Takes effect on July 01, 2017, the Law on property auction No. 01/2016/QH14 of the National Assembly prescribing that bidders must deposit 5% – 20% reserve price of the auctioned property instead of 1%-5% as in previous regulations.
Also from July 01, 2017, lawyers, public notaries, bailiff, property management officers or arbiters who have practiced their profession for at least 2 years; judges, procurators or executors shall be exempted from auction training.
Besides, the Law also shortens the time limit for the property auction organization to publicly display information on property auction. A property auction organization shall publicly display information on property auction at its head office, place where the property is displayed (if any) and place where the auction is to be held at least 7 working days before the auction opens, for movable property; and its head office, place where the auction is to be held and commune-level People’s Committee of the locality where the property is located at least 15 working days before the auction opens, for immovable property.
Particularly, the Law requires that to the end July of 2019, a business in the property auction established before July 01, 2017must send a dossier of request for registration of property auction operation to the provincial-level Justice Department.
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