Conditions for transferring real estate business contracts from January 1, 2025

Article 49 of the Law on Real Estate Business 2023 (effective from January 1, 2025) stipulates that contracts for sale and purchase, hire-purchase of houses and construction works are transferred according to the provisions of the Law on Real Estate Business 2023.

Bất động sản: Nhiều lô đất tại Khu đô thi mới Thủ Thiêm chờ bán đấu giá. (Nguồn: Vietnamnet)

Conditions for transferring real estate business contracts from January 1, 2025. (Source: Vietnamnet)

Regulations on transfer of contracts for sale and purchase, hire-purchase of houses and construction works

Pursuant to Article 49 of the Law on Real Estate Business 2023 (effective from January 1, 2025), contracts for sale and purchase, hire-purchase of houses and construction works that are transferred according to the provisions of the Law on Real Estate Business 2023 include:

- Contract for sale of future housing;

- Contract for lease purchase of future housing;

- Contract for lease purchase of available construction works.

The provisions on transfer of real estate business contracts in Section 2, Chapter VI of the 2023 Law on Real Estate Business do not apply to contracts for sale and purchase or hire-purchase of social housing.

Conditions for transferring real estate business contracts from January 1, 2025

Pursuant to Article 50 of the Law on Real Estate Business 2023, the transfer of contracts for sale and purchase or hire-purchase of houses and construction works must ensure the following conditions:

- Not yet submitted an application to the competent state agency to issue a certificate of land use rights and ownership of assets attached to land according to the provisions of the law on land;

- Contracts for sale and purchase, lease-purchase of houses and construction works without any disputes are being notified, accepted and resolved by competent authorities in accordance with the provisions of law or there are disputes regarding the contract but have been resolved by competent authorities by a judgment, decision or ruling that has come into legal effect;

- Housing and construction works under sales and hire-purchase contracts are not subject to seizure or mortgage to secure the performance of obligations as prescribed by law, except in cases where the mortgagee agrees;

- There is a sales and hire-purchase contract established in accordance with the provisions of law on real estate business.

The transfer of a contract for the sale or hire-purchase of a house or construction work shall be carried out for the entire contract. In the case of the sale or hire-purchase of many houses or construction works in the same contract and the parties wish to transfer each house or construction work, the parties shall amend the contract for the sale or hire-purchase of the house or construction work or sign an appendix to the contract before transferring the contract in accordance with the provisions of the Law on Real Estate Business 2023.

Rights and obligations of the parties performing the transfer of real estate business contracts

Pursuant to Article 51 of the Law on Real Estate Business 2023, the rights and obligations of the parties transferring real estate business contracts are stipulated as follows:

- The buyer, hire-purchaser of future housing and the hire-purchaser of existing construction works have the right to transfer the sale and purchase contract, hire-purchase contract of future housing and hire-purchase contract of existing construction works when the application for a certificate of land use rights and ownership of assets attached to land according to the provisions of the law on land for the buyer or hire-purchaser has not been submitted to the competent state agency.

- The contract transferee is entitled to continue to inherit and exercise the rights and obligations of the buyer, the lessee of future housing, or the lessee of existing construction works with the investor. The investor is responsible for facilitating the parties in the contract transfer and is not allowed to collect any fees related to the contract transfer.

- The transferee of the contract for sale and purchase, hire-purchase of future housing, or existing construction works shall be granted a certificate of land use rights and ownership of assets attached to the land by a competent state agency in accordance with the provisions of the law on land.

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