APARTMENT PROCEDURE FOR SALE (Part 1)

[LEGAL ARTICLE] 
Currently, the big cities are considered as the "promised land" for the common laborers, the influx of migrants coming here to live and work is increasing. However, with an average income, an apartment is a more suitable option than a real estate. So when buying and selling an apartment, what conditions should be met first?

1️⃣ Concept:
According to Clause 3, Article 3 of the Law on Housing 2014, an apartment building is a house with 2 floors or more, with many apartments, aisle, a common staircase, a privately owned part, a shared area and a building system common-use infrastructure for households, individuals and organizations, including apartment buildings built for residential purposes and apartment buildings built with mixed use for living and business.

2️⃣ Subject conditions:
According to Article 119 of the Law on Housing 2014, parties to a house transaction must satisfy the following conditions:
- For the seller:
+ Being the house owner or the person authorized or authorized by the owner to perform transactions. In case of transfer of a commercial house sale and purchase contract, it must be the person who bought the house from the investor or the person who received the transfer of the house purchase and sale contract.
+ If being an individual, he / she must have full civil act capacity; If it is an organization, it must have legal status.
- For the buyer:
+ If the individual is a domestic person, he / she must have full civil act capacity, no permanent registration is required at the place where the house is traded.
+ If you are a foreign individual or a Vietnamese residing abroad, you must have full civil act capacity under Vietnamese law, must be a house owner in Vietnam, it is not required to have a house in Vietnam. register for temporary residence or permanent residence in the place where the house is traded.
+ Buyer is an organization, it must have legal status and not depend on the place of business registration, place of establishment. In the case of a foreign organization, it must be the subject of home ownership in Vietnam.

3️⃣ Housing (apartment) conditions in transaction:
An apartment for sale must satisfy the following conditions in Clause 1, Article 118 of the 2014 Law on Housing:
a) Having a Certificate as prescribed by law
b) Not subject to any dispute, complaint or claim over ownership rights
c) Not distrained to serve judgments, not distrained for execution of administrative decisions
d) Not subject to a land recovery decision or house clearance or demolition notice issued by a competent authority
?Note: Conditions specified at Points a, b, c do not apply to the sale and purchase of an apartment that is a future house.
Thus, to sell an apartment, the parties must meet the conditions on the subject as well as the apartment in the transaction. Those are the prerequisites for the transaction to be recognized as legal, avoiding the risks arising in the future.

Above is the article about "PROCEDURE FOR SALE OF APARTMENTS - PART 1: CONDITIONS TO MEET". Readers who need advice, please contact us by hotline (84–28) 2253 7956, website www.medlaw.vn or email medlawteam@gmail.com.

 

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