DECREE NO. 96/2024/ND-CP OF THE GOVERNMENT: DETAILING A NUMBER OF ARTICLES OF THE LAW ON REAL ESTATE BUSINESS

The Decree highlights aspects such as criteria for small-scale real estate business, mandatory information disclosure requirements and regulations on real estate trading floors.

The decree stipulates that individuals engaging in small-scale real estate business must comply with specific conditions, including not being required to establish an investment project under construction and housing laws, and contract values must not exceed VND 300 billion per contract, with a maximum of 10 transactions annually. Additionally, real estate businesses must disclose 18 types of information before signing contracts related to the sale, transfer, lease, or lease-purchase of properties. This includes investment decisions, land allocation, and information about future housing projects.

For real estate trading floors, provincial real estate management authorities are responsible for issuing operating licenses. The trading floor must meet conditions such as the legal representative and manager being accountable for the floor’s activities, having a stable address for at least 12 months, and complying with anti-money laundering regulations.

This decree establishes a clearer legal framework for small-scale real estate businesses while emphasizing transparency and legal compliance in the real estate market.

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For more information, please contact:

Hoang Pham (James) / Managing Partner at: hoang.pham@vselawyers.com

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Attention: This legal update is not an advice and should not be treated as such.