On June 25, 2015, the State Bank of Vietnam issued the Circular No. 07/2015/TT-NHNN stipulating the bank guarantee, within that guarantees for sale and hire-purchase of future-acquired houses is the most important contents.
In particular, when giving a bank guarantee to the owner of real estate projects developed for the purpose of sale or hire-purchase of future-acquired houses, commercial banks must comply with the regulations such as future-acquired houses must conform to sale or hire-purchase requirements; in the contract for sale, purchase or hire-purchase of houses signed between the project owner and purchaser or hire-purchaser, it is agreed that the project owner would indemnify the purchaser or hire-purchaser if the project owner is in breach of their obligations to hand over houses on the right schedule as agreed upon with the purchaser or hire-purchaser; commercial banks shall assess the project owner’s capability of completing the project on the agreed-upon schedule and using down payment sums and others paid by the purchaser or the hire-purchaser to the project owner to serve the right purpose…
Especially, the Circular points out clearly that The commitment to giving guarantees for sale or hire-purchase of future-acquired houses should remain valid at least 30 days after the date of houses being handed over to the purchaser or the hire-purchaser as agreed upon between the project owner and the purchaser or the hire-purchaser.
This Circular takes effect on August 09, 2015
Source: luatvietnam.vn
