In the complicated situation of the Covid-19 epidemic, the Government continued to implement policies to restrict entry to Vietnam, thus many transactions were canceled or delayed. That has caused many obstacles for foreign individuals and organizations wishing to perform transactions in Vietnam. We refer to the transfer of home owner ship for foreign individuals who cannot enter Vietnam to participate in signing transfer contracts and other related transactions i.e. sell or buy an apartment or a house located in Vietnam.
Pursuant to the law on
housing, foreign organizations and individuals have the right to own house in
Vietnam, before the time limit of the homeownership, the homeowner is entitled
to gift or sell their house(s) to entities eligible for the homeownership in
Vietnam; if not, their house(s) shall be under ownership of the State. Regarding the house ownership term, if a foreign organization or individual
sells or gifted to a domestic organization, household, individual, or a
Vietnamese citizen residing overseas, the buyer or recipient will acquire a
long-term ownership of the house. If the house is sold to a foreign
organization or individual eligible to own housing in Vietnam, the buyer or
recipient may own the house for the remaining period. When this period expires,
if the owner wishes to have this period extended, the State shall consider
granting an extension. The seller or giver must pay tax and other amounts to
state budget as prescribed by Vietnam’s law.
In accordance with the
law on housing transactions, the seller or transferor of the commercial house
sale and purchase contract must meet the following conditions:
He/she is the
homeowner, or the person permitted and authorized by the homeowner to enter
into housing as prescribed in this Law and law on civil; if the agreement of
commercial housing is transferred, he must be the buyer for housing of the
investor or the transferee of the agreement on housing sale;
If the entity is a
person, he must have full civil capacity to enter into transactions in housing
as prescribed in law on civil; if the entity is an organization, it must have
legal personality.
Article 195 of the 2015
Civil Code stipulates: “A person who is not an owner of property has the right
to dispose of property only under the authorization of the owner or according
to the provisions of law.”
Clause 2 Article 55 of
the Law on Notarization 2014 stipulates: “In case both the authorizing party
and authorized party cannot appear together at the same notarial practice
organization, the authorizing party shall request the notarial practice
organization of the place of residence of the authorizing party to notarize the
authorization contract; the authorized party shall request the notarial
practice organization of the place of residence of the authorized party to
further notarize the original of this authorization contract and complete
procedures for notarization of the authorization contract.”
In order to perform the
house purchase and sale transaction or in other words to buy an apartment or
sell a house in Vietnam, the parties to the house transaction need to agree to
make a sale contract or a document on the transfer of a commercial house sale
and purchase contract. In case a foreign house owner cannot enter directly to
sign a contract, he/she may authorize another individual or organization in
Vietnam to perform instead. However, the authorization document needs to be
notarized at the competent authority. In case a power of attorney is notarized
at a competent agency in a foreign country, it is required to be notarized,
legalized, and authenticated in accordance with regulations of the foreigner
country (apostille) before that document can be used in Vietnam.
ANT Lawyers is a English speaking law firm in Vietnam located in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients. Please contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529.
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