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Thursday, June 13, 2024

Draft rules over obligatory property transactions via exchanges face the axe

The Saigon Times

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HCMC – The draft law on real estate trading is set to undergo revisions to eliminate the obligatory stipulation for property transactions to exclusively occur through an exchange.

This move aims to provide property investors and customers with increased flexibility in choosing their preferred transaction methods.

The draft amendment, discussed during the 25th session of the Standing Committee of the National Assembly (NA) on August 24, is a response to feedback from NA deputies and is aimed to align with amendments made to related legislations including the Land Law and Housing Law.

The revised draft underscores the importance of establishing a consistent legal framework that addresses various aspects of real estate business operations, the rights and obligations of entities engaged in real estate business, market regulation, and state management of real estate activities.

The NA Economic Committee has highlighted that existing real estate trading exchanges lack transparency and legal security, potentially influencing transaction outcomes due to vested interests. The requirement for mandatory trading through such platforms is deemed inconsistent with the current legal framework.

The revision aims to eliminate the compulsory provision for property transactions exclusively through exchanges. If these proposed changes are enacted, property investors and customers are expected to gain greater autonomy in choosing their transaction methods.

Meanwhile, the amended draft law introduces a new addition to Article 8, which encourages property transactions through real estate exchanges.

The proposed amendments to the law on real estate trading encompass 10 chapters and 84 articles, involving the removal of nine articles and the addition of one new article compared to the previous version presented during the 5th session of the NA.

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