Principles of housing and construction business will be formed in the future
1. Housing and construction works formed in the future and put into business
Pursuant to Article 22 of the Law on Real Estate Business 2023:
- Types of housing formed in the future, except for types of housing belonging to public property according to the provisions of the Housing Law.
- Types of construction works to be formed in the future are specified in Clause 2, Article 5 of this Law.
- The construction floor area of a construction project formed in the future is specified in Clause 3, Article 5 of this Law.
Accordingly, housing and construction projects formed in the future from 2025 include:
[1] Types of housing formed in the future, except housing types that are public property according to the provisions of housing law.
[2] Types of construction projects formed in the future include: construction projects with functions serving the purposes of education, healthcare, sports, culture, offices, commerce, services, and tourism, accommodation, industrial and construction works with mixed service functions.
[3] Construction floor area in future construction projects.
2. Principles of housing and construction business to be formed in the future
- Real estate project investors have the right to sell, lease and buy houses, construction works, and the construction floor area of future construction projects in real estate projects according to the provisions of the Law on Real Estate.
- The purchase, sale, lease purchase of houses, construction works, and construction floor areas in future construction works shall comply with the following regulations:
+ Comply with the principles specified in Article 13 of this Law;
+ Subjects eligible to purchase, lease-purchase houses, construction works, and construction floor areas in future construction projects shall comply with the provisions of Article 15 of this Law;
+ Business transactions of housing, construction projects, and construction floor areas in future construction projects shall comply with the provisions of Article 16 of this Law;
+ The rights of sellers, lease-purchasers of houses, construction works, and construction floor areas in future construction works shall comply with the provisions of Clause 1, Article 18 of this Law;
+ Obligations of the seller, lease-purchaser of housing, construction works, and the construction floor area of future construction projects shall comply with the provisions of Points a, b, c, d, đ, h, i, k, l, m, n, o, p, q Clause 1 and Clause 2, Article 19 of this Law;
+ The rights of buyers, lease-purchasers of houses, construction works, and construction floor areas in future construction works shall comply with the provisions of Clauses 1 and 2, Article 20 of this Law;
+ Obligations of the buyer, lease-purchaser of housing, construction works, and the construction floor area of future construction projects shall comply with the provisions of Clauses 1, 2, 3 and 5, Article 21 of this Law;
+ Comply with other relevant regulations of this Law.
- Ensuring publicity and transparency; Protect the legitimate rights and interests of organizations and individuals who have signed contracts to buy, sell, and lease houses, construction projects, and the construction floor area in construction projects.
- Real estate project investors have the following responsibilities:
+ Responsibilities specified in Article 17 of this Law;
+ Use money collected from the buyer or hire-purchase party to invest in the construction of projects, houses, construction works, the construction floor area in the construction work that has been sold, lease-purchased for the correct use purpose used as agreed in the signed contract; comply with legal regulations on money laundering prevention and combat;
+ Publicly provide information about the progress of investment in housing construction, construction projects, and the construction floor area in construction projects for buyers and lease-purchase parties according to approved sales and lease-purchase contracts signed or by a competent state agency upon request. Provide complete and truthful records and information about real estate that is eligible to be put into business according to the provisions of this Law to the real estate trading floor in case of choosing to distribute products through the trading floor real estate;
+ Do not authorize other organizations or individuals to sign deposit contracts, contracts to buy and sell houses, construction projects, or construction floor areas in future construction projects.
- Real estate project investors are only allowed to collect a deposit of no more than 5% of the selling price, lease purchase price of houses, construction works, construction floor area in construction works from the depositor to buy, lease-purchase when the house or construction project has met all conditions for being put into business according to the provisions of this Law. The deposit agreement must clearly state the selling price, lease-purchase price of the house, the construction project, and the construction floor area of the construction project.