Legal Regulations in Purchasing Real Estate for Foreigners in Vietnam

  Vietnam has become a better place for foreigners to visiting and staying. Many chose Vietnam as home and they come to Ho Chi Minh City, Ha Noi, Da Nang, Phu Quoc, Nha Trang… to buy real estates for living. Many foreigners consider seeking understanding and with the advisory of their real estate lawyers in Vietnam to purchase the property under their name for best interest protection. There are a number of foreigners seek to cooperate with local Vietnamese under investment agreement to invest in properties. It has always been suggested the buyer or investor to receive legal advice from real estate lawyers and law firms in Vietnam before committing the investment to a certain extent.

According to the Law on housing 2005, foreign organizations and individuals investing in construction of houses for sale and lease in Vietnam have the right to own the houses in Vietnam. However, according to the provisions of the Law on housing 2014, the house owners expand and include foreigners being investors building the houses under investor projects, foreign organizations operating in Vietnam and foreign individuals being allowed to enter Vietnam under the provisions of the Law on Entry, Exit, Transit and Residence of Foreigners in Vietnam; and are not entitled to diplomatic privileges and immunities.

Under the provisions of the Law on housing 2014, foreign organizations and individuals are allowed to own apartments, individual houses (villas and townhouses) in commercial housing projects. The total number of foreign individuals/organizations owned does not exceed 30% of an apartment building or does not exceed 10% or 250 houses of a housing project. Foreign individuals may own houses for up to 50 years and are allowed to extend for no more than 50 years. Foreign organizations own the houses according to the time limit on the Investment Registration Certificate and the extension period. During the time of owning the houses, foreign individuals are allowed to sublease, but foreign organizations are not allowed to sublease the houses.

For foreign individuals/organizations, when buying the houses in Vietnam, it is necessary to have a well drafted sales contract for purchase and sale of the houses because all rights and obligations related to the purchase, sales and ownership of houses are regulated in the contract. Therefore, the buyer should consider the contract carefully, usually with the help of real estate lawyers whom understand Vietnam laws before signing, in order to protect their legitimate rights and interests.

The foreigner when buying and selling the houses, especially off-plan house, need to also pay attention to the regulations on payment schedule in the contract. According to Article 57 of the Law on housing 2015, the payment in the purchase, sales, lease sales of the off-plan real estate in Vietnam is carried out in installments, and the first time must not exceed 30% of the contract value, the next times must be in accordance with the construction schedule, however, not exceeding 50% of the contract value when not handed over when the buyer is an enterprise with foreign investment, not exceeding 70% the value of contract, if the buyer is the foreigner individual the payment is not exceed 50% the value of the contract before handing over the house to the buyer. Until the buyer is issued with a certificate of land use right, ownership of houses and other assets attached to the land, the buyer shall pay no more than 95% the value of contract.

Foreigners in Vietnam need to be assisted to be familiar with the laws relating to the purchase and sale of real estate in order to protect their legitimate rights and interests when participating in transactions in Vietnam. It is important that the foreigners consider using the services of law firm in Vietnam specializing in real estate to advise and help manage the transaction.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have attorneys in Hanoi, Ho Chi Minh and Danang. 

Source: https://antlawyers.vn/library/legal-regulations-in-purchasing-real-estate-in-for-foreigners-in-vietnam.html

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How Foreigners Could Buy Real Estate in Vietnam?

  

Can foreigners buy real estate in Vietnam?

Regulations on foreigners whom wish to buy real estate in Vietnam are regulated in Civil Code, Law on Land, Law on Housing, and other on decrees that guide the Law on Housing and related documents.

Can foreigners buy land in Vietnam?

For land, foreign individuals are not eligible to use land assigned or leased by the State, recognized land use rights, received transfer of land use rights. However, a foreign-invested enterprise could be allocated or leased land by the State, recognized land use rights, or received a land use right transfer. Foreign-invested enterprises that are assigned land by the State with the collection of land use levies to execute investment projects on the construction of houses for sale or for sale in combination with lease.

Can foreigners buy houses in Vietnam? or can foreigner buy apartments in Vietnam?

For housing, foreign entities eligible for the homeownership in Vietnam include: foreign entities who invest in project-based housing construction in Vietnam as prescribed in this Law and corresponding regulations of law; foreign-invested enterprises, branches, representative offices of foreign enterprises, foreign-invested funds and branches of foreign banks operating in Vietnam (hereinafter referred to as foreign organization); foreign individuals who are allowed to enter Vietnam.

The foreign entities are eligible for the homeownership in Vietnam if they invest in project-based housing construction in Vietnam as prescribed in this Law and corresponding regulations of law; or buy, rent and purchase, receive, or inherit commercial housing including apartments and separate houses in the project for housing construction, except for areas under management relating to national defense and security as prescribed in regulations of the Government.

What conditions to meet when foreigners buy real estate in Vietnam?

Foreign organizations and individuals must have documents proving being the eligible subjects and meeting conditions to own houses in Vietnam. A foreign individual must have an unexpired passport bearing the entry seal of the Vietnam’s immigration authority and not given diplomatic immunity and privileges according to Ordinance on diplomatic immunity and privileges of diplomatic missions, consular offices, and representative authorities of international organizations in Vietnam. Foreign organizations must be subjects of owning houses in Vietnam which have investment registration certificate or a permission issued by a Vietnam’s competent authority for operation in Vietnam which is still unexpired at the time of housing transaction (hereinafter referred to as investment registration certificate).

A foreign entity shall not be granted a Certificate of the house and may only sell or offer it to another entity eligible to own housing in Vietnam in the case being: a foreign organization or individual receives a house as an inheritance or a gift which is located in an area in which foreign entities must not own houses, or the quantity of which exceeds the permissible limits; a foreign organization that does not operate in Vietnam, or a foreign individual who is not permitted to enter Vietnam, receives a house in Vietnam as a gift or an inheritance.

For specific situations, to avoid future dispute in house ownership arisen from the purchase, lease of property, house, land from the state, developer or other seller, or lessor it is important that the client check with dispute property lawyers in Vietnam for eligibility, conditions and other relevant matters.

How real estate lawyers in Vietnam could help client to buy real estate in Vietnam?

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest protection, risk mitigation and regulatory compliance. 

Source: https://antlawyers.vn/update/how-foreigners-could-buy-real-estate-in-vietnam.html

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What Are New in Real Estate Trading Business From 2021?

  The Law on Investment 2020 takes effect from January 1, 2021 with many new highlights, including the amendment of conditions for real estate business in the Law on Real Estate Trading 2014.

Specifically, amending regulations on real estate business conditions in the Law on Real Estate Trading 2014 as follows: “Any organizations and individuals trading in real estate must set up enterprises or cooperatives (hereinafter referred to as an enterprise), except for the case specified in Clause 2 of this Article. ”

Clause 1, Article 10 of the 2014 Law on Real Estate Business stipulates that “Any organizations or individuals wish to conduct real estate trading shall set up enterprises or cooperatives (hereinafter referred to as enterprises) and have legal capital not smaller than VND 20 billion, excluding cases prescribed in Clause 2 of this Article.”

In addition, the Law on Investment 2020 also amends regulations on the competence to permit the transfer of all or a portion of real estate projects. For real estate projects approved by investors or granted an investment registration certificate in accordance with the Law on Investment, the competence and procedures for the transfer of all or a portion of the project comply with regulations of the Law on Investment. For real estate projects not falling into the above cases, the competence to permit the transfer of all or a portion of real estate projects is as follows: Provincial People’s Committee decides to allow the transfer of all or a portion of the real estate projects for projects decided by the provincial People’s Committee to invest; The Prime Minister shall decide to permit the transfer of all or a portion of real estate project to projects for which the investment is decided by the Prime Minister.

In case organizations, households or individuals sell, transfer, lease, or lease purchase real estate on a small scale, rarely, it is not required for real estate enterprise to be set up, but they must declare and pay taxes according to the provisions of law.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have law firm in Hanoi, law firm in Ho Chi Minh City and law firm in Da Nang. 

Source: https://antlawyers.vn/library/what-are-new-in-real-estate-trading-business-from-2021.html

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Navigating International Trade: How to Create a Sales Contract in Vietnam

  In the bustling world of international trade, crafting a comprehensive sales contract is a pivotal step towards a successful partnership. Particularly in Vietnam, a dynamic and rapidly growing economy, the need for well-structured contracts is paramount. This article is about how to create a sales contract in Vietnam, emphasizing key considerations and crucial clauses that are often overlooked.

Understanding the Landscape

Before delving into the details of drafting a solid sales contract in Vietnam and address the questions on how to create a sales contract in Vietnam, it’s essential to grasp the unique aspects of the market.

Vietnam’s international trade has been on a consistent upward trajectory, with manufacturing, exports, and foreign investment flourishing. This booming environment presents a wealth of opportunities but also requires careful navigation through legal and contractual matters.

Key Elements on How to Create a Sales Contract in Vietnam

1. Clear and Concise Definitions: Effective sales contracts should begin with precise definitions of the parties involved, the products or services being traded, and the scope of the agreement. These definitions set the foundation for the entire contract.

2. Price and Payment Terms: One of the most common pitfalls in international sales contracts is the absence of clear pricing and payment terms. The agreement should detail the price, payment currency, method, and schedule. Addressing issues like currency fluctuations and payment deadlines is essential to avoid future disputes.

3. Delivery and Risk Allocation: Specify the delivery terms according to Incoterms and define how risks and responsibilities are divided between the buyer and the seller. This section clarifies issues such as transportation, insurance, and loss or damage during transit.

4. Quality Control and Inspection: Contracts often overlook the importance of outlining quality control standards and inspection procedures. To avoid disputes over product quality, include specific criteria, inspection processes, and acceptance guidelines.

5. Force Majeure and Termination Clauses: Unforeseeable events can disrupt even the most well-structured contracts. A strong contract should contain a force majeure clause that outlines the parties’ responsibilities when such events occur. Additionally, termination clauses should define the conditions and consequences of contract termination.

6. Choice of Law and Jurisdiction: Specify the choice of law and jurisdiction governing the contract. This is especially crucial in international trade, as it clarifies which legal system and court will oversee the contract’s execution and any dispute resolution.

7. Intellectual Property Rights: When intellectual property is involved, such as trademarks or patents, a section outlining IP rights, ownership, usage restrictions, and licensing should be included. These details safeguard the interests of both parties.

8. Dispute Resolution Mechanisms: Consider including provisions for dispute resolution, such as arbitration, mediation, or litigation. These mechanisms outline the process for resolving disagreements and help avoid lengthy, costly legal battles.

9. Confidentiality and Non-Compete Clauses: For trade secrets and confidential information, establish strict confidentiality clauses. Non-compete clauses can prevent parties from engaging in similar businesses during or after the contract’s duration.

How to Create A Sales Contract in Vietnam?

Crafting a robust sales contract in Vietnam involves several steps:

1. Gather Information: Start by collecting all relevant details about the transaction, parties involved, and the products or services being traded.

2. Legal Counsel: Seek guidance from contract lawyers in Vietnam who specialize in international trade agreements. They can offer invaluable insights and ensure your contract complies with Vietnamese laws.

3. Draft the Contract: Based on the collected information and legal advice, begin drafting your contract. Be meticulous and precise in wording and formatting.

4. Define Dispute Resolution: Incorporate a dispute resolution mechanism in the contract, specifying the chosen method and location for dispute resolution.

5. Negotiation: Collaborate with the other party to negotiate and fine-tune the contract, ensuring both sides’ interests are protected.

6. Review and Finalize: Have the contract reviewed by legal experts and make any necessary revisions. Once both parties are in agreement, finalize the contract.

7. The Legal Safeguard: International trade involves a multitude of laws, regulations, and risks, making professional legal counsel indispensable. Whether you’re an experienced trader or new to the game, the expertise of import and export lawyers in Vietnam is a valuable asset in drafting and reviewing international sales contracts. These specialists help ensure your contract adheres to Vietnamese law, mitigates risks, and safeguards your interests.

How to create a sales contract in Vietnam is a critical aspect of successful international trade. By understanding the unique market conditions, including key clauses, and enlisting the support of import and export lawyers, you can navigate the complexities of international trade confidently and protect your investments. A well-structured contract is the cornerstone of a thriving partnership in the vibrant Vietnamese market.

ANT Lawyers, law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

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Protecting Your Rights: How Product Liability Lawyers in Vietnam Can Help?

  The role of product liability lawyers in Vietnam

Product quality and safety are critical concerns for consumers and businesses alike. In Vietnam, as in many other countries, regulations and laws are in place to ensure that products meet certain standards to protect the health and safety of consumers. However, there are instances where these standards are not met, leading to potential harm or damage caused by defective products. When faced with such situations, consumers and businesses need to be aware of their rights and the legal remedies available to them. This is where product liability lawyers in Vietnam play a crucial role.

Understanding Product Liability Laws in Vietnam

Product liability laws in Vietnam, governed by the Law on Product and Goods Quality, provide a framework for addressing issues related to defective products. These laws recognize the rights of both individuals and organizations to seek legal recourse when they believe their health, safety, or legitimate rights and interests have been compromised due to substandard products.

1. Rights to Complaints: Individuals and organizations have the right to file complaints with state agencies or authorized individuals if they believe that an administrative decision or action infringes upon their legitimate rights and interests in the context of product quality. This means that if a consumer purchases a product and believes it to be defective or harmful, they can file a complaint with the relevant authorities.

2. Right to Denunciations: Denunciations are a powerful tool for individuals to report violations of product quality laws. If an organization, agency, or individual’s actions pose a threat to the state’s interests or the legitimate rights and interests of citizens, individuals can denounce these actions to the appropriate authorities.

3. Shared Responsibility: It’s important to note that organizations and individuals are responsible for their complaints and denunciations. This implies that those who believe their rights and interests have been compromised must be diligent in pursuing their claims.

When Product Liability Matters Arise?

Product liability issues can arise in various scenarios:

1. Defective Consumer Products: These are cases where consumers purchase products that turn out to be defective, potentially causing harm or injury. Examples include faulty electronics, contaminated food items, or dangerous toys.

2. Industrial and Manufacturing Defects: In the context of business-to-business transactions, companies may experience issues with defective machinery or industrial equipment that affects their operations.

3. Health and Safety Concerns: In cases where the health and safety of individuals are compromised due to the use of substandard products, legal action may be warranted. This can include food safety concerns, faulty medical devices, or toxic substances in products.

4. Environmental Impact: Sometimes, substandard products can have environmental repercussions. For instance, a defective industrial product might lead to pollution or environmental damage.

How Product Liability Lawyers in Vietnam Can Help?

Product liability lawyers in Vietnam specialize in helping clients navigate the complexities of product quality laws, complaints, and denunciations. Here’s how they can assist:

1. Legal Expertise: Product liability lawyers in Vietnam possess in-depth knowledge of the relevant laws, allowing them to advise clients on the strength of their case and the potential legal remedies available.

2. Investigation and Evidence Gathering: Product liability lawyers in Vietnam can assist in gathering evidence to support their client’s claim, whether it’s related to a defective consumer product, industrial defect, or health and safety concern. This may involve expert witnesses, product testing, and documentation.

3. Negotiation and Settlement: In some cases, negotiations can lead to settlements that are satisfactory to all parties involved. Product liability lawyers in Vietnam can represent their clients during these discussions and help reach a mutually agreeable solution.

4. Litigation Representation: When a case goes to court, product liability lawyers in Vietnam can provide robust representation. They will present the evidence, argue the case, and advocate for their client’s rights throughout the legal process.

5. Ensuring Compliance: In situations where product quality laws have been violated, product liability lawyers in Vietnam can work to ensure that businesses comply with the necessary legal requirements, thereby preventing similar issues in the future.

Product liability matters are a crucial aspect of consumer and business rights, aiming to protect individuals from harm and safeguard their interests. Product liability lawyers in Vietnam play an essential role in ensuring that these rights are upheld. Their expertise, legal knowledge, and dedication to their clients make them valuable allies in pursuing justice and holding those responsible for substandard products accountable. Whether it’s a defective consumer product, an industrial flaw, or a health and safety concern, product liability lawyers are there to help clients seek the compensation and justice they deserve.

ANT Lawyers, law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/product-liability-lawyers-in-vietnam.html

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Navigating Healthcare Regulations in Vietnam: How Healthcare Lawyers Facilitate Compliance

  The healthcare landscape in Vietnam has been rapidly evolving, with a focus on expanding access to quality medical services and ensuring the well-being of its citizens. As the country makes strides in healthcare development, it also grapples with increasingly complex regulatory requirements. Healthcare providers and organizations, whether local or international, are confronted with a myriad of legal obligations. In this challenging environment, healthcare lawyers in Vietnam play a pivotal role in helping these entities navigate the intricate web of healthcare regulations, ensuring compliance, and fostering the growth of the sector.

The Shifting Healthcare Regulatory Framework

Vietnam’s healthcare regulations encompass a wide range of legal areas, from licensing and certifications to pharmaceuticals and health data privacy. One key aspect is the licensing of healthcare facilities, which includes hospitals, clinics, and medical laboratories. Ensuring that healthcare facilities meet the required standards and have the necessary permits is a fundamental legal obligation. Healthcare lawyers in Vietnam guide these facilities through the process, helping them understand the criteria and providing legal expertise to expedite licensing.

Pharmaceuticals are another highly regulated area of healthcare. From drug registration to distribution and advertising, the pharmaceutical industry is subject to a multitude of legal requirements. Healthcare lawyers in Vietnam assist pharmaceutical companies in navigating the registration process, ensuring their products comply with safety and efficacy standards, and advising on marketing and distribution within the bounds of the law.

Data privacy and security have gained increasing attention in healthcare, particularly with the digitalization of medical records and the use of telemedicine. Healthcare lawyers in Vietnam are well-versed in data protection laws and assist healthcare providers in safeguarding sensitive patient information. They help develop policies, consent forms, and data management procedures that adhere to legal requirements, mitigating risks related to data breaches.

Compliance and Quality of Care

Compliance with healthcare regulations is not merely a matter of adhering to the law; it’s intrinsically tied to the quality of care provided to patients. Compliance in the healthcare sector ensures the safety of medical practices and the well-being of individuals seeking medical attention. Healthcare lawyers in Vietnam play an integral role in upholding these standards.

In the context of quality healthcare, licensing and certification requirements are of utmost importance. Ensuring that healthcare facilities and professionals meet these prerequisites is non-negotiable. Healthcare lawyers in Vietnam advise on the steps needed to obtain and maintain these certifications, guiding healthcare organizations in their commitment to delivering high-quality care.

In cases of medical malpractice or disputes involving patient rights, healthcare lawyers in Vietnam step in to ensure that justice is served. They advocate for patients’ rights and assist healthcare providers in addressing allegations of negligence or misconduct. This delicate balance between safeguarding the interests of both patients and healthcare professionals underscores the crucial role of healthcare lawyers in maintaining the integrity of the healthcare system.

Navigating Cross-Border Healthcare

Vietnam’s healthcare sector is also witnessing an increase in cross-border healthcare services, including medical tourism and international collaborations. Such endeavors bring forth a host of regulatory challenges, ranging from medical licensing to the legality of foreign healthcare investments. Healthcare lawyers in Vietnam are instrumental in helping healthcare providers from abroad enter the Vietnamese market while ensuring they adhere to local laws.

The pharmaceutical industry, too, benefits from international cooperation and investment. Healthcare lawyers in Vietnam facilitate foreign pharmaceutical companies in navigating the Vietnamese regulatory landscape. They guide them through the complex process of drug registration, ensuring that products are compliant with local standards and regulations.

Ensuring Ethical Medical Practices

Ethical medical practices are at the core of a well-functioning healthcare system. Healthcare lawyers help healthcare providers adhere to ethical guidelines while simultaneously complying with the law. This involves navigating issues such as informed consent, patient confidentiality, and end-of-life care, all while preserving the dignity and autonomy of patients.

In the realm of telemedicine, where technology intersects with medical practice, ethical considerations become paramount. Healthcare lawyers work with healthcare organizations to craft ethical guidelines that govern telemedicine consultations, ensuring that the virtual delivery of care is both convenient and ethically sound.

The Role of Healthcare Lawyers  in Vietnam in Shaping Healthcare Policy

Beyond facilitating compliance with existing healthcare regulations, healthcare lawyers in Vietnam also play a pivotal role in shaping the legal framework for healthcare in the country. They actively engage with policymakers, advocating for changes and improvements to existing laws that align with the evolving healthcare landscape.

Healthcare lawyers in Vietnam are indispensable to the healthcare sector. They act as legal guardians, ensuring that healthcare providers and organizations adhere to the ever-evolving regulatory framework. By facilitating compliance, advocating for patients’ rights, and helping healthcare organizations navigate complex legal terrain, healthcare lawyers contribute significantly to the delivery of quality care and the continued development of healthcare in Vietnam.

Their multifaceted role goes beyond legal counsel; it’s about safeguarding the health and well-being of the nation’s citizens while fostering the growth of the healthcare sector. In a dynamic and challenging healthcare environment, healthcare lawyers are the unsung heroes working tirelessly behind the scenes to ensure that the healthcare system operates seamlessly and ethically.

ANT Lawyers, law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/healthcare-lawyers-in-vietnam.html

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Real Estate Dispute Lawyers in Vietnam Could Help with Property Disputes

  

What Are Real Estate Issues During Transaction: How Real Estate Dispute Lawyers in Vietnam Could Help?

The buyer and seller would neglect to use lawyers until real estate dispute lawyers in Vietnam are needed.

The real estate market is always an attractive market with a large source of potential speculative profits for investors.  Because real estate transaction is always high in value, and buying a property for most people is always a life time important decision, and many times with the financial support from the bank, therefore in developed country, real estate lawyers are always involved in all steps of the transaction to ensure the legitimate transfer of the property.  When dispute arise, real estate dispute lawyers in Vietnam will then be referred to for advice and representation.

Disputes arisen from deposit agreement, sales and purchase agreement in Vietnam

In Vietnam, in reality, many real estate transitions are conducted by the buyer and sellers themselves without real estate lawyers in Vietnam and there are many disputes arisen from the transactions in regard to property deposit agreement, property sales and purchase agreement between real estate developer and buyer for a new property, or between buyer and the previous property owner for resale property.

Residential property is one of the common types of real estate traded, so when joining in transactions related to property, it is necessary to ensure the conditions for property transfer.  The related parties need to comply and meet the requirements of the above conditions for a successful transfer transaction.

Conditions for the property to be transferred: free from claim or dispute from other parties

Conditions for property transfer transaction include the following basic points: the transferred property is not in a dispute, complaint, or claim about ownership; the transferred property shall be within the property ownership period, in the case of property owners with a definite term; the transferred property is not distrained for judgment enforcement or distrained to comply  legally effective administrative decisions of competent state agencies; the transferred property is not subject to a decision on land recovery or a notice of house clearance or demolition issued by a competent agency.

For the conditions on the parties to the property transaction, the property transferor needs to meet the following conditions:

Seller of the property has the right to sell or not?

The transferor is the owner of the property or the person permitted or authorized by the owner to carry out the transaction on property according to the provisions of law;

In case of transfer of a commercial house purchase and sale contract, the transferor shall be the person who bought the house from the investor or the person who has received the transfer of the house purchase and sale contract;

If the transferor is an individual, this person shall have full civil act capacity to carry out transactions on housing under the provisions of civil law;

If the transferor is an organization, it shall have legal status, unless the organization donates a house of gratitude or charity.

Can the buyer meet conditions to buy the property?

At the same time, the transferee shall also meet the conditions, specifically including the following conditions:

If the transferee is a domestic individual, this person shall have full civil act capacity to conduct property transactions under civil law and it is not required to them to have permanent residence registration in the place where the housing transferred is located;

If the transferee is a foreign individual or overseas Vietnamese, this person shall have full civil act capacity to carry out transactions on housing under Vietnam law. In addition, this person must be eligible to own houses in Vietnam according to the provisions of law and it is not required to them to have temporary residence registration or permanent residence registration at the place where the housing transferred is located;

If the transferee is an organization, it shall have legal status and not depend on the place of business registration and establishment; if it is a foreign organization, it must be eligible to own a house in Vietnam according to the provisions of law; if the organization is authorized to manage to house, it must have the function of providing real estate services and be operating in Vietnam under the law on real estate business.

What are potential disputes during the property transaction?

There are also disputes arisen from situations in particular:

The market price of the property increase or decrease during the time of transaction and one of the party would like to pull out of the transaction.

The sales and purchase of property is completed and registered at the authority but the seller continue to live there refuse to hand-over the property for some reasons for some unknown time.

The developer might change the design of the property as compared to the property details described in the sales and purchase agreement.  

The quality of the property do not meet the specifications in the sales and purchase agreement.

Further, there are fraudulent acts in sales and purchase of property as well which one could also need to carefully pay attention to when entering into property transaction.

How real estate dispute lawyers in Vietnam could help?

As said, there are many situation that dispute could arise in a real estate transaction. It is important to engage real estate law  firm specializing in real estate transaction for buying and selling property in Vietnam to avoid potential disputes and protect their best interest for seller and safeguard investment for buyer. When encountering dispute, the buyer or seller need to engage real estate dispute lawyers in Vietnam to handle dispute resolution.

Source: https://antlawyers.vn/update/real-estate-dispute-lawyers-in-vietnam-could-help-resolve.html

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