Law on Real Estate Business number 63/2006/QH11

LAW

REAL ESTATE BUSINESS

_____________

 

WHEREAS, the Constitution of the Socialist Republic of Vietnam in 1992 has been amended and supplemented according to Resolution No. 51/2001/QH10 dated December 25, 2001 of the Tenth National Assembly, tenth session;

 

This Law regulates real estate business activities.

PART I

GENERAL PROVISIONS

Article 1. Scope of application

This Law regulates real estate business activities; rights and obligations of organizations and individuals engaged in real estate business and real estate transactions related to real estate business.

Article 2. Applicability

1. Organizations and individuals conducting real estate business in Vietnam.

2. Organizations and individuals related to real estate business activities in Vietnam.

Article 3. Application of laws

1. Real estate business activities and management of real estate business activities must comply with the provisions of this Law and other relevant laws.

2. In cases where special provisions on real estate business are stipulated in other laws, such provisions shall apply.

3. In cases where international treaties to which the Socialist Republic of Vietnam is a party provide different provisions from those of this Law, the provisions of such international treaties shall apply.

Article 4. Definitions

In this Law, the following terms shall be understood as follows:

1. Real estate business includes real estate business and real estate service business.

2. Real estate business means investing capital to create, purchase, receive transfer of, lease, or lease-purchase real estate for sale, transfer, lease, sublease, or lease-purchase for profit-making purposes.

3. Real estate service business includes supporting activities for real estate business and the real estate market, including real estate brokerage services, real estate valuation services, real estate trading floors, real estate advisory services, real estate auctions, real estate advertising services, and real estate management services.

4. Real estate transactions related to real estate business means transactions involving the purchase, sale, transfer, lease, or lease-purchase of real estate between organizations and individuals not engaged in real estate business and those engaged in real estate business.

5. Real estate trading floor is the place where real estate transactions take place and provides services for real estate business.

6. Real estate auction means the public sale of real estate to select the buyer who offers the highest price for the real estate through the asset auction procedure.

7. Deferred payment for real estate purchase and transfer means the purchase and transfer of real estate where the buyer or transferee is allowed to pay the purchase price or transfer price in deferred or installment payments as agreed upon in the contract.

8. Sale of houses and construction projects to be formed in the future means the sale of houses and construction projects that have not yet been formed or are being formed according to project files, design drawings, and specific progress schedules at the time of signing the contract.

9. Real estate valuation is the activity of consulting and determining the value of a specific piece of real estate at a given point in time.

10. Real estate valuation certificate is the document expressing the result of real estate valuation prepared by organizations or individuals engaged in real estate service valuation upon request of customers.

11. Real estate management service is the activity of organizations or individuals engaged in real estate service business authorized by the owner or user of real estate to perform preservation, maintenance, supervision, operation, and exploitation of real estate according to the real estate management contract.

12. Lease-purchase of house, construction project Lease-purchase arrangement

Article 5. is a form of real estate business where the lessee becomes the owner of the house or construction project being leased-purchased after fully paying off the lease-purchase price as stipulated in the lease-purchase contract.

Principles of real estate business operations

1. Organizations and individuals engaged in real estate business are equal before the law; they freely negotiate based on respecting the rights and legitimate interests of all parties involved in real estate business through contracts, without contravening the provisions of the law.

2. Real estate put into business must meet the conditions stipulated by this Law and other relevant laws.

Article 6. Types of real estate eligible for business

1. Types of real estate eligible for business include:

a) Houses and construction projects as prescribed by laws on construction;

b) Land use rights participating in the real estate market as prescribed by laws on land;

c) Other types of real estate as prescribed by laws.

2. Based on the economic and social development situation, the real estate market, and the integration process into the international economy, the Government shall specify the detailed list of types of real estate prescribed in Clause 1 of this Article eligible for business.

Article 7. Conditions for immovable property to be put into business

1. Houses and construction works to be put into business must meet the following conditions:

a) Belong to objects permitted to be put into business;

b) For new houses and construction works, they must ensure quality in accordance with laws on construction; for used houses and construction works, the quality requirements shall be agreed upon by the parties in the contract;

c) Not involved in disputes over ownership rights;

d) Not seized for enforcement of judgments or administrative decisions of competent state agencies;

đ) Not located in areas prohibited from construction according to laws on construction;

e) Have documents including certificates of ownership of houses and construction works and land use rights or legal documents proving ownership and land use rights in accordance with laws for existing houses and construction works; construction permits or project files and approved design drawings for ongoing construction works; design drawings, completion files, and acceptance handover records for new urban area projects, housing projects, and industrial infrastructure projects without ownership certificates; project files, design drawings, and approved construction progress for future construction works.

2. Land use rights to be put into business must meet the following conditions:

a) Belong to objects permitted to be put into business;

b) Have legal documents proving land use rights in accordance with laws;

c) Not involved in disputes;

d) Within the period of land use;

đ) Not seized for enforcement of judgments or administrative decisions of competent state agencies;

e) In cases of transferring or leasing land use rights in new urban area projects, housing projects, and industrial infrastructure projects, corresponding infrastructure works must be completed in accordance with the approved content and progress of the projects.

3. Other immovable properties specified in point c, Clause 1, Article 6 of this Law, when being put into business, must meet the conditions prescribed by the Government.

Article 8. Conditions for organizations and individuals engaging in real estate business

1. Organizations and individuals engaging in real estate business must establish a company or cooperative, have the statutory capital, and register for real estate business in accordance with the law.

2. Organizations and individuals engaging in real estate service business must establish a company or cooperative, register for real estate service business in accordance with the law, except in cases provided for in Clause 3 of this Article.

Organizations and individuals engaging in real estate brokerage services must have at least one person holding a real estate broker certificate; those engaging in real estate valuation services must have at least two persons holding real estate valuation certificates; those engaging in real estate trading floor services must have at least two persons holding real estate broker certificates, and if providing real estate valuation services, they must have at least two persons holding real estate valuation certificates.

3. Individuals independently engaging in real estate brokerage services must register for business in accordance with the law and hold a real estate broker certificate.

Article 9. Scope of real estate business activities of domestic organizations and individuals

1. Domestic organizations and individuals may engage in real estate business within the following scope:

a) Investing in creating houses and construction works for sale, lease, or lease-purchase;

b) Purchasing houses and construction works for sale, lease, or lease-purchase;

c) Leasing houses and construction works for sublease;

d) Investing in land improvement and constructing infrastructure on leased land for leasing developed land;

đ) Acquiring land use rights, investing in infrastructure for transfer or lease; leasing developed land for sublease.

2. Domestic organizations and individuals may engage in real estate service business within the following scope:

a) Real estate brokerage services;

b) Real estate valuation services;

c) Real estate trading floor services;

d) Real estate advisory services;

đ) Real estate auction services;

e) Real estate advertising services;

g) Real estate management services.

Article 10. Scope of real estate business activities of foreign organizations and individuals, overseas Vietnamese

1. Foreign organizations and individuals, overseas Vietnamese may engage in real estate business and real estate service business within the following scope:

a) Investing in creating houses and construction works for sale, lease, or lease-purchase;

b) Investing in land improvement and constructing infrastructure on leased land for leasing developed land;

c) Engaging in real estate service business as stipulated in Clause 2, Article 9 of this Law.

2. Besides the scope prescribed in Clause 1 of this Article, based on the provisions of this Law, the Land Law, the Housing Law, the Investment Law, and related legal documents, the Government shall prescribe other real estate business activities of foreign organizations and individuals, overseas Vietnamese that are appropriate to the economic and social conditions at each stage and the process of international economic integration.

Article 11. Disclosure of information about immovable property put into business

1. Organizations and individuals engaged in real estate business have the responsibility to disclose information about immovable property put into business.

2. Information about immovable property shall be disclosed at real estate trading floors and through mass media.

3. The content of information about immovable property includes:

a) Type of real estate;

b) Location of real estate;

c) Information on planning related to real estate;

d) Scale and area of immovable property;

đ) Characteristics, nature, usage functions, and quality of immovable property;

e) Current status of infrastructure works and technical and social services related to immovable property;

g) Legal status of immovable property including documents and papers regarding ownership and use rights of immovable property and papers related to the creation of immovable property; history of ownership and use of immovable property;

h) Restrictions on ownership and use rights of real estate (if any);

i) Selling price, transfer price, rental price, and lease-purchase price of immovable property;

k) Rights and interests of third parties related to immovable property;

l) Other information.

Article 12. Policies for investment in real estate business

1. The State encourages organizations and individuals of various economic sectors to invest in real estate business in line with national economic and social development goals at each stage and in each locality.

2. The State encourages and implements policies to support organizations and individuals engaged in real estate business to invest in establishing housing funds for sale on installment, gradual payment, rental, or lease-purchase for war veterans, the poor, low-income earners; investing in infrastructure for industrial zones for leasing land to serve production.

3. The State invests in constructing technical infrastructure projects outside the perimeter of the project; social infrastructure projects and state administrative office buildings within the scope of the project; and supports investment in technical projects inside the perimeter for projects that enjoy preferential investment policies.

4. The State invests and encourages organizations and individuals to invest in urban public service projects related to real estate business investment projects.

5. The People's Committee at the location of the real estate business investment project shall be responsible for creating conditions for the project investor to implement land clearance.

6. The State exempts or reduces land use fees and land rent for areas of construction of infrastructure projects transferred to the State, non-commercial infrastructure projects, and apartment buildings serving policy beneficiaries.

7. State credit institutions provide preferential loans for investment in projects to construct housing for lease, lease-purchase, and sale to war veterans, the poor, low-income earners, students, and workers in industrial zones and export processing zones.

8. The State establishes mechanisms and policies to stabilize the real estate market when there are fluctuations, ensuring benefits for investors and customers.

Article 13. Responsibilities for State Management of Real Estate Business Activities

1. The Government exercises unified State management over real estate business activities.

2. The Ministry of Construction is responsible before the Government for implementing State management over real estate business activities.

3. Ministries and ministerial-level agencies within their respective duties and powers shall cooperate with the Ministry of Construction to implement State management over real estate business activities according to the division of labor by the Government.

4. People's Committees at all levels shall be responsible for implementing State management over real estate business activities within their jurisdiction according to the division of labor by the Government.

Article 14. Purchase and Sale of Real Estate on Advance Payment Basis, Installment, or Gradual Payment

1. The real estate project investor and customer may agree in the contract on the purchase and sale of houses or future construction projects on an advance payment basis and must ensure the following principles:

a) Advance payments may be made in multiple installments, with the first installment only being allowed once the investor has constructed the necessary infrastructure for the real estate according to the approved project content and schedule, subsequent collections must align with the progress of real estate development;

b) The investor must use the advance payment from the customer strictly for the purpose of developing real estate;

c) The customer making advance payments enjoys the purchase or transfer price of the real estate at the time of signing the contract, except where the parties have agreed otherwise;

d) In case the investor delivers real estate later than stipulated in the contract, they must bear responsibility towards the customer according to the contract and pay the customer interest on the advance payment amount calculated based on the commercial bank loan interest rate at the time of delivery corresponding to the delay period;

đ) In case the customer fails to fulfill the commitment regarding advance payments as stipulated in the contract, they must bear responsibility towards the investor according to the contract and pay the investor interest on the overdue amount calculated based on the commercial bank loan interest rate at the time of payment corresponding to the delay period;

e) The selection of the commercial bank loan interest rate specified in points d and đ of this clause must be agreed upon in the contract.

2. The parties may agree in the contract on the purchase and sale or transfer of real estate on an installment or gradual payment basis and must ensure the following principles:

a) The amount of installment or gradual payment; the time frame for installment or gradual payment must be agreed upon in the contract;

b) The seller or transferor retains ownership and usage rights over the real estate until the buyer or transferee has fully paid and fulfilled other contractual obligations, except where the parties have agreed otherwise;

c) The buyer or transferee of real estate may use the real estate and acquire ownership and usage rights after having fully paid and fulfilled other contractual obligations, except where the parties have agreed otherwise.

Article 15. Real Estate Association

1. The Real Estate Association is established voluntarily by organizations and individuals engaged in real estate business. The Real Estate Association protects the legitimate rights and interests of its members, participates in building, promoting, and disseminating laws on real estate business, contributing to the development of a healthy real estate market.

2. The organization and operation of the Real Estate Association shall be carried out in accordance with the provisions of the Law on Associations.

Article 16. Prohibited Acts

1. Engaging in real estate business without registration; brokerage or valuation of real estate without certification as prescribed by this Law.

2. Providing false information about real estate.

3. Fraud or deception in real estate business activities.

4. Raising or misappropriating funds of buyers, lessees, lease-purchasers of real estate, or investors in real estate business improperly.

5. Failing to fulfill financial obligations to the State.

6. Exploiting preferential policies of the State to engage in illegal real estate business.

7. Issuing real estate brokerage certificates or real estate valuation certificates not in accordance with the provisions of this Law.

8. Charging fees, levies, and other amounts related to real estate business activities contrary to the provisions of the law.

9. Using positions or authority for personal gain or improper interference in real estate business activities.

10. Other prohibited acts as prescribed by law.

Article 17. Handling of violations

1. Organizations and individuals violating the provisions of this Law shall be subject to disciplinary action, administrative penalties, or criminal prosecution, if damage is caused, compensation must be provided according to the provisions of the law.

2. Organizations and individuals engaging in real estate business without a Business Registration Certificate shall be suspended from operation, subject to administrative penalties, and required to pay back taxes as prescribed by law.

3. Individuals without a real estate brokerage certificate or a real estate valuation certificate who conduct real estate brokerage or valuation activities shall be suspended from operation, subject to administrative penalties, and shall not be issued such certificates for a period of three years from the date of the penalty decision.

4. Individuals holding a real estate brokerage certificate or a real estate valuation certificate who fail to comply with the contents of their certificates shall be subject to administrative penalties in the form of warnings or fines; if they commit a first repeat offense, they shall also be suspended from operation for one year; if they commit a second repeat offense, their certificates shall be revoked and they shall not be reissued for a period of five years from the date of the penalty decision.

5. The Government shall specify the details regarding administrative penalties in real estate business operations.

Chapter II

REAL ESTATE BUSINESS

Section 1

INVESTMENT IN THE CREATION OF HOUSING AND CONSTRUCTION PROJECTS FOR BUSINESS PURPOSES

Article 18. Investment in the creation of housing and construction projects for business purposes

1. Organizations and individuals engaged in real estate business may invest in creating housing and construction projects for business purposes through the following forms:

a) New construction of housing and construction projects;

b) Renovation and repair of existing housing and construction projects.

2. Organizations and individuals investing in the creation of housing and construction projects for business purposes must be consistent with approved urban planning.

3. Organizations and individuals investing in new urban areas, residential complexes, and industrial infrastructure projects must have investment projects. The selection of project sponsors for new urban area projects, residential complex projects, and industrial infrastructure projects must be carried out in accordance with laws on construction and bidding. Project sponsors must have financial capacity to implement the projects.

Article 19. Rights of sponsors of new urban area projects, residential complex projects, and industrial infrastructure projects

1. Proposing new urban area projects, residential complex projects, and industrial infrastructure projects to competent state agencies for permission to construct and operate for business purposes.

2. Investing in the construction of technical infrastructure projects, construction projects, and housing in accordance with the detailed urban planning at a scale of 1/500 of the project that has been approved by competent state agencies.

3. Participating in land auctioning and bidding for new urban area projects, residential complex projects, and industrial infrastructure projects.

4. Introducing and promoting information about projects they sponsor to attract and call upon other sponsors to invest in the projects.

5. Selling, leasing, or selling on lease housing and construction projects and transferring or leasing land use rights with infrastructure according to the approved project; in case of transferring the entire project to another sponsor, it must be carried out in accordance with Article 21 of this Law.

6. Being exempted, reduced, or allowed to delay payment of land use fees according to the project schedule and the nature of housing and construction projects as prescribed by law.

7. Managing and supervising other sponsors participating in the project to ensure compliance with the approved project and construction laws.

8. Jointly operating and cooperating with domestic organizations and individuals, foreign organizations and individuals, and overseas Vietnamese to implement the project.

9. Raising capital in accordance with the law.

10. Other rights as prescribed by law.

Article 20. Obligations of sponsors of new urban area projects, residential complex projects, and industrial infrastructure projects

1. Preparing detailed urban planning at a scale of 1/500 of the project and submitting it to competent state agencies for approval in accordance with construction laws.

2. Directly investing in the construction of synchronized technical infrastructure systems and connecting them with surrounding infrastructure systems according to the project schedule; constructing housing and construction projects in accordance with the approved planning and content of the project.

3. Ensuring financial sources to implement the project according to the approved schedule; in cases where advance payments from customers are collected, it must be carried out in accordance with Clause 1 of Article 14 of this Law.

4. Managing the construction of housing and construction projects within the project they sponsor and those sponsored by other investors in accordance with the detailed urban planning at a scale of 1/500 and other contents of the approved project.

5. Being responsible for the quality of housing and construction projects in accordance with construction laws.

6. Selling, leasing, or selling on lease housing and construction projects, transferring or leasing land use rights with infrastructure according to the approved project.

7. Processing procedures to establish land use rights, ownership rights of housing and construction projects sold or transferred to customers; processing procedures to transfer technical infrastructure projects according to the approved project.

8. Storing and archiving project files, design files, and completion files of housing and construction projects in accordance with the law.

9. Implementing reporting systems as prescribed by law and being subject to inspection and supervision by competent state agencies.

10. Other obligations as prescribed by law.

Article 21. Transfer of the entire new urban area project, residential complex project, and industrial infrastructure project

1. The transfer of the entire new urban area project, residential complex project, and industrial infrastructure project must be agreed to in writing by competent state agencies.

2. The transferee sponsor must be an organization or individual engaged in real estate business meeting the conditions stipulated in Clause 1 of Article 8 of this Law. The transferee sponsor is responsible for fulfilling all obligations of the transferring sponsor.

3. The transfer of the entire new urban area project, residential complex project, and industrial infrastructure project must be documented in a written contract.

4. The Government shall specify the details regarding the transfer of the entire new urban area project, residential complex project, and industrial infrastructure project.

Section 2

SALE OF HOUSES AND CONSTRUCTION PROJECTS

Article 22. Principles of buying and selling housing and construction projects

1. Houses and construction works for sale include existing houses and construction works, those under construction, or those to be formed in the future according to approved projects, designs, and progress schedules.

2. Organizations and individuals engaged in real estate business must sell houses and construction works through real estate trading floors.

3. The sale of houses and construction works must be accompanied by the transfer of land use rights as follows:

a) For villas and individual houses in urban areas, the transfer of land use rights must be simultaneous.

b) For other houses and construction works, the transfer of land use rights shall be carried out in accordance with the provisions of the law on land.

In the case of selling condominium units or parts of communal houses, it must be linked to land use rights, common usage parts, and common property installations and equipment within the house.

4. The sale of houses and construction works must be accompanied by documentation regarding the houses and construction works; such documentation includes papers concerning the creation, ownership rights, changes over time, and the legal status of the houses and construction works.

5. The purchase and sale of houses and construction works must be documented in a contract in accordance with this Law and other relevant laws; in cases where the sale involves houses and construction works to be formed in the future, the parties must agree in the contract on the purchase price at the time of signing the contract, regardless of the delivery date of the houses and construction works.

Article 23. Warranty for sold houses and construction works

1. The seller has the responsibility to provide warranty for sold houses and construction works to the buyer, except in cases where both parties have agreed otherwise. The contents, duration, and methods of warranty shall be agreed upon by both parties in the contract.

2. During the warranty period, the seller is responsible for repairing and remedying defects and damages of the houses and construction works and ensuring quality standards as prescribed by law or as agreed in the contract, including installation equipment and common parts of communal houses.

3. For newly constructed houses and construction works, the warranty period shall not be shorter than the warranty period for construction works as prescribed by the law on construction.

Article 24. Rights of the seller of houses and construction works

1. To request the buyer to pay the full amount of money according to the agreed terms and methods in the contract.

2. To request the buyer to accept the houses and construction works according to the agreed terms in the contract.

3. To request the buyer to compensate for losses caused by the buyer's fault.

4. To unilaterally terminate or cancel the contract when the buyer breaches the conditions for unilateral termination or cancellation of the contract as agreed by both parties in the contract or as prescribed by law.

5. Other rights as prescribed by law.

Article 25. Obligations of the seller of houses and construction works

1. To provide complete and truthful information about the houses and construction works and to be responsible for the information provided.

2. To deliver the houses and construction works to the buyer according to the agreed schedule, quality, and other conditions in the contract, along with documentation and usage instructions; to transfer ownership rights of the houses and construction works and land use rights.

3. To provide warranty for sold houses and construction works in accordance with Article 23 of this Law.

4. Compensate for losses caused by their own fault.

5. To fulfill tax obligations and other financial obligations as prescribed by law.

6. Other obligations as prescribed by law.

Article 26. Rights of the buyer of houses and construction works

1. To receive the houses and construction works together with certificates of ownership of the houses and construction works, land use rights, and related documentation.

2. To request the seller to complete the necessary procedures for purchasing and selling houses and construction works; to transfer ownership rights of the houses and construction works linked to land use rights.

3. To request the seller to provide warranty in accordance with Article 23 of this Law.

4. To request the seller to compensate for losses due to the delivery of houses and construction works not being timely, not meeting quality requirements, or failing to meet other commitments in the contract.

5. To unilaterally terminate or cancel the contract when the seller breaches the conditions for unilateral termination or cancellation of the contract as agreed by both parties in the contract or as prescribed by law.

6. Other rights as prescribed by law.

Article 27. Obligations of the buyer of houses and construction works

1. To pay the seller the purchase price according to the agreed terms and methods in the contract.

2. To accept the houses and construction works along with documentation according to the agreed quality and time frame in the contract.

3. To use the houses and construction works according to their intended function and design.

4. Compensate for losses caused by their own fault.

5. Other obligations as prescribed by law.

Section 3

LEASING OF HOUSES AND CONSTRUCTION WORKS

Article 28. Principles of leasing houses and construction works

1. Leased houses and construction works must be existing houses and construction works.

2. Organizations and individuals engaged in real estate business must lease houses and construction works through real estate trading floors.

3. Leased houses and construction works must ensure quality, safety, environmental hygiene, and other necessary services to operate and use normally according to their intended function and design and the agreements in the contract.

4. The leasing of houses and construction works must be documented in a contract in accordance with this Law and relevant laws.

Article 29. Rights of the lessor of houses and construction works

1. To request the lessee to maintain and use the houses and construction works according to their intended function, design, and the agreement in the contract.

2. Require the lessee to pay rent according to the terms and methods agreed upon in the contract.

3. To request the lessee to return the houses and construction works at the end of the lease term.

4. Request the lessee to compensate for damages or repair parts damaged due to the lessee's fault.

5. To unilaterally terminate or cancel the contract when the lessee breaches the conditions for unilateral termination or cancellation of the contract as agreed by both parties in the contract or as prescribed by law.

6. Other rights as prescribed by law.

Article 30. Obligations of the lessor of houses and construction works

1. To provide complete and truthful information about the houses and construction works and to be responsible for the information provided.

2. To deliver the houses and construction works to the lessee according to the contract and guide the lessee to use them according to their intended function and design.

3. To maintain and repair the houses and construction works regularly or according to the agreement in the contract.

4. Compensate for losses caused by their own fault.

5. To fulfill tax obligations and other financial obligations as prescribed by law.

6. Other obligations as prescribed by law.

Article 31. Rights of the lessee of houses and construction works

1. To request the lessor to provide complete and truthful information about the houses and construction works.

2. To accept the houses and construction works according to the lease agreement; to use the houses and construction works during the lease period.

3. Is entitled to sublet part or all of the house or construction project if so agreed in the contract or with the written consent of the lessor.

4. Is entitled to continue leasing under the conditions previously agreed upon with the lessor in case of change of ownership of the house or construction project.

5. May request the lessor to repair the rented house or construction project when it is damaged; may request the lessor to compensate for losses caused by the lessor's fault.

6. Unilaterally terminate or rescind the contract when the lessor breaches the conditions for unilateral termination or rescission of the contract as agreed by both parties in the contract or as provided by law.

7. Other rights as prescribed by law.

Article 32. Obligations of the lessee of the house or construction project

1. To maintain and use the house or construction project according to its intended function, design, and the agreement in the contract.

2. To pay rent and fulfill other obligations as agreed in the contract.

3. To return the house or construction project to the lessor as agreed in the contract.

4. To repair damages to the house or construction project caused by their own fault.

5. Not to alter, renovate, demolish part or all of the house or construction project without the lessor's consent.

6. Compensate for damages caused by their own fault.

7. Other obligations as prescribed by law.

Section 4

PURCHASE LEASE OF HOUSES AND CONSTRUCTION PROJECTS

Article 33. Principles of purchase lease of houses and construction projects

1. Houses and construction projects subject to purchase lease must be existing properties.

2. Houses and construction projects subject to purchase lease must ensure quality, safety, environmental hygiene, and necessary services to operate and use normally according to their intended function, design, and agreements in the contract.

3. Organizations and individuals engaged in real estate business for purchase lease of houses and construction projects must conduct such activities through real estate trading floors.

4. The purchase lease of houses and construction projects must be formalized into a contract in accordance with this Law and other relevant laws.

5. The purchase lease of houses and construction projects must be linked to land use rights and accompanied by documentation on the houses and construction projects.

6. The parties in the purchase lease contract may agree to shorten the term for transferring ownership of the houses and construction projects to the purchaser before the end of the lease period.

Article 34. Rights of the lessor in the purchase lease of houses and construction projects

1. To select and agree with the purchaser in the contract regarding the lease period, the time of transferring ownership of the houses and construction projects.

2. Require the lessee to pay the leasing and purchasing fees according to the agreed time frame and method in the contract.

3. To request the purchaser to provide information about the actual condition of the houses and construction projects during the lease period.

4. Require the lessee to compensate for damages caused by the lessee's fault.

5. Other rights as prescribed by law.

Article 35. Obligations of the lessor in the purchase lease of houses and construction projects

1. To provide complete and truthful information about the houses and construction works and to be responsible for the information provided.

2. To deliver the houses and construction projects on time and in the agreed quality, along with documentation and usage instructions.

3. To transfer ownership of the houses and construction projects to the purchaser at the end of the lease period or as agreed in the contract.

4. To ensure the quality of the houses and construction projects during the lease period in accordance with construction laws or the agreement of the parties in the contract.

5. Compensate for damages caused by their own fault.

6. To fulfill tax obligations and other financial obligations as prescribed by law.

7. Other obligations as prescribed by law.

Article 36. Rights of the purchaser in the purchase lease of houses and construction projects

1. To receive the houses and construction projects according to the agreement in the contract; to use them during the lease period.

2. To receive ownership of the leased houses and construction projects at the end of the lease period or earlier as agreed by the parties in the contract.

3. To sublet part or all of the houses and construction projects or transfer the right to purchase lease to a third party with the consent of the lessor.

4. To request the lessor to provide documentation, usage instructions, and ensure the quality of the houses and construction projects during the lease period in accordance with construction laws or the agreement of the parties in the contract.

5. To request the lessor to transfer ownership of the houses and construction projects together with land use rights and accompanying documentation.

6. To request the lessor to compensate for losses caused by the lessor's fault.

7. Other rights as prescribed by law.

Article 37. Obligations of the purchaser in the purchase lease of houses and construction projects

1. During the lease period, to properly maintain and use the houses and construction projects according to their intended function, design, and the agreement in the contract.

2. Any renovation or repair of the houses and construction projects must be with the consent of the lessor.

3. To pay the purchase lease price of the houses and construction projects according to the agreed terms and methods in the contract.

4. To fulfill obligations upon the expiration of the lease period as stipulated in the contract.

5. Compensate for damages caused by their own fault.

6. Other obligations as prescribed by law.

Chapter III

REAL ESTATE BUSINESS

Article 38. Investment in creating land funds with infrastructure for transfer and lease

1. Organizations and individuals engaged in real estate business may invest in creating land funds with infrastructure for transfer and lease through the following forms:

a) Investing in land improvement and constructing infrastructure to transfer and lease land with existing infrastructure;

b) Investing in infrastructure on transferred land to transfer and lease land with infrastructure;

c) Investing in infrastructure on leased land to lease land with existing infrastructure.

2. Investment in creating land funds with existing infrastructure for transfer and lease must comply with land use planning, construction planning, and related laws.

Article 39. Transfer and lease of land use rights

1. Land use rights can only be transferred or leased if they meet the conditions specified in Clause 2 of Article 7 of this Law.

2. The transfer and lease of land use rights shall be carried out through the following forms:

a) Agreement between the parties;

b) Auction of land use rights.

3. The transfer and lease of land use rights must be formalized into a contract in accordance with this Law and other relevant laws.

Article 40. Rights and obligations of the party transferring land use rights

1. The party transferring land use rights has the following rights:

a) To request the transferee to pay the money according to the agreed terms and methods in the contract;

b) To request the transferee to accept the land according to the agreed time in the contract;

c) Request the transferee to compensate for damages caused by the transferee's fault;

d) Unilaterally terminate or rescind the contract when the transferor breaches the conditions for unilateral termination or rescission agreed upon by both parties in the contract or as stipulated by law;

đ) Other rights as prescribed by law.

2. The land transferor shall have the following obligations:

a) Provide full and truthful information about the land use rights and be responsible for the information provided;

b) Deliver the land to the transferee according to the agreement in the contract;

c) Process and deliver documents regarding the land use rights to the transferee;

d) Compensate for damages caused by their own fault;

đ) Fulfill tax obligations and other financial obligations as prescribed by law;

e) Other obligations as prescribed by law.

Article 41. Rights and Obligations of the Land Use Right Transferee

1. The land use right transferee shall have the following rights:

a) Request the transferor to provide full and truthful information about the transferred land use rights and be responsible for the information provided by the transferor;

b) Request the transferor to process and deliver documents regarding the land use rights;

c) Request the transferor to deliver the land with the correct area, land category, type, location, number, condition, and other agreements in the contract;

d) Unilaterally terminate or rescind the contract when the transferor breaches the conditions for unilateral termination or rescission agreed upon by both parties in the contract or as stipulated by law;

đ) Request the transferor to compensate for damages caused by the transferor's fault;

e) Other rights as prescribed by law.

2. The land use right transferee shall have the following obligations:

a) Exploit and use the land for the intended purpose, in accordance with the land use plan, investment project, and agreements in the contract;

b) Pay the transferor the amount due according to the payment terms and methods agreed upon in the contract;

c) Compensate for losses caused by their own fault;

d) Other obligations as prescribed by law.

Article 42. Rights and Obligations of the Land Use Right Lessor

1. The land use right lessor shall have the following rights:

a) Request the lessee to exploit and use the land for the intended purpose, in accordance with the land use plan, investment project, and agreements in the contract;

b) Request the lessee to pay rent according to the terms and methods agreed upon in the contract;

c) Request the lessee to return the land at the end of the lease term as stipulated in the lease contract;

d) Unilaterally terminate or rescind the contract when the lessee breaches the conditions for unilateral termination or rescission agreed upon by both parties in the contract or as stipulated by law;

đ) Request the lessee to compensate for damages caused by the lessee's fault;

e) Other rights as prescribed by law.

2. The land use right lessor shall have the following obligations:

a) Provide full and truthful information about the land use rights and be responsible for the information provided;

b) Deliver the land to the lessee according to the agreement in the contract;

c) Inspect and request the lessee to protect, maintain, and use the land for the intended purpose;

d) Compensate for damages caused by their own fault;

đ) Fulfill tax obligations and other financial obligations as prescribed by law;

e) Other obligations as prescribed by law.

Article 43. Rights and Obligations of the Land Use Right Lessee

1. The land use right lessee shall have the following rights:

a) Request the lessor to provide full and truthful information about the leased land use rights and be responsible for the information provided by the lessor;

b) Request the lessor to deliver the land with the correct area, land category, type, location, number, condition, and other agreements in the contract;

c) Exploit and use the leased land and enjoy the fruits of labor and investment results on the leased land according to the lease term and agreements in the contract;

d) Request the lessor to waive or reduce rent in cases of force majeure;

đ) Unilaterally terminate or rescind the contract when the lessor breaches the conditions for unilateral termination or rescission agreed upon by both parties in the contract or as stipulated by law;

e) Request the lessor to compensate for damages caused by the lessor's fault;

g) Other rights as prescribed by law.

2. The land use right lessee shall have the following obligations:

a) Exploit and use the land for the intended purpose, in accordance with the land use plan, investment project, and agreements in the contract;

b) Pay rent to the lessor according to the terms and methods agreed upon in the contract;

c) Maintain the land and prevent it from being destroyed;

d) Return the leased land when the lease term expires;

đ) Compensate for damages caused by their own fault;

e) Other obligations as prescribed by law.

Chapter IV

REAL ESTATE SERVICES BUSINESS

Section 1

REAL ESTATE BROKERAGE

Article 44. Principles of Real Estate Brokerage Activities

1. Organizations and individuals meeting the conditions stipulated in Clause 2 and Clause 3 of Article 8 of this Law shall engage in real estate brokerage services (hereinafter referred to as organizations and individuals engaged in real estate brokerage), acting as intermediaries in negotiating and signing real estate business contracts and receiving remuneration and commission according to real estate brokerage contracts.

2. Real estate brokerage activities must be transparent, honest, and comply with the law.

3. Organizations and individuals engaged in real estate brokerage may not simultaneously act as both brokers and one party to the transaction in a real estate business deal.

Article 45. Content of Real Estate Brokerage

1. Searching for partners who meet the customer's conditions to participate in negotiations and signing of contracts.

2. Representing by proxy to perform tasks related to real estate business activities.

3. Providing information and supporting parties in negotiating and signing purchase, transfer, lease, and lease-purchase real estate contracts.

Article 46. Remuneration for Real Estate Brokerage

1. Organizations and individuals engaged in real estate brokerage shall receive a fee for brokerage from customers regardless of the outcome of the purchase, transfer, lease, or lease-purchase transactions between the customer and a third party.

2. The level of remuneration for real estate brokerage services shall be agreed upon by the parties in the contract and shall not depend on the price of the transaction being brokered.

Article 47. Commission for Real Estate Brokerage

1. Organizations and individuals engaged in real estate brokerage shall receive a commission for brokerage according to the brokerage contract when the party being brokered signs a purchase, transfer, lease, or lease-purchase real estate contract.

2. The level of real estate brokerage commission is agreed upon by the parties as a percentage of the value of the purchase, transfer, lease, or lease-purchase real estate contract or as a percentage of the difference in value between the selling price of the real estate and the price offered by the party being brokered, or a specific amount agreed upon by the parties in the real estate brokerage contract.

Article 48. Rights of Organizations and Individuals Engaged in Real Estate Brokerage

1. To provide real estate brokerage services in accordance with this Law.

2. Requesting customers to provide files, information, and documents related to real estate.

3. Receiving commission and remuneration for brokerage according to the agreement in the signed real estate brokerage contract with the customer.

4. Hiring other organizations or individuals engaged in real estate brokerage to perform brokerage work within the scope of the real estate brokerage contract with the customer but must bear responsibility to the customer for the results of the brokerage.

5. Collecting information on policies and laws regarding real estate business.

6. Unilaterally terminating or canceling the real estate brokerage contract when the customer breaches the conditions for unilateral termination or cancellation of the contract agreed upon by both parties in the contract or as provided by law.

7. Choosing to participate in real estate trading platforms.

8. Complaining or reporting violations of the law in real estate brokerage activities.

9. Other rights as prescribed by law.

Article 49. Obligations of Organizations and Individuals Engaged in Real Estate Brokerage

1. Fulfilling the real estate brokerage contract signed.

2. Providing information about real estate put up for business and bearing responsibility for the information provided.

3. Supporting parties in negotiating and concluding purchase, transfer, lease, and lease-purchase real estate contracts.

4. Implement reporting requirements as prescribed by law and be subject to inspection and audit by competent state agencies.

5. Compensate for damages caused by their own fault.

6. To fulfill tax obligations and other financial obligations as prescribed by law.

7. Other obligations as prescribed by law.

Article 50. Real Estate Brokerage Certificate

1. An individual shall be granted a real estate brokerage certificate if they meet the following conditions:

a) Having full capacity for civil acts;

b) Having been trained in real estate brokerage;

c) Submitting an application for a real estate brokerage certificate.

2. The application for a real estate brokerage certificate includes:

a) An application for a real estate brokerage certificate confirmed by the People's Committee of the commune, ward, or town where the applicant resides, accompanied by a photograph of the applicant;

b) A copy of the certificate confirming completion of real estate brokerage training.

3. The People's Committee of the province or centrally-administered city shall direct and organize the issuance of real estate brokerage certificates.

4. The Government shall specify the details of real estate brokerage training; the issuance, revocation of real estate brokerage certificates, and the management of real estate brokerage practice.

Section 2

REAL ESTATE VALUATION

Article 51. Principles of Real Estate Valuation Activities

1. Organizations and individuals engaging in real estate valuation services must meet the conditions stipulated in Clause 2 of Article 8 of this Law (hereinafter referred to as organizations and individuals engaged in real estate valuation).

2. Real estate valuation must be based on technical standards, characteristics, location, scale, current status of the real estate, and market prices at the time of valuation.

3. Real estate valuation must be independent, objective, honest, and comply with the law.

Article 52. Real estate valuation certificate

1. The valuation certificate for real estate shall include the following contents:

a) Real estate to be valued;

b) Location and scale of the real estate;

c) Nature and current status of the real estate;

d) Legal status of the real estate;

đ) Restrictions on the real estate;

e) Valuation method for real estate;

g) Time of valuation of real estate;

h) Value of the real estate;

i) Other contents.

2. The valuation certificate for real estate serves as a basis for the parties to refer to when negotiating and determining prices for buying, selling, transferring, leasing, or lease-purchase of real estate.

3. The valuation certificate for real estate shall be made in three copies, each having equal legal force, two copies to be given to the customer, and one copy retained by the organization or individual valuing the real estate.

Article 53. Rights of organizations and individuals valuing real estate

1. To provide real estate valuation services in accordance with this Law and other relevant laws.

2. To request customers to provide information and documents related to the real estate as the basis for valuation.

3. To collect information on policies and laws regarding real estate business.

4. To require customers to pay service fees according to the agreement in the valuation service contract.

5. To hire other organizations or individuals to perform real estate valuation within the scope of the real estate valuation contract with the customer but must bear responsibility to the customer for the valuation results.

6. To unilaterally terminate or cancel the real estate valuation contract when the customer breaches the conditions for unilateral termination or cancellation of the contract agreed upon by both parties in the contract or as stipulated by law.

7. Other rights as prescribed by law.

Article 54. Obligations of organizations and individuals valuing real estate

1. To fulfill the agreement under the real estate valuation contract with the customer.

2. To deliver the valuation certificate for real estate to the customer and be responsible for that certificate.

3. To purchase professional liability insurance for real estate valuation.

4. To comply with reporting requirements as prescribed by law; to be subject to inspection and supervision by competent state agencies.

5. To retain files and documents related to real estate valuation.

6. Compensate for damages caused by their own fault.

7. To fulfill tax obligations and other financial obligations as prescribed by law.

8. Other obligations as prescribed by law.

Article 55. Real Estate Valuation Certificate

1. An individual shall be granted a real estate valuation certificate if they meet the following conditions:

a) Having full capacity for civil acts;

b) Having a college degree or higher;

c) Having been trained in real estate valuation;

d) Submitting an application for a real estate valuation certificate.

2. The application for a real estate valuation certificate shall include:

a) A request for a real estate valuation certificate confirmed by the People's Committee of the commune, ward, or town where the applicant resides, accompanied by a photograph of the applicant;

b) A copy of the diploma of a college degree or higher;

c) A copy of the certificate confirming completion of real estate valuation training.

3. The People's Committee of the province or centrally-administered city shall direct and organize the issuance of real estate valuation certificates.

4. The Government shall specify the training for real estate valuation; the issuance, revocation of real estate valuation certificates, and the management of real estate valuation practice.

Section 3

REAL ESTATE TRADING FLOOR

Article 56. Principles of organization and operation of real estate trading floors

1. Organizations and individuals engaged in real estate business, organizations and individuals providing real estate services may establish a real estate trading floor or rent a real estate trading floor from another organization or individual to serve their real estate business activities.

2. A real estate trading floor must be a legal entity. In cases where a real estate business enterprise or cooperative establishes a real estate trading floor, such trading floor must have its own legal personality or use the legal personality of the real estate business enterprise or cooperative to operate.

3. Activities of real estate trading floors must be transparent and comply with the law.

4. Real estate trading floors, enterprises, cooperatives establishing real estate trading floors must be responsible for the activities of the real estate trading floors.

5. Real estate trading floors must have a name, address, signboard, and must announce their establishment through mass media; before commencing operations, they must notify the competent state agency at the local level.

Article 57. Conditions for Establishing a Real Estate Trading Floor

1. Meeting the conditions as prescribed in Clause 2 of Article 8 of this Law.

2. Having operational regulations for the real estate trading floor.

3. Having physical facilities and technical infrastructure suitable for the activities of the real estate trading floor.

4. Having managers and operators of the real estate trading floor who meet the conditions stipulated by the Government.

Article 58. Contents of Activities on a Real Estate Trading Floor

1. Transactions involving the purchase, sale, transfer, lease, and lease-purchase of real estate.

2. Real estate brokerage services.

3. Valuation of real estate.

4. Real estate advisory services.

5. Advertising of real estate.

6. Auctions of real estate.

7. Management of real estate.

Article 59. Conducting Real Estate Business Through a Real Estate Trading Floor

1. Organizations and individuals engaged in real estate business must conduct transactions such as selling, transferring, leasing, and lease-purchasing of real estate through a real estate trading floor as prescribed by this Law.

2. The State encourages organizations and individuals not engaged in real estate business to conduct real estate transactions through a real estate trading floor to ensure transparency and protect the rights of all parties involved.

Article 60. Rights of Managers and Operators of a Real Estate Trading Floor

1. Managing and operating the activities of the real estate trading floor.

2. Requesting relevant state agencies to provide information related to real estate as prescribed by law.

3. Requesting customers to provide information and documents about real estate listed on the real estate trading floor.

4. Refusing to list real estate that does not meet the conditions for listing on the trading floor.

5. Collecting service fees from customers whose real estate is listed on the trading floor.

6. Requesting customers to compensate for losses caused by their fault.

7. Other rights as prescribed by law.

Article 61. Obligations of Managers and Operators of a Real Estate Trading Floor

1. Ensuring that real estate listed on the trading floor meets the conditions for listing.

2. Providing complete and truthful information and documents related to real estate and being responsible for the information and documents provided.

3. Providing real estate-related services at the real estate trading floor.

4. Ensuring the physical facilities, technical infrastructure, and operating conditions of the real estate trading floor.

5. Ensuring that the real estate trading floor operates according to its registered content; implementing reporting systems as prescribed by law and being subject to inspection and audit by competent state agencies; fulfilling tax obligations and other financial responsibilities as prescribed by law.

6. Compensate for damages caused by their own fault.

7. Other obligations as prescribed by law.

Article 62. Rights and Obligations of Organizations and Individuals Participating in a Real Estate Trading Floor

1. Organizations and individuals participating in a real estate exchange have the following rights:

a) Requesting the provision of information and documents related to real estate;

b) Requesting real estate-related services;

c) Requesting the real estate trading floor to compensate for losses caused by the trading floor's fault;

d) Other rights as prescribed by law.

2. Organizations and individuals participating in a real estate exchange have the following obligations:

a) Comply with the operational regulations of the real estate exchange;

d) Paying service fees to the real estate trading floor;

c) Compensate for losses caused by their own fault;

d) Other obligations as prescribed by law.

Section 4

OTHER REAL ESTATE SERVICES

Article 63. Responsibilities of the Ministry of Science and Technology Real estate consulting

1. Organizations and individuals conducting real estate advisory services must meet the conditions prescribed in Clause 2 of Article 8 of this Law.

2. The content of real estate advisory services includes:

a) Legal advice on real estate;

b) Advice on investment in creating and trading real estate;

c) Financial advice on real estate;

d) Price advice on real estate;

b) Advice on contracts for the purchase, sale, transfer, lease, and lease-purchase of real estate;

c) Advice on other matters related to real estate.

3. The content, scope of advice, rights and obligations of the parties, and the price of real estate advisory services shall be agreed upon in the contract.

4. Organizations and individuals conducting real estate advisory services shall be responsible for the content of the advice they provide and shall compensate for losses caused by their fault.

Article 64. Real estate auction

1. Organizations and individuals conducting real estate auction services must meet the conditions prescribed in Clause 2 of Article 8 of this Law.

2. Real estate auctions must be conducted openly and honestly, protecting the rights and legitimate interests of all parties.

3. Forms of real estate auctions include:

a) Oral bidding;

b) Ballot voting;

c) Other forms agreed upon by the parties or prescribed by law.

4. Organizations and individuals conducting real estate auction services must publicly disclose complete and accurate information about the real estate in the auction notice provided by the organization or individual selling or transferring the real estate.

5. The form, content of real estate auctions, rights and obligations of the parties, and the price of real estate auction services shall be agreed upon in the contract.

6. Organizations and individuals conducting real estate auction services shall be responsible for fulfilling commitments in the contract and compensating for losses caused by their fault.

7. Real estate auctions must comply with this Law and laws on auctions.

Article 65. Real estate advertising

1. Organizations and individuals engaging in real estate advertising services must meet the conditions stipulated in Clause 2 of Article 8 of this Law.

2. Real estate advertising can be conducted through real estate trading floors, on mass media, or other means.

3. The form, content of advertising, rights and obligations of the parties, and the price of real estate advertising services shall be agreed upon in the contract.

4. Organizations and individuals engaged in real estate advertising services shall be responsible for fulfilling their commitments under the contract and compensating for damages caused by their fault.

5. Real estate advertising must comply with the provisions of this Law and the Advertising Law.

Article 66. Property management

1. Organizations and individuals engaging in real estate management services must meet the conditions stipulated in Clause 2 of Article 8 of this Law.

2. The content of real estate management services includes:

a) Selling, transferring, leasing, or purchasing real estate on behalf of the owner or user of the real estate;

b) Providing services to ensure the normal operation of real estate;

c) Carrying out maintenance and repair of real estate;

d) Managing and supervising the exploitation and use of real estate by customers according to its intended function, design, and contract;

đ) Performing rights and obligations towards customers and the State according to the authorization of the owner or user of the real estate.

3. The content, scope of real estate management, rights and obligations of the parties, and the price of real estate management services shall be agreed upon in the contract.

4. Organizations and individuals engaged in real estate management services shall be responsible for managing real estate according to the contract and compensating for damages caused by their fault.

Chapter V

REAL ESTATE BUSINESS CONTRACT,

REAL ESTATE SERVICE BUSINESS CONTRACT

Article 67. Types of real estate business contracts and real estate service business contracts

1. Real estate business contracts include:

a) Contracts for sale of houses and construction works;

b) Land use right transfer contract;

c) Real estate lease contract;

d) House and construction project purchase contract.

2. Real estate service business contracts include:

a) Real estate brokerage contract;

b) Real estate valuation contract;

c) Real estate advisory contract;

d) Real estate auction contract;

đ) Real estate advertising contract;

e) Real estate management contract.

3. Real estate business contracts and real estate service business contracts must be established in writing; the notarization or certification of real estate business contracts shall be agreed upon by the parties, except where otherwise provided by law; the execution of contracts must comply with the provisions of this Law, the Civil Code, and other relevant laws.

Article 68. Price of buying, selling, transferring, leasing, and purchasing real estate and price of real estate service business

1. The price of buying, selling, transferring, leasing, and purchasing real estate shall be agreed upon by the parties, determined through auction, or as prescribed by law.

The parties in the contract may agree to select a third party to determine the price of buying, selling, transferring, leasing, and purchasing real estate; for real estate projects benefiting from state incentives to serve policy beneficiaries, the state shall prescribe a price range or principles for forming the price of real estate.

2. The price of real estate service business shall be agreed upon by the parties; if agreement cannot be reached, the determination of the price must be based on the market price of similar services at the time of signing the contract and the location where the service is performed.

3. During the performance of the contract, if there is a prior agreement on adjusting the contract price due to changes affecting the price determined in the contract, the parties may agree to adjust the contract price.

Article 69. Payment in real estate transactions

1. Payment in real estate transactions shall be agreed upon and selected by the parties through the following methods:

a) Payment through credit organizations operating in Vietnam;

b) Direct payment to the seller, assignor, lessor, or seller of real estate on lease-purchase terms.

2. Payment in real estate transactions shall be agreed upon by the parties in the contract in the form of a lump sum payment, advance payment, deferred payment, or installment payment.

Article 70. Contract for sale of houses and construction works

1. The contract for sale of houses and construction works shall include the following contents:

a) Name and address of the seller and buyer;

b) Information about the house and construction work as prescribed in Clause 3, Article 11 of this Law;

c) Sale price;

d) Method and time limit for payment;

đ) Time limit for delivery and acceptance of the house, construction work, and accompanying documents;

e) Rights and obligations of the parties;

g) Warranty;

h) Dispute resolution;

i) Other contents agreed upon by the parties or prescribed by law.

2. In cases where houses and construction works are sold under advance payment, deferred payment, or installment payment terms, the contract for sale of houses and construction works must comply with the principles stipulated in Article 14 of this Law.

Article 71. Contract for transfer of land use rights

1. The contract for transfer of land use rights shall include the following contents:

a) Name and address of the transferor and transferee;

b) Information about the land use rights as prescribed in Clause 3, Article 11 of this Law;

c) Transfer price;

d) Method and time limit for payment;

đ) Time limit for delivery and acceptance of the land and accompanying documents;

e) Rights and obligations of the parties;

g) Dispute resolution;

h) Other contents agreed upon by the parties or prescribed by law.

2. In cases where land use rights are transferred under deferred payment or installment payment terms, the contract for transfer of land use rights must comply with the principles stipulated in Article 14 of this Law.

Article 72. Lease contract for real estate

The lease contract for real estate shall include the following contents:

1. Name and address of the lessor and lessee;

2. Information about the real estate as prescribed in Clause 3, Article 11 of this Law;

3. Rent price for real estate;

4. Payment methods and deadlines;

5. Term of lease for real estate; term for delivery and acceptance of real estate;

6. Rights and obligations of the parties;

7. Requirements for use and responsibility for repair and improvement (if applicable);

8. Handling of assets on leased land (if applicable);

9. Requirements regarding the condition of real estate when returned to the lessor;

10. Dispute resolution;

11. Other contents agreed upon by the parties or prescribed by law.

Article 73. Lease-purchase contract for houses and construction works

1. The lease-purchase contract for houses and construction works shall include the following contents:

a) Name and address of the lease-purchase seller and lease-purchase buyer;

b) Information about the house and construction work as prescribed in Clause 3, Article 11 of this Law;

c) Lease-purchase price;

d) Method and time limit for payment;

đ) Term of lease-purchase;

e) Agreement on the transfer of ownership of the house and construction work before the end of the lease-purchase period (if applicable);

g) Time of delivery of the house and construction work;

h) Time, conditions, and procedures for transferring ownership of the house and construction work to the lease-purchase buyer;

i) Rights and obligations of the parties;

k) Dispute resolution;

l) Other contents agreed upon by the parties or prescribed by law.

2. The lease-purchase contract for houses and construction works must be notarized.

Article 74. Real estate brokerage contract

A real estate brokerage contract shall include the following contents:

1. The name and address of the broker and the party being brokered;

2. Object and content of brokerage;

3. Requirements and results of brokerage services;

4. Duration of brokerage performance;

5. Brokerage fee, commission;

6. Payment method and deadline;

7. Rights and obligations of the parties;

8. Dispute resolution;

9. Other contents agreed upon by the parties or prescribed by law.

Article 75. Real estate valuation contract

A real estate valuation contract shall include the following contents:

1. The name and address of the valuer and the party requesting valuation;

2. The real estate to be valued;

3. Time limit and progress of implementation;

4. Valuation service price;

5. Payment method and deadline;

6. Rights and obligations of the parties;

7. Dispute resolution;

8. Other contents agreed upon by the parties or prescribed by law.

Article 76. Real estate advisory contract

A real estate advisory contract shall include the following contents:

1. The name and address of the advisor and the party requesting advice;

2. Content and scope of advice;

3. Duration and progress of advisory service implementation;

4. Advisory service price;

5. Payment method and deadline;

6. Rights and obligations of the parties;

7. Dispute resolution;

8. Other contents agreed upon by the parties or prescribed by law.

Article 77. Real estate auction contract

A real estate auction contract shall include the following contents:

1. The name and address of the auctioneer and the party requesting real estate auction;

2. The real estate to be auctioned;

3. Auction time, location, and form;

4. Starting price of the real estate to be auctioned;

5. Duration and progress of implementation;

6. Auction service price;

7. Payment method and deadline;

8. Rights and obligations of the parties;

9. Dispute resolution;

10. Other contents agreed upon by the parties or prescribed by law.

Article 78. Real estate advertising contract

A real estate advertising contract shall include the following contents:

1. The name and address of the advertising service provider and the party requesting real estate advertising;

2. The real estate to be advertised;

3. Form, content, scope, and means of real estate advertising;

4. Location, time, and duration of real estate advertising;

5. Advertising service price;

6. Payment method and deadline;

7. Rights and obligations of the parties;

8. Dispute resolution;

9. Other contents agreed upon by the parties or prescribed by law.

Article 79. Real estate management contract

A real estate management contract shall include the following contents:

1. The name and address of the manager and the party leasing real estate management;

2. The real estate to be managed;

3. Content and scope of real estate management;

4. Requirements for the real estate manager;

5. Management service price;

6. Payment method and deadline;

7. Rights and obligations of the parties;

8. Duration of real estate management;

9. Dispute resolution;

10. Other contents agreed upon by the parties or prescribed by law.

Chapter VI

IMPLEMENTING PROVISIONS

Article 80. Effectiveness

This Law takes effect from January 1, 2007.

Article 81. Implementation guidance

The Government shall provide detailed regulations and guidance on the implementation of this Law.

This Law was adopted by the National Assembly of the Socialist Republic of Vietnam at its 9th session of the 11th term on June 29, 2006./.