Disclosure-of-real-estate-project-information, Disclosure of real estate project information in Vietnam

Disclosure of real estate project information in Vietnam

The disclosure of investor and project legal information in Vietnam is very necessary for customers to help reduce risks with future housing transactions.

Recently, once again in the Decree detailing a number of articles of the Law on Real Estate Business, the Ministry of Construction proposed tightening conditions for organizations and individuals doing real estate business.

Notably, at point b, Article 4 of the draft Decree, organizations and individuals engaged in real estate business must disclose information about the enterprise, including: Name, head office address, legal representative law and contact phone numbers and information related to real estate put into business as prescribed in Clause 2, Article 6 of the Law on Real Estate Business on the enterprise’s web portal, portal electronic information of the housing authority of the province where the enterprise registers its business and where the real estate is put into business.

Accordingly, the content of information about real estate includes: Type of real estate; real estate location; information on planning related to real estate; size of real estate. Characteristics, properties, usability and quality of real estate; information on each type of use purpose and common use area for real estate that is a mixed-use building, apartment building.

In addition, the current status of infrastructure works and services related to real estate. Dossiers and papers on ownership of houses, construction works, land use rights and papers related to real estate investment and construction; guarantee contract, written permission to sell, lease-purchase by a competent state agency for the sale, lease-purchase of houses to be formed in the future. Restrictions on ownership, right to use real estate (if any), selling price, transfer, lease, sublease, lease purchase of real estate.

The important of disclosure investor of information, project legality

According to experts, public disclosure of project legal and investor information is essential for customers. This is one of the solutions to transparent market information, minimizing risks with future housing transactions.

However, in fact, even though there were regulations before, information about records and papers on house ownership, construction works, land use rights, and documents related to construction investment Real estate projects, bank guarantee contracts are often hidden by investors because there are no regulations on specific published units and addresses. Meanwhile, in the localities, the publication of the project’s legal documents and documents has not been fully completed.

The announcement of the information also needs to be updated continuously, in real time to create a timely information flow, especially it is necessary to publicize the bank guarantee conditions – something that many investors are avoiding, causing negative impacts. In addition, there must be regulations to strictly handle investors who avoid disclosing project information, according to HoREA.

Meanwhile, this public regulation needs to clarify information that buyers are interested in, such as whether the project is mortgaged at credit institutions, transaction status of the property. On the other hand, It is necessary to clarify the role of the authorities in disclosing information to the people.

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