cases where the mortgagor is a domestic organization, overseas Vietnamese residing abroad implementing investment projects in Vietnam, foreign individuals, or foreign organizations.

3. The Land Registration Office under the District, County, Town, City-level Department of Natural Resources and Environment where the housing to be formed in the future is located, or the District, County, Town, City-level Department of Natural Resources and Environment where the housing to be formed in the future is located in cases where the Land Registration Office has not been established, shall implement the registration of mortgage of housing to be formed in the future and transfer mortgage registration for cases where the mortgagor is a domestic household, individual, overseas Vietnamese residing abroad purchasing housing attached to residential land use rights in Vietnam.

Article 17. Time of Mortgage Registration and Processing Period for Mortgage Registration Application

1. The time of mortgage registration for future-formed housing to determine the order of priority for payment is the time when the competent authority receives a valid mortgage registration application.

2. The transfer of mortgage registration and correction of errors made by the registration agency shall not change the effective time of mortgage registration according to the law.

3. The processing period for mortgage registration applications for future-formed housing shall be implemented in accordance with the provisions of Article 18 of Decree No. 83/2010/ND-CP dated July 23, 2010 of the Government on mortgage registration (hereinafter referred to as Decree No. 83/2010/ND-CP).

Article 18. Fees for Mortgage Registration of Future-Formed Housing

The level of fees for registration, collection, management, and use of fees for mortgage registration of future-formed housing shall be carried out in accordance with the provisions of Circular Joint No. 69/2011/TTLT-BTC-BTP dated May 18, 2011 of the Ministry of Finance and the Ministry of Justice guiding the collection, submission, management, and use of fees for mortgage registration, information provision fees on mortgage transactions, and customer service fees.

Article 19. Initial Mortgage Registration Application Documents

The initial mortgage registration application documents for future-formed housing include:

1. A request form for mortgage registration established according to Model No. 01/ĐKTC-NTL attached hereto (one original copy); in cases where Model No. 01/ĐKTC-NTL is insufficient to declare the registration content, it must be supplemented in Model No. 04/ĐKTC-NTL attached hereto;

2. A mortgage contract with notarization according to this Circular (one original copy);

3. A house purchase contract between individuals or organizations purchasing houses and real estate businesses in accordance with the Law on Housing. In cases where the mortgagor is the transferee of the house purchase contract, there must also be a certified copy of the contract transfer document in accordance with the Law on Housing (one copy);

4. An authorization letter in cases where the person requesting mortgage registration is the authorized person.

Article 20. Documents for Changing Content of Mortgage Registration for Future-Formed Housing

1. Cases of changing the content of mortgage registration for future-formed housing include:

a) Reducing, supplementing, or replacing the mortgagor or mortgagee; changing the name of the mortgagor or mortgagee;

b) Reducing mortgaged property;

c) Supplementing mortgaged property without signing a new mortgage contract;

d) Correcting errors in the declaration content in the request form due to mistakes by the person requesting registration;

đ) Changing other registered contents.

2. Documents for changing the content of mortgage registration for cases specified in Points a, b, c, and đ Clause 1 of this Article include:

a) A request form for changing the content of mortgage registration established according to Model No. 02/ĐKTC-NTL attached hereto; (01 certified copy or 01in cases where Model No. 02/ĐKTC-NTL is insufficient to declare the registration content, it must be supplemented in Model No. 04/ĐKTC-NTL attached hereto;

b) A contract regarding changes in cases where the parties agree to supplement or reduce mortgaged property, or to reduce, supplement, or replace one of the parties signing the mortgage contract (one original copy); c) A document from a state agency or organization with authority regarding changes in one of the registered information: the name or type of business of the mortgagor or mortgagee; one of the parties signing the mortgage contract (one certified copy);;

d) An authorization letter in cases where the person requesting registration is the authorized person. 3. Documents for changing the content of mortgage registration for the case specified in Point d Clause 1 of this Article include:;

b) An authorization letter in cases where the person requesting registration change is the authorized person.

3. The file for registering changes to the mortgage registration content in cases specified in Point d Clause 1 of this Article includes:

a) A request form for changing the content of mortgage registration established according to Model No. 02/ĐKTC-NTL attached hereto; (01 certified copy or 01;

b) Power of attorney in the case where the person requesting the change registration is the authorized representative.

Article 21. Documents for Requesting Correction of Errors in Mortgage Registration Content Due to the Registering Authority's Mistakes

When discovering errors in the registered content due to the registering authority's mistakes, the person requesting registration shall submit the following documents for correction of errors:

1. A request for correction of errors according to Form No. 02/ĐKTC-NTL attached hereto. (01 certified copy or 01:

2. The registration request form that has been certified by the registering authority, wherein the certification content contains errors. (01 certified copy or 01;

3. An authorization document in cases where the person requesting correction of errors is the authorized person. 3. Documents for changing the content of mortgage registration for the case specified in Point d Clause 1 of this Article include:.

Article 22. Documents for Cancellation of Mortgage Registration

Documents for cancellation of mortgage registration include:

1. A request for cancellation of future residential property mortgage registration according to Form No. 05/ĐKTC-NTL attached hereto. (01 certified copy or 01;

2. An agreement on cancellation of mortgage from the mortgagee in cases where the person requesting cancellation of mortgage registration is the mortgagor. (01 certified copy or 01;

3. An authorization document in cases where the person requesting cancellation of mortgage registration is the authorized person.

Article 23. Documents for Registration of Notification Regarding the Disposal of Mortgaged Future Residential Property

Documents for registration of notification regarding the disposal of mortgaged future residential property include:

1. A request for registration of notification regarding the disposal of mortgaged future residential property according to Form No. 03/ĐKTC-NTL attached hereto; (01 certified copy or 01if Form No. 03/ĐKTC-NTL is insufficient to declare the registration content, additional declaration shall be made in Form No. 04/ĐKTC-NTL attached hereto;

2. A notification regarding the disposal of mortgaged future residential property. (01 certified copy or 01;

3. An authorization document in cases where the person requesting registration is the authorized person.

Article 24. Documents for Transfer of Mortgage Registration of Future Residential Property

1. Documents for requesting transfer of mortgage registration for future residential property registered for mortgage in accordance with this Circular include:

a) A request for transfer of mortgage registration for future residential property according to Form No. 06/ĐKTC-NTL attached hereto; (01 certified copy or 01if Form No. 06/ĐKTC-NTL is insufficient to declare the registration content, additional declaration shall be made in Form No. 04/ĐKTC-NTL attached hereto;

b) An authorization document in cases where the person requesting correction of errors is the authorized person.

2. Documents for requesting transfer of mortgage registration for future residential property registered for mortgage in accordance with the law on mortgage rights arising from contracts for the sale of future residential property include:

a) A request and authorization document (if applicable) as prescribed in Clause 1 of this Article;

b) A document providing information on the mortgage of rights arising from contracts for the sale of future residential property issued by the Real Estate Transaction Registration Center, (01 certified copy or 01 or a Certificate of Security Interest Registration issued by the Real Estate Transaction Registration Center, 3. Documents for changing the content of mortgage registration for the case specified in Point d Clause 1 of this Article include:or a Certificate of Change in Registered Mortgage Content (if applicable) (one copy).

Article 25. Procedures for Registration of Mortgage of Future Residential Property and Correction of Errors Due to the Registering Authority's Mistakes

1. The person requesting registration of mortgage of future residential property shall submit the documents at the competent authority receiving the documents in accordance with this Circular.

2. The receipt of documents at the Land Use Right Registration Office shall be carried out as follows:

a) Verify the validity of the documents; in cases where the documents are incomplete, the document reception officer shall refuse to accept the documents and guide the person requesting registration to comply with the regulations;

b) Record the time of receipt of the documents (hour, minute, day, month, year) on the Request for Registration Form and the Receipt Form; sign and write clearly the full name in the section of the document reception officer; issue the Receipt Form to the person requesting registration;

c) Record the information of document receipt in the Land Use Right Registration and Attached Asset Mortgage Registration Receipt Book according to Form No. 09/STN issued together with Joint Circular No. 20/2011/TTLT-BTP-BTNMT dated November 18, 2011 of the Ministry of Justice and the Ministry of Natural Resources and Environment guiding the registration of mortgage of land use rights and attached assets (hereinafter referred to as Joint Circular No. 20/2011/TTLT-BTP-BTNMT).

3. The receipt of documents at the one-stop service window shall be carried out as follows:

a) Perform the procedures prescribed in Points a and b of Clause 2 of this Article;

b) Record the information of document receipt in the one-stop service window receipt book;

c) Transfer the documents to the Land Use Right Registration Office. The Land Use Right Registration Office shall perform the tasks prescribed in Point c of Clause 2 of this Article.

4. After receiving the documents, the Land Use Right Registration Office shall check the documents; confirm the mortgage registration request form, make a true copy of the original request form to keep the file; record the mortgage registration information in the Mortgage Registration Book of Future Residential Property according to Form No. 07/ĐKTC-NTL attached hereto; transfer the original confirmed request form to the authority or department receiving the documents and results of registration to hand over to the person requesting registration.

In cases where there are grounds to refuse registration in accordance with Clause 1 of Article 11 of Decree No. 83/2010/NĐ-CP, the Land Use Right Registration Office shall refuse registration in writing and transfer the registration documents and the refusal letter to the authority or department receiving the documents to return the registration documents and guide the person requesting registration to comply with the regulations.

5. In cases where the mortgage registration authority discovers errors in the mortgage registration information content, it shall correct the mortgage registration information in the mortgage registration documents, Mortgage Registration Book of Future Residential Property, and send a notification letter about the correction of the registration information to the mortgage registrant.

Article 26. Procedure for Transferring Mortgage Registration

1. The transfer of mortgage registration shall be carried out before issuing the Certificate of Conformity to the grantee. The application dossier for transferring mortgage registration shall be submitted together with the application dossier for issuing the Certificate of Conformity.

2. The Land Registration Office shall base on the mortgage registration dossier of future housing projects, the application dossier for transferring mortgage registration, and implement the transfer of mortgage registration by confirming the mortgage registration content in the Land Book and the supplementary page of the Certificate of Conformity.

3. In cases where the mortgage registration is transferred for housing that has been registered under the mortgage regulations arising from future housing purchase contracts, after confirming the mortgage registration content in the Land Book and the supplementary page of the Certificate of Conformity, the Land Registration Office shall confirm the completion of the mortgage registration transfer on the request form for transferring mortgage registration, make a certified copy of the confirmed request form for transferring mortgage registration to file the dossier, and send the original confirmed request form for transferring mortgage registration as a notification document to the Registration Center for transactions and assets in accordance with Article 28 of this Circular.

Article 27. Establishment, Supplement, and Management of the Mortgage Registration Dossier for Future Housing Projects

1. The mortgage registration dossier for future housing projects includes the initial mortgage registration dossier, the dossier for changing mortgage registration content, the dossier for canceling mortgage registration, the dossier for notifying the handling of mortgaged property, and the dossier for transferring mortgage registration. Documents are kept in the dossier bag; the list of documents in the dossier is established and supplemented according to the chronological order of document generation and is stored together with the dossier.

2. The authority responsible for registering mortgage for future housing projects shall be responsible for establishing, supplementing, and managing the mortgage registration dossier for future housing projects, and the Mortgage Registration Book for future housing projects. The management of the Register for receiving dossiers for registering land use rights and assets attached to land shall be implemented in accordance with Circular Joint Circular No. 20/2011/TTLT-BTP-BTNMT.

Article 28. Information Exchange Between the Land Registration Office and the Registration Center for Transactions and Assets

1. At least one working day before issuing the Certificate of Conformity, the Land Registration Office shall send a notification document regarding the transfer of mortgage registration in accordance with Clause 3 of Article 26 of this Circular via postal service, fax, or email to the Registration Center for transactions and assets that have issued the registration certificate for security transactions.

2. On the same day upon receipt of the notification document regarding the transfer of mortgage registration from the Land Registration Office or at the latest on the following working day, the Registration Center for transactions and assets shall carry out the cancellation of the mortgage registration arising from future housing purchase contracts in accordance with the law and send a notification document regarding the cancellation of security transaction registration via postal service, fax, or email to the Land Registration Office to file the mortgage registration dossier.

Article 29. Provision of Information on Mortgage of Future Housing

The provision of information on mortgage of future housing shall be carried out in accordance with Chapter III of Decree No. 83/2010/NĐ-CP and the regulations of the Ministry of Natural Resources and Environment.

Chapter IV

IMPLEMENTING PROVISIONS

Article 30. Responsibilities of the State Bank of Vietnam Branches in Provinces and Central Cities

Implement inspection, supervision, and audit within their authority regarding the implementation of this Circular and report and propose to competent authorities for handling issues arising during the implementation of this Circular.

Article 31. Responsibilities of Construction Departments in Provinces and Central Cities

1. Publicize on the Construction Department's electronic portal all relevant information about housing construction investment projects in their jurisdiction immediately after the project has been approved by the competent authority and maintain the publication period throughout the project implementation.

2. Provide information at the request of the mortgagee on the progress of housing construction investment projects in their jurisdiction, including projects that have announced sales according to housing laws.

3. Coordinate with functional agencies to implement inspections and monitor, handle violations within their authority or propose competent authorities to handle violations in housing development activities by organizations and individuals, and simultaneously inform credit institutions operating in their jurisdiction about these violations.

Article 32. Responsibilities of Justice Departments in Provinces and Central Cities

1. Direct notary organizations in their jurisdiction to perform notarization of mortgage contracts of future housing in accordance with this Circular.

2. Resolve or report to the Ministry of Justice for handling difficulties encountered during the process of notarizing mortgage contracts of future housing.

Article 33. Responsibilities of Natural Resources and Environment Departments in Provinces and Central Cities

1. Guide the provincial and district land registration offices to perform the following tasks:

a) Register mortgage of future housing and transfer mortgage registration in accordance with this Circular;

b) Provide information on mortgage registration of future housing upon request of organizations and individuals.

2. Resolve or report to the Ministry of Natural Resources and Environment for handling difficulties encountered during the process of registering mortgage and transferring mortgage registration of future housing.

3. For localities where land registration offices under the Natural Resources and Environment Departments have been established, the land registration office or its branch shall perform the duties of the land registration office as stipulated in this Circular in accordance with the authority prescribed by land laws.

Article 34. Implementation Organization

1. This Circular takes effect from June 16, 2014, and replaces Joint Circular No. 05/2007/TTLT-BTP-BXD-BTNMT-NHNN dated May 21, 2007, issued by the Ministry of Justice, the Ministry of Construction, the Ministry of Natural Resources and Environment, and the State Bank of Vietnam guiding certain contents on mortgage registration.

2. State Bank branches in provinces and central cities, Construction Departments, Justice Departments, Natural Resources and Environment Departments; Chairmen of the Board of Directors, Chairmen of the Board of Members, and General Managers (Directors) of credit organizations; real estate trading floors, notary organizations, land registration offices, and related organizations and individuals are responsible for implementing this Circular.

3. During the implementation, if there are difficulties or obstacles, organizations and individuals should promptly reflect them to the State Bank of Vietnam, the Ministry of Construction, the Ministry of Justice, and the Ministry of Natural Resources and Environment for consideration and resolution./.