Notable Points For Buying Luxury Properties in Da Nang/ Luxury Properties in Hoi An (3)
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.
Thank you for interesting our services.
According to Vietnam Law, The investor’s financial obligations must be guaranteed by a competent commercial bank in case the investor fails to transfer the building on schedule as commitment to clients before the investor sells or leases purchase off-the-plan buildings. The investor has to send the copy of guarantee agreement to the buyer or lessee when the agreement on sale or lease purchase is signed. The guarantee agreement will stay unexpired until the building is transferred to the buyer or lessee. If the investor fails to transfer the building on schedule as committed and at the request of the buyer or lessee, the guarantor shall make a refund of the option fee and other payments to clients under agreement on housing sale or lease purchase and signed guarantee agreement. As a consequence, it is necessary to require the provision of guarantee from a Bank prior to signing to the contract of sales and purchase of apartment.
Regarding the payment schedule, by virtue of Vietnam law, the total installment does not exceed 70% of the agreement value if the building has been not transferred to clients; and if the buyer has been not granted the Certificate of land, ownership of land and property on land, the seller shall not collect payment not exceeding 95% of the agreement value from the buyer the remaining value shall be paid when the buyer or the lessee is granted the Certificate of land, ownership of land and property on land by competent agencies.
Procedures of issuing homeownership certificate:
- Contract for sale and purchase of department;
- Documents relating to the transaction;
- Valid passport.
Either the seller or purchaser.
1. In case foreigners have purchased apartment in the areas not allowed by the authority, certificate shall neither be accepted nor issued.
2. In accordance with the Contract, in case any discrepancy appears in the English version and Vietnamese version, Vietnamese version shall take precedence. As a result, it is advised to provide us with the Vietnamese version of the Contract for reviewing.
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