The sales and leases of unrealized real estate assets by the developers must be secured by a credit institution:
Article 56 of LORE 2014 requires real estate developers to have their sales and leases of unrealized real estate secured by credit institutions. The terms and fees of security are up to the parties' consent formalized by contracts. These contracts are valid until the real estate assets are transferred to the buyers and/or the lessees.
Conditions to do real estate business:
Enterprise registration and a minimum charter capital of VND 20 billion: To qualify for conducting real estate business, either an individual or an organization must register as an enterprise with a minimum legal capital to be defined by Vietnam's Government as being no less than VND 20 billion as opposed to VND 6 billion in the current law. There are some exceptions for the rule of enterprise registration, yet these exceptions are left to be defined by the Government in subsequent guidelines.
The date of transferring of housing ownership: Article 19 of LORE 2014 dictates the date of transferring housing ownership to be the date which the seller hands over the property to buyer.
