Law on Real Estate Business number 66/2014/QH13

LAW

Real estate business

_________

On the basis of The Constitution of the Socialist Republic of Vietnam;

The National Assembly promulgates the Law on Mobile Police KReal estate business.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Law stipulates the real estate business, rights and obligations of organizations and individuals engaged in the real estate business, and state management over the real estate business.

Article 2. Applicability

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

2. Agencies, organizations, and individuals related to the real estate business in Vietnam.

Article 3. Explanation of Terms

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

1. Real estate business is the investment of capital to carry out construction activities, purchase, receive transfer for sale, transfer; lease, sublease, lease-purchase of real estate; perform real estate brokerage services; real estate trading floor services; real estate consulting services or property management with the purpose of profit.

2. Real estate brokerage is the intermediary activity between parties in the buying and selling, transferring, leasing, subleasing, lease-purchasing of real estate.

3. Existing house, construction project is a house, construction project that has completed construction and put into use.

4. Future-formed house, construction project is a house, construction project currently under construction and not yet accepted for use.

5. Property management is the implementation of one, several, or all activities related to management, exploitation, and disposal of real estate according to the authorization of the owner of the house, construction project, or the person with land use rights.

6. Real estate trading floor is the place where transactions of buying and selling, transferring, leasing, subleasing, lease-purchasing of real estate take place.

7. Lease-purchase of house, construction project is an agreement among the parties, whereby the lease-purchaser pays a certain amount of money in advance to the lease-seller and uses the house, construction project; the remaining amount is calculated as rent; after paying the full lease-purchase price, the lease-purchaser becomes the owner of the house, construction project.

8. Real estate consulting is the assistance activity on issues related to the real estate business at the request of the parties.

Article 4. Principles of real estate business

1. Equality before the law; freedom of agreement based on respect for the rights and legitimate interests of the parties through contracts, without contravening the provisions of the law.

2. Real estate put into business must meet the conditions prescribed by this Law.

3. The real estate business must be honest, transparent, and clear.

4. Organizations and individuals have the right to engage in the real estate business in areas outside the defense and security protection zones according to the planning and land use plan approved by competent state agencies.

Article 5. Types of real estate put into business

Types of real estate put into business as prescribed by this Law (hereinafter referred to as real estate) include:

1. Existing houses, construction projects of organizations and individuals;

2. Future-formed houses, construction projects of organizations and individuals;

3. Houses, construction projects being public assets permitted by competent state agencies to be put into business;

4. Types of land allowed to be transferred, leased, subleased land use rights according to the laws on land can be put into business for land use rights.

Article 6. Disclosure of information about real estate put into business

1. Enterprises engaged in the real estate business shall disclose information about real estate in the following forms:

a) On the enterprise's electronic information website;

b) At the Project Management Board's office for real estate development projects;

c) At the real estate trading floor for cases of business through a real estate trading floor.

2. Information about real estate includes:

a) Type of real estate;

b) Location of real estate;

c) Information on planning related to real estate;

d) Scale of real estate;

đ) Characteristics, nature, usage function, quality of real estate; information on each type of usage purpose and common area usage area for mixed-use buildings, apartment buildings;

e) Current status of infrastructure and related services to real estate;

g) Documents and papers on ownership of houses, construction projects, land use rights, and papers related to the investment in constructing real estate; guarantee contract, permit document for sale, lease-purchase issued by competent state agencies for the sale, lease-purchase of future-formed housing;

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

i) Selling price, transfer price, rental price, subrental price, lease-purchase price of real estate.

Article 7. State policy on real estate business investment

1. The State encourages organizations and individuals from various economic sectors to invest in real estate business in accordance with the national socio-economic development goals for each period and each locality.

2. The State encourages and implements tax exemption, reduction policies, land use fees, land rental fees, preferential credit for organizations and individuals investing in social housing construction and projects eligible for preferential investment.

3. The State invests and encourages organizations and individuals to invest in infrastructure technical works outside the project boundary; supports investment in infrastructure technical works inside the project boundary for projects eligible for preferential investment.

4. The State invests and encourages organizations and individuals to invest in urban public service projects and social infrastructure within the scope of real estate business investment projects.

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

Article 8. Prohibited Acts

1. Engaging in real estate business without meeting the conditions stipulated by this Law.

2. Deciding to invest in real estate projects that are inconsistent with approved planning and plans by competent state authorities.

3. Not disclosing or disclosing incomplete and truthful information about real estate.

4. Fraud and deception in real estate business.

5. Illegally raising and misappropriating funds; using raised funds from organizations and individuals and advance payments from buyers, lessees, and lease-purchase parties of future-formed real estate assets contrary to the agreed purpose.

6. Failing to fulfill or fully fulfill financial obligations to the State.

7. Issuing and using real estate brokerage practice certificates not in accordance with the provisions of this Law.

8. Charging fees, levies, and related amounts in violation of laws concerning real estate business.

Chapter II

REAL ESTATE BUSINESS WITH EXISTING PROPERTIES

Section 1

GENERAL PROVISIONS

Article 9. Conditions for real estate to be put into business

1. Houses and buildings put into business must meet the following conditions:

a) Having ownership registration of houses and buildings attached to land recorded in the land use right certificate. For existing houses and buildings in real estate business investment projects, only the land use right certificate according to the law on land is required;

b) There is no dispute over land use rights or ownership of houses and buildings attached to land;

c) Not being seized to secure enforcement of judgments.

2. Types of land permitted for land use rights business must meet the following conditions:

a) Having a land use right certificate according to the law on land;

b) There is no dispute over land use rights;

c) Land use rights are not seized to secure enforcement of judgments;

d) Within the land use period.

Article 10. 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 (hereinafter referred to as a company) and have a minimum statutory capital of 20 billion VND, except in cases provided for in Clause 2 of this Article.

2. Organizations, households, and individuals selling, transferring, leasing, or lease-purchasing small-scale, non-recurring real estate do not need to establish a company but must declare and pay taxes in accordance with the law.

3. The Government shall provide detailed regulations on this Article.

Article 11. Scope of real estate business for domestic organizations and individuals, overseas Vietnamese, and foreign-invested enterprises

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

a) Purchasing houses and construction works to sell, lease, or lease-purchase;

b) Leasing houses and construction works to sublease;

c) For land allocated by the State, they may invest in constructing housing for sale, lease, or lease-purchase; transfer land use rights through subdivision and sale of plots in accordance with laws on land; invest in constructing technical infrastructure for cemeteries and graveyards for transfer of land use rights attached to such infrastructure;

d) For land leased by the State, they may invest in constructing housing for lease; invest in constructing non-residential buildings and construction works for sale, lease, or lease-purchase;

đ) For land recognized by the State as having land use rights, they may invest in constructing buildings and construction works for sale, lease, or lease-purchase;

e) For land transferred from organizations, households, or individuals, they may invest in constructing buildings and construction works for sale, lease, or lease-purchase;

g) For land leased from organizations, households, or individuals, they may invest in constructing buildings and construction works for lease in accordance with the intended land use purpose;

h) They may acquire the entire or part of a real estate project from the investor to construct buildings and construction works for sale, lease, or lease-purchase;

i) They may acquire or lease land use rights from organizations, households, or individuals to invest in constructing technical infrastructure for transfer or lease of land already equipped with such infrastructure;

2. Overseas Vietnamese may engage in real estate business in the following forms:

a) The forms prescribed in points b, d, g, and h of Clause 1 of this Article;

b) For land allocated by the State, they may invest in constructing housing for sale, lease, or lease-purchase;

c) For leased land or land transferred within industrial zones, clusters, export processing zones, high-tech zones, and economic zones, they may invest in constructing buildings and construction works for business in accordance with the intended land use purpose.

3. Foreign-invested enterprises may engage in real estate business in the following forms:

a) The forms prescribed in points b, d, h of Clause 1 and point b of Clause 2 of this Article;

b) For leased land within industrial zones, clusters, export processing zones, high-tech zones, and economic zones, they may invest in constructing buildings and construction works for business in accordance with the intended land use purpose.

Article 12. Requirements for real estate investment projects for business purposes

1. Real estate investment projects for business purposes must be consistent with land use plans, urban planning, rural construction planning, and must comply with implementation plans approved by competent state authorities.

2. Procedures and formalities for investing in real estate projects for business purposes shall be carried out in accordance with laws on investment, land, construction, urban areas, housing, and other relevant laws.

3. Real estate investment projects must be constructed according to schedule and ensure quality in accordance with laws on construction.

Article 13. Responsibilities of the Investor in Real Estate Business Projects

1. Implement investment construction, business operation, and management exploitation of real estate projects in accordance with the provisions of the law.

2. Ensure financial resources to implement the project according to the approved schedule.

3. Shall only be permitted to hand over houses and construction works to customers when the construction of houses, construction works, and technical infrastructure, social infrastructure projects have been completed in accordance with the schedule recorded in the approved project, ensuring connection with the common infrastructure system of the area; in cases where raw construction works are handed over, the entire outer part of the house and construction work must be fully completed.

4. Within fifty days from the date of handing over houses and construction works to buyers or from the expiration date of lease purchase agreements, procedures must be carried out for competent state authorities to issue Certificates of Land Use Rights, Ownership of Housing and Other Property Attached to Land for the buyer, lease purchaser, except in cases where the buyer or lease purchaser has a written request to handle the certificate issuance procedures themselves.

5. Shall not delegate to partners in joint investment, joint venture, joint operation, or capital contribution to sign contracts for sale, transfer, or lease purchase of real estate.

Article 14. Subjects Eligible to Purchase, Receive Transfer, Lease, or Lease Purchase Real Estate from Real Estate Businesses

1. Domestic organizations and individuals may purchase, receive transfer, lease, or lease purchase various types of real estate.

2. Overseas Vietnamese, foreign organizations, and individuals may lease various types of real estate for use; they may purchase, lease, or lease purchase housing in accordance with the laws on housing.

Overseas Vietnamese, foreign-invested enterprises may purchase, lease purchase houses and construction works for use as offices, production bases, business premises, and services in accordance with the intended use of the houses and construction works.

3. Overseas Vietnamese, foreign-invested enterprises engaged in real estate business may purchase, receive transfer, lease, or lease purchase real estate for business purposes in accordance with Article 11 of this Law.

Article 15. Prices for Sale, Transfer, Lease, or Lease Purchase of Real Estate

The prices for sale, transfer, lease, or lease purchase of real estate shall be agreed upon by the parties and clearly stated in the contract. In cases where the State has regulations on prices, the parties must comply with such regulations.

Article 16. Payment in Real Estate Transactions

1. Payment in real estate transactions shall be agreed upon in the contract and must comply with the provisions of the law on payment.

2. Penalties and compensation for damages due to delays in payment by the buyer, transferee, lessee, or lease purchaser, or delays in delivery of real estate by the seller, transferor, lessor, or lease lessor shall be agreed upon by the parties and must be clearly stated in the contract.

Article 17. Contracts for Real Estate Business

1. Types of real estate business contracts:

a) Contracts for sale of houses and construction works;

b) Contracts for lease of houses and construction works;

c) Contracts for lease purchase of houses and construction works;

d) Contracts for transfer, lease, or sublease of land use rights;

đ) Contracts for partial or full transfer of real estate projects.

2. Real estate business contracts must be documented in writing. Notarization or certification of the contract shall be agreed upon by the parties, except for sale and lease purchase contracts of houses and construction works, and land use right transfer contracts where the parties are households or individuals as stipulated in Clause 2, Article 10 of this Law, which must be notarized or certified.

3. The effective date of the contract shall be agreed upon by the parties and stated in the contract. In cases where the contract is notarized or certified, the effective date of the contract is the date of notarization or certification. In cases where there is no agreement or notarization or certification, the effective date of the contract is the date the parties conclude the contract.

4. The Government shall prescribe model contracts for real estate business.

Article 18. Contents of Contracts for Sale, Lease, and Lease-Purchase of Houses and Construction Projects

Contracts for sale, lease, and lease-purchase of houses and construction projects must include the following main contents:

1. Names and addresses of the parties;

2. Information about immovable property;

3. Purchase price, rental price, or lease-purchase price;

4. Payment methods and deadlines;

5. Delivery period for the immovable property and accompanying documents;

6. Warranty;

7. Rights and obligations of the parties;

8. Liability for breach of contract;

9. Contractual penalties;

10. Circumstances for termination or cancellation of the contract and measures to handle such situations;

11. Dispute resolution;

12. Effective date of the contract.

Section 2

SALE OF HOUSES AND CONSTRUCTION PROJECTS

Article 19. Principles of Sale of Houses and Construction Projects

1. The sale of houses and construction projects must be linked to land use rights.

2. The sale of apartments in residential buildings or mixed-use buildings must comply with the following principles:

a) Clearly define the shared area, common facilities, and individual areas and facilities of each owner;

b) After purchasing apartments or parts of residential buildings or mixed-use buildings, owners' land use rights shall be either long-term stable land use rights or lease rights, and if they are lease rights, the lease term must be agreed upon uniformly.

3. The buyer of houses, construction projects, apartments, or parts of residential buildings or mixed-use buildings shall be granted a Certificate of Land Use Right, House Ownership Right, and Other Property Rights Attached to the Land by the State.

4. The sale of houses and construction projects must be accompanied by documentation related to the house or construction project.

5. The transfer of ownership of houses and construction projects occurs at the time the seller delivers the house or construction project to the buyer or when the buyer has fully paid the seller, except where the parties have agreed otherwise.

Article 20. Warranty for Sold Houses and Construction Projects

1. The seller is responsible for providing warranty for sold houses and construction projects to the buyer. If the house or construction project is still within the warranty period, the seller may request the construction organization or individual, or equipment supplier to fulfill the warranty obligations according to the laws on construction and housing.

2. The warranty period for houses and construction projects shall be carried out in accordance with the provisions of the laws on construction and housing; if the warranty period has expired, it shall be agreed upon by the parties.

Article 21. Rights of the Seller of Houses and Construction Projects

1. Request the buyer to accept the house or construction project according to the deadline agreed upon in the contract.

2. Request the buyer to pay the full amount according to the deadline and payment method agreed upon in the contract; in the absence of an agreement, the seller may only collect from the buyer an amount not exceeding 95% of the contract value before the buyer receives the Certificate of Land Use Right, House Ownership Right, and Other Property Rights Attached to the Land.

3. Request the buyer to cooperate in completing the purchase procedures within the agreed timeframe.

4. Not deliver the house or construction project until full payment is received, except where the parties have agreed otherwise.

5. Request the buyer to compensate for damages caused by the buyer's fault.

6. Other rights stipulated in the contract.

Article 22. Obligations of the seller of the house, construction project

1. Notify the buyer of any restrictions on ownership rights of the house, construction project (if any).

2. Safeguard the sold house, construction project until it is handed over to the buyer.

3. Perform the procedures for selling the house, construction project in accordance with the provisions of the law.

4. Deliver the house, construction project to the buyer according to the agreed time, quality, and other conditions stipulated in the contract; deliver the Certificate of Land Use Right, House Ownership Right, and other assets attached to the land, and related files as agreed in the contract.

5. Provide warranty for the sold house, construction project in accordance with Article 20 of this Law.

6. Compensate for damages caused by their own fault.

7. Fulfill financial obligations to the State as prescribed by law.

8. Other obligations as stipulated in the contract.

Article 23. Rights of the buyer of the house, construction project

1. Request the seller to complete the procedures for selling the house, construction project within the agreed time frame in the contract.

2. Request the seller to deliver the house, construction project according to the agreed time, quality, and other conditions stipulated in the contract; deliver the Certificate of Land Use Right, House Ownership Right, and other assets attached to the land, and related files as agreed in the contract.

3. Request the seller to provide warranty for the house, construction project in accordance with Article 20 of this Law.

4. Request the seller to compensate for damages due to the delivery of the house, construction project not being in accordance with the agreed time, quality, and other commitments in the contract.

5. Other rights as stipulated in the contract.

Article 24. Obligations of the buyer of the house, construction project

1. Pay the full purchase price of the house, construction project according to the agreed time and method stipulated in the contract.

2. Accept the house, construction project along with the Certificate of Land Use Right, House Ownership Right, and other assets attached to the land, and related files according to the agreed time stipulated in the contract.

3. Cooperate with the seller to perform the sale procedures within the agreed time frame in the contract.

4. In case of purchasing a house, construction project that is currently rented out, ensure the rights and interests of the tenant according to the rental contract when the lease period remains valid.

5. Compensate for damages caused by their own fault.

6. Other obligations as stipulated in the contract.

Section 3

LEASING OF HOUSES AND CONSTRUCTION PROJECTS

Article 25. Principles of leasing houses and construction projects

Houses and construction projects for lease must ensure quality, safety, environmental hygiene, and necessary services to operate and use normally according to their functions, design, and agreements in the contract.

Article 26. Rights of the lessor of the house, construction project

1. Request the lessee to accept the house, construction project according to the agreed time in the contract.

2. Request the lessee to pay the full amount according to the agreed time and method in the contract.

3. Request the lessee to manage and use the house, construction project according to the agreement in the contract.

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

5. Renovate and upgrade the leased house, construction project with the lessee's consent but without affecting the lessee.

6. Unilaterally terminate the performance of the contract in accordance with Clause 1 of Article 30 of this Law.

7. Request the lessee to return the house, construction project at the end of the lease period; if the contract does not specify a lease period, only take back the house, construction project after notifying the lessee six months in advance.

8. Other rights as stipulated in the contract.

Article 27. Obligations of the Lessor of Housing and Construction Works

1. Deliver housing and construction works to the Lessee according to the agreement in the contract and guide the Lessee to use housing and construction works in accordance with their intended functions and design.

2. Ensure stable use of housing and construction works by the Lessee during the lease period.

3. Maintain and repair housing and construction works regularly or as agreed; if the Lessor fails to maintain or repair housing and construction works causing damage to the Lessee, they must compensate for such damage.

4. Shall not unilaterally terminate the contract when the Lessee fulfills their obligations under the contract, except where the Lessee agrees to terminate the contract.

5. Compensate for damages caused by their own fault.

6. Fulfill financial obligations towards the State as prescribed by law.

7. Other obligations stipulated in the contract.

Article 28. Rights of the Lessee of Housing and Construction Works

1. Request the Lessor to deliver housing and construction works according to the agreement in the contract.

2. Request the Lessor to provide full and truthful information about housing and construction works.

3. Be allowed to exchange the leased housing and construction works with another Lessee if the Lessor consents in writing.

4. Be allowed to sublet part or all of the leased housing and construction works if there is an agreement in the contract or if the Lessor consents in writing.

5. Continue leasing under the conditions previously agreed upon with the Lessor in case of change of ownership.

6. Request the Lessor to repair housing and construction works in cases where damage is not caused by the Lessee's fault.

7. Request the Lessor to compensate for losses caused by the Lessor's fault.

8. Unilaterally terminate the performance of the contract as provided for in Clause 2, Article 30 of this Law.

9. Other rights stipulated in the contract.

Article 29. Obligations of the Lessee of Housing and Construction Works

1. Properly manage and use housing and construction works in accordance with their intended functions, design, and the agreement in the contract.

2. Pay rent for housing and construction works fully within the time and method agreed upon in the contract.

3. Repair damages to housing and construction works caused by their own fault.

4. Return housing and construction works to the Lessor according to the agreement in the contract.

5. Shall not alter, renovate, or demolish housing and construction works without the Lessor's consent.

6. Compensate for damages caused by their own fault.

7. Other obligations stipulated in the contract.

Article 30. Unilateral Termination of the Lease Contract for Housing and Construction Works

1. The Lessor has the right to unilaterally terminate the lease contract for housing and construction works when the Lessee commits any of the following acts:

a) Delaying payment of rent for housing and construction works by three months or more from the payment date specified in the contract without the Lessor's approval;

b) Using housing and construction works for purposes other than those agreed upon in the contract;

c) Intentionally causing serious damage to leased housing and construction works;

d) Repairing, renovating, upgrading, altering, or subletting leased housing and construction works without an agreement in the contract or without the Lessor's written consent.

2. The Lessee has the right to unilaterally terminate the lease contract for housing and construction works when the Lessor commits any of the following acts:

a) Failing to repair housing and construction works when they are unsafe for use or cause damage to the Lessee;

b) Unreasonably increasing the rent for housing and construction works;

c) The use of housing and construction works is restricted due to the interests of a third party.

3. A party unilaterally terminating the lease contract for housing and construction works must notify the other party one month in advance unless otherwise agreed.

Section 4. LEASING AND PURCHASE OF HOUSING AND CONSTRUCTION PROJECTS

Article 31. Principles for leasing and purchasing housing and construction projects

1. Housing and construction projects subject to leasing and purchasing must ensure quality, safety, environmental hygiene, and other necessary services for normal operation and use according to their functions, designs, and agreements stipulated in the contract.

2. Leasing and purchasing of housing and construction projects must be linked to land use rights.

3. The parties to the leasing and purchasing contract of housing and construction projects may agree to shorten the leasing and purchasing period before the expiration date specified in the signed contract.

Article 32. Rights of the lessor in leasing and purchasing housing and construction projects

1. Require the lessee to accept the housing and construction projects within the agreed time frame in the contract.

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

3. Require the lessee to cooperate in completing the leasing and purchasing procedures within the agreed time frame in the contract.

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

5. Retain ownership of the housing and construction projects when the lessee has not fully paid the leasing and purchasing fees.

6. Require the lessee to manage and use the housing and construction projects during the leasing and purchasing period according to the agreement in the contract.

7. Other rights stipulated in the contract.

Article 33. Obligations of the lessor in leasing and purchasing housing and construction projects

1. Notify the lessee of any restrictions on ownership of the housing and construction projects (if any).

2. Fulfill the procedures for leasing and purchasing housing and construction projects in accordance with the provisions of the law.

3. Manage and maintain the leased and purchased housing and construction projects during the period before transferring them to the lessee. Regularly repair and maintain the housing and construction projects according to the schedule or as agreed in the contract.

4. Transfer the housing and construction projects and related documents to the lessee according to the agreed progress, quality, and other conditions in the contract.

5. Process the application for issuance of the Certificate of Land Use Right, House Ownership Right, and Other Assets Attached to the Land and hand it over to the lessee at the end of the leasing and purchasing period, except in cases where the lessee requests to handle the certificate issuance process themselves.

6. Provide warranty for the housing and construction projects according to Article 20 of this Law.

7. Compensate for damages caused by their own fault.

8. Fulfill financial obligations to the State as prescribed by law.

9. Facilitate the lessee in transferring the leasing and purchasing contract of housing and construction projects.

10. Other obligations stipulated in the contract.

Article 34. Rights of the lessee in leasing and purchasing housing and construction projects

1. Request the lessor to provide full and truthful information about the housing and construction projects.

2. Request the lessor to transfer the housing and construction projects and related documents according to the agreement in the contract; process the application for issuance of the Certificate of Land Use Right, House Ownership Right, and Other Assets Attached to the Land at the end of the leasing and purchasing period.

3. Have the right to lease part or all of the housing and construction projects; have the right to transfer the leasing and purchasing contract of housing and construction projects.

4. Request the lessor to repair damage to the housing and construction projects during the leasing and purchasing period that is not caused by the lessee's fault.

5. Request the lessor to compensate for damages caused by the lessor's fault.

6. Acquire ownership of the housing and construction projects from the moment they have fully paid the lessor.

7. Other rights stipulated in the contract.

Article 35. Obligations of the Purchasing Lessee for Houses and Construction Projects

1. Maintain and use houses and construction projects for their intended purposes as agreed upon in the contract.

2. Pay the purchase lease payments according to the timeframes and methods stipulated in the contract.

3. Cooperate with the Selling Lessee to complete the leasing procedures within the agreed timeframe in the contract.

4. Shall not alter, renovate, or demolish houses or construction projects without the consent of the Selling Lessee.

5. Repair damages to houses or construction projects caused by their own fault during the leasing period.

6. Compensate for damages caused by their own fault.

7. Notify the Selling Lessee about subleasing part or all of the houses or construction projects; transferring the house and construction project leasing contract.

8. Other obligations as stipulated in the contract.

Article 36. Transfer of the House and Construction Project Leasing Contract

1. The Purchasing Lessee has the right to transfer the house and construction project leasing contract when the application file for the Certificate of Land Use Right, House Ownership Right, and Other Property Rights Attached to the Land has not yet been submitted to the competent state agency. The transfer of the leasing contract must be documented in writing and confirmed by the Selling Lessee on the transfer document.

2. The transferee of the leasing contract can continue to exercise the rights and obligations of the Purchasing Lessee towards the Selling Lessee. The Selling Lessee is responsible for facilitating the transfer process and shall not charge any fees related to the contract transfer.

3. The final transferee of the leasing contract will be issued the Certificate of Land Use Right, House Ownership Right, and Other Property Rights Attached to the Land by the competent state agency in accordance with the laws on land.

4. The transfer of the leasing contract as stipulated herein does not apply to social housing leasing contracts.

5. The Government shall provide detailed regulations on this matter.

Section 5. TRANSFER, LEASE, AND SUBLEASE OF LAND USE RIGHTS

Article 37. Principles for Transfer, Lease, and Sublease of Land Use Rights

1. The transfer, lease, and sublease of land use rights must meet the conditions specified in Clause 2 of Article 9 of this Law.

2. The transfer, lease, and sublease of land use rights must comply with the provisions of the land laws regarding land use purposes, land use periods, and land registration.

Article 38. Rights of the Transferring Party for Land Use Rights

1. Require the transferee of land use rights to pay the money according to the timeframes and methods agreed upon in the contract.

2. Require the transferee of land use rights to accept the land according to the agreed timeframe in the contract.

3. Demand compensation from the transferee of land use rights for losses caused by the transferee's fault.

4. Not to hand over the land until full payment is received, except where the parties have agreed otherwise.

5. Other rights as stipulated in the contract.

Article 39. Obligations of the Transferring Party for Land Use Rights

1. Provide full and truthful information about the land use rights and be responsible for the information provided.

2. Transfer the land to the transferee of land use rights with the correct area, location, and condition as stipulated in the contract.

3. Complete the land registration procedures in accordance with the land laws and deliver the Certificate of Land Use Right, House Ownership Right, and Other Property Rights Attached to the Land to the transferee, unless the transferee requests to handle the certificate issuance procedures themselves.

4. Compensate for losses caused by their own fault.

5. Fulfill financial obligations to the State as prescribed by law.

6. Other obligations as stipulated in the contract.

Article 40. Rights of the transferee of land use rights

1. Request the transferor to provide full and truthful information about the transferred land use rights.

2. Request the transferor to complete the procedures and hand over the Certificate of Land Use Right, Ownership Certificate of Housing and Other Assets Attached to the Land.

3. Request the transferor to deliver land with sufficient area, correct location, and condition as agreed upon in the contract.

4. Request the transferor to compensate for losses caused by the transferor's fault.

5. Have the right to use the land from the time of receiving the land from the transferor.

6. Other rights stipulated in the contract.

Article 41. Obligations of the transferee of land use rights

1. Pay money to the transferor of land use rights according to the terms and methods agreed upon in the contract.

2. Ensure the rights of third parties concerning the transferred land.

3. Compensate for damages caused by their own fault.

4. Fulfill financial obligations to the State as prescribed by law.

5. Other obligations stipulated in the contract.

Article 42. Rights of the lessor of land use rights

1. Require the lessee to exploit and use the land in accordance with the purpose, planning, land use plan, investment project, and agreement in the contract.

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

3. Require the lessee to immediately stop using the land for unauthorized purposes, destroying the land, or reducing its value; if the lessee does not immediately cease the violation, the lessor has the right to unilaterally terminate the contract, request the lessee to return the leased land, and compensate for damages.

4. Require the lessee to return the land when the lease term expires as stipulated in the contract.

5. Require the lessee to compensate for losses caused by the lessee's fault.

6. Other rights stipulated in the contract.

Article 43. Obligations of the lessor of land use rights

1. Provide full and truthful information about the land use rights and be responsible for the information provided.

2. Transfer land to the lessee with sufficient area, correct location, and condition as agreed upon in the contract.

3. Register the leasing of land use rights.

4. Inspect and remind the lessee to protect, maintain, and use the land for the intended purpose.

5. Fulfill financial obligations to the State as prescribed by law.

6. Inform the lessee about the rights of third parties concerning the leased land.

7. Compensate for damages caused by their own fault.

8. Other obligations as stipulated in the contract.

Article 44. Rights of the lessee of land use rights

1. Request the lessor to provide full and truthful information about the leased land use rights.

2. Request the lessor to transfer land with the correct area, location, and condition as agreed upon in the contract.

3. Be entitled to use the leased land within the period specified in the contract.

4. Exploit and use the leased land and enjoy the fruits of labor and investment results on the leased land.

5. Request the lessor to compensate for losses caused by the lessor's fault.

6. Other rights stipulated in the contract.

Article 45. Obligations of the lessee of land use rights

1. Use the land for the intended purpose, within the boundaries, and for the lease period.

2. Not destroy the land.

3. Pay the full rent for land use rights according to the terms and methods agreed upon in the contract.

4. Comply with environmental protection regulations; not harm the legitimate rights and interests of surrounding land users.

5. Return the land at the end of the lease period and in the condition agreed upon in the contract.

6. Compensate for damages caused by their own fault.

7. Other obligations stipulated in the contract.

Article 46. Rights and obligations of the parties in subleasing land use rights

The rights and obligations of the sublessor and sublessee of land use rights shall be implemented in accordance with Articles 42, 43, 44, and 45 of this Law.

Article 47. Contents of Contracts for Transfer, Lease, or Sublease of Land Use Rights

Contracts for transfer, lease, or sublease of land use rights must include the following main contents:

1. Names and addresses of the parties;

2. Information on the type of land, area, location, number, boundaries, and status of the land plot, and attached assets (if any);

3. Term of land use;

4. Price of transfer, lease, or sublease including attached assets (if any);

5. Payment method and payment period;

6. Handover period of land and accompanying documents;

7. Rights and obligations of the parties;

8. Rights of third parties to the land plot (if any);

9. Liability for breach of contract;

10. Contractual penalty;

11. Resolution of consequences when the contract expires in cases of lease or sublease of land use rights;

12. Dispute resolution;

13. Circumstances for termination, cancellation of the contract, and measures for handling.

Section 6. TRANSFER OF THE ENTIRE OR PART OF A REAL ESTATE PROJECT

Article 48. Principles for Transferring the Entire or Part of a Real Estate Project

1. The developer of a real estate project may transfer the entire or part of the project to another developer to continue investment and business operations.

2. The transfer of the entire or part of a real estate project must meet the following requirements:

a) Not changing the objectives of the project;

b) Not altering the content of the project;

c) Ensuring the interests of customers and related parties.

3. The transfer of the entire or part of a real estate project must be agreed in writing by the competent state agency responsible for investment decisions. The transferee developer shall be issued a Certificate of Land Use Right, House Ownership Right, and Other Assets Attached to the Land, or registered for changes in the certificate already issued to the transferring developer according to the laws on land.

4. The transferee developer of the entire or part of a real estate project does not need to resubmit the project dossier, construction planning, and Construction Permit if there is no change in the approved investment proposal or investment decision content.

Article 49. Conditions for Transferring the Entire or Part of a Real Estate Project

1. The real estate project to be transferred must meet the following conditions:

a) The project has been approved by the competent state agency, and has detailed planning at a scale of 1/500 or overall site planning that has been approved;

b) The project or part of the project to be transferred has completed compensation and clearance work. In the case of transferring the entire infrastructure development project, the corresponding infrastructure works must be completed according to the progress recorded in the approved project;

c) The project has no disputes over land use rights, is not seized for enforcement of judgments or administrative decisions of the competent state agencies;

d) There is no decision to recover the project or land by the competent state agencies; in cases where there are violations during the implementation of the project, the developer must have fully complied with the penalty decision.

2. The transferring developer must have a certificate of land use right for the entire or part of the project to be transferred.

3. The transferee developer of the entire or part of a real estate project must be a real estate business enterprise with sufficient financial capacity and committed to continuing the implementation of investment and business operations according to the provisions of the law, ensuring the project's schedule and content.

Article 50. Authority to Approve the Transfer of Real Estate Projects in Whole or in Part

Clause 1. The People's Committee of the province or centrally governed city (hereinafter referred to as the Provincial People's Committee) shall decide on approving the transfer of real estate projects in whole or in part for projects that the Provincial People's Committee decides to invest in.

Clause 2. The Prime Minister shall decide on approving the transfer of real estate projects in whole or in part for projects that the Prime Minister decides to invest in.

Article 51. Procedures for Transferring Real Estate Projects in Whole or in Part

Clause 1. The project investor shall submit the application dossier for transferring the project in whole or in part to the Provincial People's Committee where the project is located or the agency authorized by the Provincial People's Committee.

Clause 2. Within thirty days from the date of receiving all valid documents, the Provincial People's Committee shall be responsible for issuing a decision to approve the transfer, in case the conditions for approval are not met, it must notify the project investor in writing.

In cases where the investment project is decided by the Prime Minister, within forty-five days from the date of receiving all valid documents, the Provincial People's Committee shall be responsible for soliciting opinions from the specialized management ministry and the Ministry of Construction to report to the Prime Minister for decision.

Clause 3. Within thirty days from the date of the competent state agency's decision to approve the transfer of the project, the parties must complete the signing of the transfer contract and complete the handover of the project.

In cases where the project investor who transfers the real estate project is a foreign-invested enterprise, after receiving the decision of the competent state agency to approve the transfer of the project, the transferring investor shall proceed with the procedures to return the land to the State; the competent state agency deciding to grant land or lease land to the transferee investor within thirty days from the date of receiving all valid documents.

4. The Government shall provide detailed regulations on this matter.

Article 52. Rights and Obligations of Parties in the Transfer of Real Estate Projects in Whole or in Part

Clause 1. The project investor transferring the real estate project in whole or in part has the following rights and obligations:

Point a) To transfer their rights and obligations regarding the entire or part of the project to the transferee investor to continue investing in constructing real estate for business purposes, except for those rights and obligations that have been fully completed and are unrelated to the transferee investor and the continued implementation of the project, the transferred portion of the project;

Point b) To transfer related files to the transferee; to promptly, fully, publicly inform and properly resolve the legitimate rights and interests of customers and other parties related to the transferred project, portion of the project;

Point c) To cooperate with the transferee to complete the procedures for transferring land use rights to the transferee according to the provisions of the law on land;

Point d) In cases of transferring a part of the real estate project, the transferring party has the right to require the transferee to continue investing in constructing houses and buildings in the transferred portion of the project according to the approved schedule and detailed planning at a scale of 1/500 or the overall layout of the project; to monitor and promptly report to the competent state agency about violations in land use and construction investment by the transferee;

Point đ) To fulfill financial obligations to the State as prescribed by law;

Point e) Other rights and obligations stipulated in the contract.

Clause 2. The transferee of the real estate project in whole or in part has the following rights and obligations:

Point a) To inherit and perform the rights and obligations of the transferring project investor that have been transferred;

Point b) To continue implementing the investment and construction, business operation of the project according to the approved schedule and content;

Point c) In cases of receiving a partial transfer of the real estate project, the transferee is responsible for fulfilling the requirements of the transferring project investor regarding ensuring the schedule and complying with the project planning during the investment and construction process;

Point d) To fulfill financial obligations to the State as prescribed by law;

Point đ) Other rights and obligations stipulated in the contract.

Article 53. Contents of the Contract for Transfer of Real Estate Project in Whole or in Part

The contract for transfer of real estate project in whole or in part must include the following main contents:

1. Names and addresses of the parties;

2. Basic information of the approved project;

3. Detailed information about the entire project or the portion of the project being transferred;

4. Transfer price;

5. Payment method and payment period;

6. Time limit for handing over the entire project or a portion thereof and accompanying documents;

7. Rights and obligations of the parties;

8. Obligations of the parties in performing administrative procedures related to land use rights;

9. Liability for breach of contract;

10. Contractual penalty;

11. Dispute resolution;

12. Circumstances for terminating the performance of the contract and measures for handling;

13. Effective date of the contract.

Chapter III

BUSINESS OF REAL ESTATE TO BE FORMED IN THE FUTURE

Article 54. Right to engage in business with real estate to be formed in the future

1. The investor of the real estate project has the right to sell, lease, or lease-purchase houses or construction works to be formed in the future.

2. The sale, lease, or lease-purchase of houses or construction works to be formed in the future shall be carried out in accordance with the provisions of this Chapter, corresponding provisions in Chapter II, and other relevant provisions of this Law.

Article 55. Conditions for real estate to be formed in the future to be put into business

1. There must be documents on land use rights, project files, construction design drawings that have been approved by competent authorities, Construction Permit for cases requiring such permit, documents on acceptance of completion of infrastructure technical works according to the project schedule; in case of future residential buildings or mixed-use buildings for residential purposes, there must be a certificate of acceptance confirming the completion of the foundation of the building.

2. Before selling or lease-purchasing future residential buildings, the investor must notify in writing the provincial housing management agency about the residential buildings meeting the conditions for sale or lease-purchase.

Within fifteen days from the date of receipt of the notification, the provincial housing management agency is responsible for replying in writing to the investor regarding the residential buildings meeting the conditions for sale or lease-purchase; if not meeting the conditions, the reasons must be clearly stated.

Article 56. Guarantee in Selling and Lease-Purchasing Future Residential Buildings

1. Prior to selling or lease-purchasing future residential buildings, the investor of the real estate project must obtain a commercial bank with sufficient capacity to guarantee the financial obligations of the investor towards customers when the investor fails to hand over the residential buildings according to the committed schedule.

The State Bank of Vietnam will publish a list of commercial banks with sufficient capacity to provide guarantees in the business of real estate to be formed in the future.

2. The scope, conditions, content, and fees of the guarantee are agreed upon by the parties but must ensure the fulfillment of the guarantor's responsibilities stipulated in Clause 3 of this Article and must be established in a contract. The investor is responsible for sending a copy of the guarantee contract to the buyer or lease-purchaser at the time of signing the purchase or lease-purchase contract.

The guarantee contract is valid until the residential building is handed over to the buyer or lease-purchaser.

3. In case the investor does not hand over the residential building according to the committed schedule and the buyer or lease-purchaser requests it, the guarantor is responsible for refunding the advance payment and other amounts to the customer according to the residential building purchase and lease-purchase contracts and the guarantee contract signed.

4. Guarantees in selling and lease-purchasing future residential buildings shall be implemented in accordance with the provisions of this Article and the laws on guarantees.

Article 57. Payment in the sale and lease purchase of future real estate

1. Payment in the sale and lease purchase of future real estate shall be made in multiple installments, with the first installment not exceeding 30% of the contract value, subsequent installments must be consistent with the construction progress of the real estate but the total amount shall not exceed 70% of the contract value before delivery of the house or construction project to the customer; in cases where the seller or lessor is a foreign-invested enterprise, the total amount shall not exceed 50% of the contract value.

In cases where the buyer or lessee has not yet been issued a Certificate of Land Use Right, House Ownership Right and Other Assets Attached to the Land, the seller or lessor shall not collect more than 95% of the contract value; the remaining value of the contract shall be paid when the competent state agency issues the Certificate of Land Use Right, House Ownership Right and Other Assets Attached to the Land to the buyer or lessee.

2. The developer must use the advance payment from customers for the purposes agreed upon.

Article 58. Rights and Obligations of Parties in the Sale and Lease Purchase of Future Real Estate

In addition to the rights and obligations of the parties in the sale and lease purchase of real estate as stipulated in Chapter II of this Law, the parties also have the following rights and obligations:

1. The buyer or lessee has the right to request the seller or lessor to provide information on investment and construction progress, the use of advance payments, and to inspect the actual conditions at the site.

2. The seller or lessor has the obligation to provide information on investment and construction progress, the use of advance payments, and to facilitate the buyer or lessee's inspection of the actual conditions at the site.

Article 59. Assignment of Contracts for the Sale and Lease Purchase of Future Housing

1. The buyer or lessee has the right to assign the contract for the sale and lease purchase of future housing when the application dossier for the issuance of the Certificate of Land Use Right, House Ownership Right and Other Assets Attached to the Land has not yet been submitted to the competent state agency. The assignment of the contract for the sale and lease purchase of future housing must be documented in writing, with confirmation from the developer on the assignment document.

2. The assignee of the contract shall continue to exercise the rights and fulfill the obligations of the buyer or lessee of housing with the developer. The developer shall be responsible for facilitating the assignment of the contract among the parties and shall not charge any fees related to the assignment of the contract.

3. The final assignee of the contract for the sale and lease purchase of housing shall be issued the Certificate of Land Use Right, House Ownership Right and Other Assets Attached to the Land by the competent state agency in accordance with the laws on land.

4. The assignment of contracts as provided for in this Article does not apply to contracts for the sale and lease purchase of social housing.

5. The Government shall provide detailed regulations on this matter.

Chapter IV

REAL ESTATE SERVICES BUSINESS

Section 1

GENERAL PROVISIONS

Article 60. Scope of Real Estate Services Business of Domestic Organizations and Individuals, Overseas Vietnamese, and Foreign Organizations and Individuals

Domestic organizations and individuals, overseas Vietnamese, and foreign organizations and individuals have the right to engage in real estate brokerage services, real estate trading floor services, real estate advisory services, and real estate management services as prescribed by this Law.

Article 61. Real Estate Service Business Contracts

1. Types of real estate service business contracts:

a) Real estate brokerage service contract;

b) Real estate advisory service contract;

c) Real estate management service contract.

2. Real estate service business contracts must be established in writing. Notarization or certification of the contract shall be agreed upon by the parties.

3. The effective date of the contract shall be agreed upon by the parties and stated in the contract. In cases where the contract is notarized or certified, the effective date of the contract is the date of notarization or certification. In cases where there is no agreement or notarization or certification, the effective date of the contract is the date the parties conclude the contract.

4. Real estate service business contracts shall be agreed upon by the parties and must include the following main contents:

a) Name and address of the parties;

b) Object and content of the service;

c) Requirements and results of the service;

d) Duration of service performance;

đ) Service fee, remuneration, commission;

e) Payment method and deadline;

g) Rights and obligations of the parties;

h) Dispute resolution;

i) Effective date of the contract.

Section 2

REAL ESTATE BROKERAGE SERVICES

Article 62. Conditions for organizations and individuals conducting real estate brokerage services

1. Organizations and individuals conducting real estate brokerage services must establish a business entity and have at least two persons holding a real estate brokerage practice certificate, except in cases provided for in Clause 2 of this Article.

2. Individuals may independently conduct real estate brokerage services but must hold a real estate brokerage practice certificate and register to pay taxes as prescribed by tax laws.

3. Organizations and individuals conducting real estate brokerage services shall not simultaneously act as brokers and one party to the transaction in a real estate business deal.

Article 63. Content of Real Estate Brokerage Services

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

2. Acting as an authorized representative to perform tasks related to procedures for buying, transferring, leasing, subleasing, and lease-purchase of real estate.

3. Providing information and supporting the parties in negotiating and signing contracts for buying, transferring, leasing, subleasing, and lease-purchase of real estate.

Article 64. Remuneration for Real Estate Brokerage Services

1. Enterprises and individuals conducting real estate brokerage services are entitled to receive brokerage remuneration from customers regardless of the outcome of the real estate purchase, transfer, lease, sublease, 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 65. Commission for Real Estate Brokerage Services

1. Enterprises and individuals conducting real estate brokerage services are entitled to receive brokerage commission when customers sign contracts for purchasing, transferring, leasing, subleasing, or lease-purchasing of real estate.

2. The level of brokerage commission for real estate shall be agreed upon by the parties in the contract.

Article 66. Rights of Enterprises and Individuals Conducting Real Estate Brokerage Services

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

2. To request customers to provide documentation and information about real estate.

3. To receive remuneration and commission according to the agreement in the signed contract with the customer.

4. To hire other enterprises or independent individuals conducting real estate brokerage services to perform brokerage work within the scope of the signed real estate brokerage service contract with the customer, but they must be responsible to the customer for the results of the brokerage.

5. Other rights as stipulated in the contract.

Article 67. Obligations of enterprises and individuals providing real estate brokerage services

1. Perform contracts signed with customers accurately.

2. Provide files and information about real estate they broker and bear responsibility for the files and information provided.

3. Assist parties in negotiating and signing purchase, transfer, lease, sublease, and lease-purchase contracts for real estate.

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. Fulfill tax obligations to the State as prescribed by law.

7. Other obligations stipulated in the contract.

Article 68. Real Estate Brokerage Practice Certificate

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

a) Having full capacity for civil acts;

b) Having completed secondary education or higher;

c) Having passed examinations on real estate brokerage knowledge.

2. The validity period of the real estate brokerage practice certificate is five years.

3. The Minister of Construction shall specify in detail the issuance of real estate brokerage practice certificates.

Section 3

REAL ESTATE EXCHANGE SERVICES

Article 69. Conditions for Establishing a Real Estate Exchange

1. Enterprises and individuals providing real estate exchange services must establish a business entity.

2. A business entity providing real estate exchange services must have at least two persons holding a real estate brokerage practice certificate; the manager and operator of the real estate exchange must hold a real estate brokerage practice certificate.

3. A real estate exchange must have operational regulations, name, address, physical facilities, and technical infrastructure meeting operational requirements.

Article 70. Activities of a Real Estate Exchange

1. Conduct transactions for purchasing, transferring, leasing, subleasing, and lease-purchasing of real estate.

2. Organize sales, transfers, leases, subleases, and lease-purchases of real estate; introduce, list, and publicly provide information about real estate for interested parties; verify documents related to real estate to ensure they meet transaction conditions; act as intermediaries for negotiations and signing of purchase, transfer, lease, sublease, and lease-purchase contracts between parties.

Article 71. Rights of Enterprises Providing Real Estate Exchange Services

1. Request customers to provide files and information about real estate listed on the real estate exchange.

2. Refuse to list real estate that does not meet listing conditions.

3. Charge service fees from customers whose real estate is listed on the real estate exchange.

4. Require customers to compensate for losses caused by their fault.

5. Other rights as stipulated in the contract.

Article 72. Obligations of Enterprises Providing Real Estate Exchange Services

1. Ensure that real estate listed on the exchange meets transaction conditions.

2. Provide complete and truthful files and information about real estate and bear responsibility for the files and information provided.

3. Ensure physical facilities, technical infrastructure, and operational conditions of the real estate exchange.

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

5. Fulfill tax obligations to the State as prescribed by law.

6. Compensate for damages caused by their own fault.

7. Other obligations stipulated in the contract.

Article 73. Rights and Obligations of Organizations and Individuals Participating in a Real Estate Exchange

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

a) Request enterprises providing real estate exchange services to provide files and information about real estate;

b) Sign contracts with enterprises providing real estate exchange services for purchasing, transferring, leasing, subleasing, and lease-purchasing of real estate;

c) Request enterprises providing real estate exchange services to compensate for losses caused by the real estate exchange's fault;

d) Other rights stipulated in the contract.

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;

b) Pay service fees to enterprises providing real estate exchange services;

c) Compensate for losses caused by their own fault;

d) Other obligations stipulated in the contract.

Section 4

REAL ESTATE ADVISORY AND MANAGEMENT SERVICES

Article 74. Real Estate Advisory Services

1. Organizations and individuals engaging in real estate advisory services must establish a business entity.

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;

đ) Advice on contracts for buying, selling, transferring, leasing, and lease-purchase of real estate.

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

4. A business entity engaged in real estate advisory services shall be responsible for fulfilling commitments in the contract and compensating for damages caused by its own fault.

Article 75. Real Estate Management Services

1. Organizations and individuals engaging in real estate management services must establish a business entity. In cases of managing apartment buildings or mixed-use buildings intended for residential purposes, they must meet the conditions stipulated by laws on housing.

2. The content of real estate management services includes:

a) Selling, transferring, renting, subletting, and lease-purchasing real estate according to the authorization of the owner of the house, construction project, or land user;

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

c) Organizing maintenance and repair work on real estate;

d) Managing and supervising the exploitation and use of real estate by customers in accordance with the contract;

đ) Performing rights and obligations towards customers and the State according to the authorization of the owner of the house, construction project, or land user.

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

4. A business entity engaged in real estate management services shall be responsible for fulfilling commitments in the contract and compensating for damages caused by its own fault.

Chapter V

STATE MANAGEMENT OF REAL ESTATE BUSINESS

Article 76. Content of State Management of Real Estate Business

1. Issuing and implementing legal normative documents on real estate business.

2. Developing and issuing strategies for the development of the real estate market and plans for implementing real estate projects.

3. Establishing and publishing indices to evaluate the real estate market.

4. Building a system of information on the real estate market.

5. Inspecting and supervising compliance with laws on real estate business, the implementation of real estate projects.

6. Popularizing and educating the public about laws on real estate business.

7. Resolving complaints and accusations, and handling violations of laws in real estate business.

Article 77. Responsibilities for State Management of Real Estate Business

1. The Government exercises unified state management over real estate business.

2. The Ministry of Construction is responsible before the Government for performing state management functions over real estate business nationwide, with the following tasks and powers:

a) Submitting to competent authorities for issuance or issuing within its authority legal normative documents on real estate business;

b) Submitting to the Prime Minister for issuance and directing the implementation of strategies for developing the real estate market;

c) Leading and coordinating with ministries, agencies at the same level, and provincial People's Committees in organizing the implementation and management of real estate business;

d) Prescribing the issuance of real estate brokerage practice certificates; guiding training and upgrading knowledge for real estate brokers and property transaction floor managers; detailing the establishment and operation of property transaction floors;

đ) Building and managing the national information system on the real estate market; establishing and publishing indices to evaluate the national real estate market;

e) Popularizing and educating the public about laws on real estate business;

g) International cooperation in real estate business;

h) Inspecting and supervising the implementation of laws on real estate business; coordinating with provincial People's Committees to inspect and review real estate projects to propose to competent authorities the recovery, suspension, temporary halt, adjustment, transfer, or sale of real estate projects;

i) Resolving complaints and accusations and handling violations within its authority or submitting to competent authorities for handling in accordance with the law;

k) Reporting to the Government on the situation of real estate business and the real estate market nationwide.

3. The Ministry of Natural Resources and Environment, within its functions, tasks, and powers, has the responsibility to:

a) Guide the allocation of land funds for the development of the real estate market in land use planning and plans;

b) Prescribe and guide types of land that can participate in the real estate market under the Land Law and this Law;

c) Prescribe and guide the issuance of certificates of land use rights, ownership of houses, and other assets attached to land in real estate business.

4. The Ministry of Finance, within its functions, tasks, and powers, has the responsibility to submit to competent authorities for issuance of policies on taxes and other financial obligations in real estate business.

5. The State Bank of Vietnam, within its functions, tasks, and powers, has the responsibility to guide payment procedures in real estate transactions, mortgage loans secured by real estate, and guarantees in the sale and lease-purchase of future residential units.

6. Ministries and agencies at the same level, within their functions, tasks, and powers, have the responsibility to coordinate with the Ministry of Construction in organizing management, inspection, and supervision in the field of real estate business.

Article 78. Responsibilities of the People's Committee of provinces and centrally governed cities

1. Implement state management functions for real estate business within their jurisdiction.

2. Allocate land funds to develop real estate projects in accordance with local land use plans and master plans.

3. Issue, publicize, and organize the implementation of plans for real estate projects.

4. Manage real estate brokerage activities, operations of real estate trading floors, and other real estate services within their jurisdiction.

5. Establish information systems on the real estate market, build and publish indices evaluating the real estate market within their jurisdiction.

6. Popularize and educate the law on real estate business within their jurisdiction.

7. International cooperation in real estate business.

8. Inspect, supervise, handle complaints and denunciations, and deal with violations of laws on real estate business within their jurisdiction according to their authority; organize inspections and reviews of real estate business projects within their jurisdiction to implement measures for recovery, suspension, temporary halt, adjustment, conversion, or transfer of real estate business projects.

9. Report to the Ministry of Construction on the situation of the real estate market within their jurisdiction.

Article 79. Handling Violations

1. Organizations and individuals who violate the law in real estate business shall be subject to disciplinary action, administrative penalties, or criminal prosecution, depending on the nature and severity of the violation; if damage is caused, they must compensate according to the provisions of the law.

2. Handling the recovery of real estate projects:

a) The competent authority deciding on project investment shall decide to recover the project and assign it to another investor to continue implementing in cases where the project investor violates regulations on investment construction, planning, architecture without remedial measures as required by the competent state agency, and in cases where the project falls under the category of land recovery according to the law on land, except for projects where the investor requests to take over the transfer according to Clause 6, Chapter II of this Law;

b) The investor whose project is recovered shall be responsible for resolving the remaining issues of the project to ensure the rights and obligations of customers and parties related to the project;

c) The authority deciding to recover the project shall require the investor whose project is recovered to resolve the remaining issues of the project; notify and organize the selection of a new investor to continue implementing the project;

d) An investor whose project is recovered may not be assigned as the investor of a new real estate business project for a period of two years from the date the project was recovered.

Chapter VI

IMPLEMENTING PROVISIONS

Article 80. Transitional Provisions

1. Real estate businesses currently operating but not yet meeting the conditions stipulated in this Law must supplement all necessary conditions within one year from the date this Law comes into effect.

2. Investment projects in real estate that have been decided by competent state agencies, allocated land, leased land, granted permission to transfer projects, or signed contracts for transfer, sale, lease, or lease-purchase before this Law comes into effect shall not need to reapply procedures according to this Law.

3. Real estate brokerage certificates issued before this Law comes into effect shall remain valid for five years from the date this Law comes into effect; after this period, the certificate holder must meet the conditions stipulated in this Law.

4. Real estate valuation certificates issued before this Law comes into effect shall remain valid for five years from the date this Law comes into effect; after this period, the certificate holder must meet the conditions for appraisers as stipulated in the law on prices.

Article 81. Effectiveness of Implementation

This Law shall take effect from July 1, 2015.

The Law on Business of Real Estate Number 63/2006/QH11 ceases to be effective from the date this Law comes into effect.

Article 82. Detailed Provisions

The Government and competent authorities shall provide detailed regulations for the Articles and Clauses assigned in this Law.

This Law was passed by the National Assembly of the Socialist Republic of Vietnam, the 8th session of the 13th term, on November 25, 2014./.