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Management of off-plan property enhanced in Vietnam

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The information about the off-plan housing projects that are eligible for transactions will be made public. VIETNAM NEWS AGENCY

Management of off-plan property enhanced in Vietnam

Vietnam’s Ministry of Construction has asked localities to enhance the management of sales of off-plan property.

The ministry made the request due to recent reports of legal violations in the development and transactions of off-plan property, causing disputes, creating risks for buyers and harming the real estate market.

The construction ministry requested localities to publicise information about off-plan property projects. Such projects eligible for transactions would be integrated into the national public service portal.

Provinces and cities must check to ensure compliance with laws about procedures and conditions for transactions of off-plan properties, especially payments and mortgages.

The rules for buying and selling off-plan property were included in the Law on Real Estate Business in 2006.

Despite this, transactions of off-plan property remain complex, forcing several provinces to urge buyers to be cautious and send warnings about law violations from developers.

The Quang Nam provincial Department of Construction in mid-May issued a document to better manage the real estate market in the central province. The department asked developers of real estate projects to put their developments for sale only when meeting requirements in the Law on Real Estate Business and other legal documents.

The northern province of Bac Giang’s construction department recently announced a list of urban and residential projects which were not eligible for transactions, urging citizens to study projects carefully before purchasing.

Early this year, Son La province’s construction department announced 11 commercial housing projects not eligible for capital raising or transactions as of March.

A lawyer said the transactions of off-plan properties had not been put under property management, resulting in violations from developers such as using buyers’ advance payment for the wrong purposes, especially developers with weak financial capacity, and not following commitments about project quality or progress.

VIET NAM NEWS/ASIA NEWS NETWORK

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