The three most important legal documents governing the real estate market – the 2024 Land Law, the 2023 Real Estate Business Law, and the 2023 Housing Law – came into force on August 1, 2024. Combined with relevant provisions in the 2024 Credit Organizations Law, these laws will have strong impact on the real estate market in Vietnam. Generally, the conditions and procedures for transferring real estate projects in part or whole are built upon the 2014 Real Estate Business Law, but there are some new noteworthy points, as analyzed below. Certificate of land use rights no longer mandatory for project transfer Investors seeking to transfer their projects must fulfill their financial obligations related to land, including land use fees, land rental fees, and other taxes, fees and charges related to land. After completing the transfer procedures and completing the financial obligations related to the transaction, the transferee will get a land use rights certificate. In practice, from the time of fulfilling the financial obligations for land, the transferee would face delays for several months before receiving the certificate and having the land handed over. Therefore, eliminating this procedural step will save both parties significant time and cost, which is […]
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