What Are New Conditions on Real Estate Purchase and Sale in 2022? (2024)
Real estate business activities have a great influence on socio-economic development. Accordingly, in order to ensure the legal framework for the current real estate business activities, the Government has issued Decree 02/2022/ND-CP detailing the implementation of a number of articles of the Law on Real Estate Business (“Decree 02/2022/ND-CP”) in order to promptly amend and supplement inadequate regulations to be consistent with reality. In which, conditions for the transfer of contracts of purchase and sale, lease-purchase of houses and construction works are mentioned.
The demand for the transfer of purchase and sale contracts, lease-purchase of houses, real estate, construction works on the market is at a high level, although there are no regulations on the transfer of contracts for the sale of non-residential real estate not to be formed in the future. Therefore, there is no legal basis to carry out these transactions in reality. Therefore, Decree 02/2022/ND-CP has had a number of amendments and supplements and has overcome some limitations compared to the past, which is expected to solve problems and inadequacies.
Accordingly, Decree 02/2022/ND-CP has combined conditions for transfer of contracts for purchase and sale of future houses and conditions for transfer of lease-purchase contracts for existing houses and construction works with specific regulations.
Firstly, the transfer of the contract requires a purchase and sale contract or a lease purchase contract made in accordance with regulations. Accordingly, these contracts must ensure compliance with the provisions of the transfer agreement form for each transferred real estate object, whether it is a Contract for Sale, Purchase, Lease and Purchase of an apartment, or tourist apartments (Condotel), office apartments combined with accommodation (Officetel)… are valid and allowed to be used for transfer. In addition, for cases where the parties have signed a contract before the effective date of Decree 02/2022/ND-CP, the signed contract must be present. Therefore, when transferring these types of contracts, the parties should pay attention to ensure the legality of the respective contract in terms of form and time of establishment.
Secondly, the transfer contract must be in the category that has not yet submitted a dossier to request a competent state agency to issue a certificate of land use rights, ownership of houses and other land-attached assets. This provision has been mentioned in the previous regulations for the transfer of real estate contracts formed in the future. Up to now, this is still a necessary regulation to ensure that the handling of licensing procedures does not overlap, eliminating the risk that a real estate bears two or more certificates for the same object.
Thirdly, the contract of sale, purchase, lease-purchase of houses and construction works must be free of disputes and lawsuits. Accordingly, the disputed contract will not be used to transfer to a third party. This provision is consistent with the provisions on prohibition of transferring property rights to the disputed property. Therefore, in order to transfer the contract, the parties need to settle the dispute in advance to have a basis for the transfer of the contract. In many complicated cases, the real estate dispute lawyers need to be consulted for proper dispute solutions.
Fourthly, houses and construction works that are the subject of purchase and sale or lease-purchase contracts must not be subject to distraint or mortgage to secure the performance of obligations as prescribed by law. Recently, the phenomenon of transferring these contracts has increased with seriously violated the provisions of the law, making it difficult for relevant competent authority to handle, otherwise causing damages to the transferee without understanding the legal issues for the transferor in the contract. However, with the principle of respecting the agreement of the parties, the law still allows the assignment of the contract in this case if the mortgagee agrees and this consent must be recorded specifically to avoid disputes later.
It can be seen that the highlight of Decree 02/2022/ND-CP has initially solved the inadequacies in the transfer contract for tourist apartments (Condotel), office apartments (Officetel) that help relevant competent authority have a legal basis to handle the requirements. Further, Decree 02/2022/ND-CP has contributed to building a clearer mechanism so that the participants can actively comply with regulations on effective real estate business contracts, minimizing the contract disputes in Vietnam, creating a safer and more sustainablereal estate market in Vietnam.
Why Client Should Retain Real Estate Lawyers in Vietnam?
How to Buy Apartment in Vietnam?
Real Estate Legal Matters in Vietnam
Can Foreigner Authorize Other Person to Perform Transfer of Properties in Vietnam?
Navigating International Trade: How to Create a Sales Contract in Vietnam
In 2022, seven properties sold over $100 million, compared to eight the year before. And 33 properties (as of Dec. 15th, when the data was compiled), sold for $50 million-plus, compared to 2021's 49. The properties are all located in only three states: California, Florida, and New York.
April, June, and July are the best months to sell your house in California. The median sale price of houses in June 2023, was $796,400, which is expected to grow more in 2024. However, cities like Arcadia and San Mateo follow an upward trend throughout the year.
(a) Buyer shall purchase the Products and, if applicable, shall pay for the Services provided, from Seller at the Contract Price. Prices are subject to change without prior notice and Seller shall thereafter notify Buyer of any price increases.
The purpose of earnest money is to provide the seller with compensation in the event that the buyer backs out of the deal through no fault of the seller and in violation of the agreements in the purchase contract. If that happens, the seller gets to keep the earnest money.
Real estate lends itself as a reliable long-term investment, and you could earn some significant wealth if you expand your real estate portfolio over time.
Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.
Many prospective homebuyers chose to wait things out in 2023, in the hopes that 2024 would bring a more advantageous market. But so far, with mortgage interest rates still relatively high and housing inventory stubbornly low, it looks like 2024 will remain a challenging time to buy a house.
So, on a national level, prices aren't going to plummet unless we get a sudden and large influx of listings. Most experts forecast home prices will remain flat or decrease by about 1% in 2024. That doesn't mean there won't be some markets where home prices majorly decline.
Express conditions: explicitly stated in the contract. Implied conditions: deduced from the terms of the contract and the parties' intentions. Condition precedent: must be fulfilled before a party is obligated to perform. Condition subsequent: terminates a party's obligation to perform if a specified event occurs.
Every contract, whether simple or complex, is considered legally enforceable when it incorporates six essential elements: Offer, Acceptance, Awareness, Consideration, Capacity and Legality. It is critical that all six elements are present—just one missing element can make a contract invalid and unenforceable.
From Longman Business Dictionary conˌditions of ˈsale noun [plural] the arrangements made by a seller for selling goods, which the buyer must accept, including how payment should be made, when the goods will be delivered etcTo protect yourself it is important that your conditions of sale and your terms of credit are ...
If you don't have a contingency to protect you if that happens, you'll most likely lose your earnest money deposit and, in some cases, be subject to other penalties, however. If you back out for any reason and are not covered by a contingency, you'll most likely lose your deposit.
The deposit amount is typically 1-3% of the purchase price and the deposit will go toward the Buyer's downpayment or closing costs upon a successful close of escrow. If a Buyer backs out of the transaction prior to removing all of their contingencies, their deposit funds are returned to them.
In general, earnest money is returned to the buyer if the seller terminates the deal but is awarded to the seller if the buyer unreasonably terminates the deal.
Russia's sale of Alaska in 1867 is one of the biggest land deals in history, giving the U.S. 375 million more acres and a huge domestic source of oil. The 1803 Louisiana Purchase from France proved to be transformational for the United States, as it gave the young country 13 new states and 512 million additional acres.
Introduction: My name is Kareem Mueller DO, I am a vivacious, super, thoughtful, excited, handsome, beautiful, combative person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
