Decree directs certain articles of the Law on Real Estate Business.
Prime Minister Nguyen Tan Dung has signed a decree detailing the implementation of certain articles of the Law on Real Estate Business.
The decree has provisions on the conditions of organizations and businesses in the industry, contract types, transfer of house leases and purchases, and procedures to transfer all or part of a real estate project.
Regarding operating conditions, real estate organizations and individuals must establish enterprises in accordance with the law and with capital of more than VND20 billion ($939,000), excluding households or individuals of small scale and infrequency, as defined in Chapter 4 of the Law, selling, transferring, or leasing.
In the transfer of leases and purchasing agreements, available and newly-built houses and constructions under the provisions of the Law can be transferred when documents granting the land use right certificate have not been submitted to related authorities.
With a lease-purchase agreement, construction includes all types of leases and purchase contracts signed with the lessor. For housing, the transfer will be done for each house and apartment while the assignment of many individual houses or apartments must contain all houses or apartments in such contracts.