Notable Points For Buying Luxury Properties in Da Nang/ Luxury Properties in Hoi An (2)
Dear DB Legal Law Firm in Da Nang, Viet Nam. I would like to buy a future luxury Villa in Da Nang city, Viet Nam. Please advise.
According to Viet Nam's Law, Requirements in terms of off-the-plan real estate to be put on the market:
- There are documents on land, project documents or construction drawing approved by competent agencies, License for construction if it is required, documents on certification of completion of technical infrastructure in equivalent to project progress; or it is required to gain the certification of completion of the foundation of the building regarding off-the-plan apartment buildings or mix-used buildings.
- Before entering into an agreement on sale or lease purchase of an off-the-plan building: Within 15 days from the day on which the notification is received, the agency in charge of housing of a province shall respond in writing to the investor with the building permitted to be sold or leased purchase; if the building do not meet the requirements, they must provide explanation.
Besides, foreign entities may only own houses (including apartments and detached houses) of commercial housing construction projects, except for those in areas having national defense and security requirements prescribed by Vietnam’s regulations of law.
As a consequence, it is necessary to check if there is a written consent of Danang Department of Construction regarding future houses and apartments satisfying all conditions required for selling.
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