In the complicated situation of the
Covid-19 epidemic, the Government continued to implement policies to restrict
entry to Vietnam, thus many transactions were canceled or delayed. That has
caused many obstacles for foreign individuals and organizations wishing to
perform transactions in Vietnam. We refer to the transfer of home ownership for
foreign individuals who cannot enter Vietnam to participate in
signing transfer contracts and other related transactions i.e. sell or buy an
apartment or a house located in Vietnam.
Real estate
dispute law firm in Vietnam
Pursuant to the law on housing, foreign
organizations and individuals have the right to own house in Vietnam, before
the time limit of the homeownership, the homeowner is entitled to gift or sell
their house(s) to entities eligible for the homeownership in Vietnam; if not,
their house(s) shall be under ownership of the State. Regarding the house
ownership term, if a foreign organization or individual sells or gifted to a
domestic organization, household, individual, or a Vietnamese citizen residing
overseas, the buyer or recipient will acquire a long-term ownership of the
house. If the house is sold to a foreign organization or individual eligible to
own housing in Vietnam, the buyer or recipient may own the house for the
remaining period. When this period expires, if the owner wishes to have this
period extended, the State shall consider granting an extension. The seller or
giver must pay tax and other amounts to state budget as prescribed by Vietnam’s
law.
In accordance with the law on housing
transactions, the seller or transferor of the commercial house sale and
purchase contract must meet the following conditions:
He/she is the homeowner, or the person
permitted and authorized by the homeowner to enter into housing as prescribed
in this Law and law on civil; if the agreement of commercial housing is
transferred, he must be the buyer for housing of the investor or the transferee
of the agreement on housing sale;
If the entity is a person, he must have
full civil capacity to enter into transactions in housing as prescribed in law
on civil; if the entity is an organization, it must have legal personality.
Article 195 of the 2015 Civil Code
stipulates: “A person who is not an owner of property has the right to dispose
of property only under the authorization of the owner or according to the
provisions of law.”
Clause 2 Article 55 of the Law on
Notarization 2014 stipulates: “In case both the authorizing party and
authorized party cannot appear together at the same notarial practice
organization, the authorizing party shall request the notarial practice
organization of the place of residence of the authorizing party to notarize the
authorization contract; the authorized party shall request the notarial
practice organization of the place of residence of the authorized party to
further notarize the original of this authorization contract and complete
procedures for notarization of the authorization contract.”
In order to perform the house purchase
and sale transaction or in other words to buy an apartment or sell a house in
Vietnam, the parties to the house transaction need to agree to make a sale
contract or a document on the transfer of a commercial house sale and purchase
contract. In case a foreign house owner cannot enter directly to sign a
contract, he/she may authorize another individual or organization in Vietnam to
perform instead. However, the authorization document needs to be notarized at
the competent authority. In case a power of attorney is notarized at a
competent agency in a foreign country, it is required to be notarized,
legalized, and authenticated in accordance with regulations of the foreigner
country (apostille) before that document can be used in Vietnam.
ANT Lawyers is a English
speaking law firm in Vietnam located in the business centers of
Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients.
Please contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or
call our office at +84 28 730 86 529.
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