At the Decree No. 76/2015/ND-CP dated September 10, 2015 of the Government guiding a number of articles of the Law on Real Estate Trading, the Government also emphasizes that enterprise wishes to conduct real estate trading must set up an enterprise or cooperatives which has an amount of legal capital of not smaller than VND 20 billion (excluding enterprise conducts small-scale or irregular transactions of real estate sale, transfer, lease, or lease purchase; any organization or individual providing real estate services). However, any operating real estate enterprise failing to satisfy requirement pertaining to legal capital prescribed in this Decree is entitled to keep operating, provided that it must satisfy such requirement within 01 year from July 1, 2015.
Besides, any real estate project which is received the investment decision, land allocation, land lease, or permit for project transfer and any contract for transfer, sale, lease, or lease purchase of real estate concluded before July 1, 2015 shall not be required to re-follow the procedures prescribed in the Law on real estate trading. Similarly, every
contract for sale, transfer, lease, lease purchase of real estate, transfer of project, and every transfer agreement concluded before the effective of this Decree shall remain their validity and it is not required to comply with templates of contract and procedures.
Particularly, procedures for transfer of the whole or a part of a real estate project which the People’s Committee of province or district decides to give to another investor, before carrying out the transfer, the transferor must notify all their clients (if any) and announce by means of mass media before 15 days (at least 03 consecutive issues of a newspaper published in the locality or a local television station or a website of the central agency (if any) in terms of the transfer, rights and interests of clients and relevant entities)….
This Decree takes effect on November 1, 2015 and replaces Decree No. 153/2007/ND-CP dated October 15, 2007.
Source: luatvietnam.vn
