Benefits of retaining
a Real Estate Lawyer in Vietnam
Due to changes in law attracting foreigners to come to live, and
invest in Vietnam, foreigners have growing interest in investment and acquiring
real estate. However, as real estate is valuable assets, the law on real
estate ownership and real estate transactions are complicated, especially for
foreigners.
Under the land ownership regime in Vietnam, land belongs to the
entire people with the State acting as the owner’s representative and uniformly
managing land. Hence, in Vietnam, the land users will have the land use
right without the private ownership of the land. Land law 2013 does not
allow foreigner to have land use rights in Vietnam. It only allows foreign
invested enterprises to be permitted to use land through the form of land
allocation or lease.
Although foreigner do not have land use rights in Vietnam, they
are allowed to own houses in Vietnam under the Law on Housing. In addition, the
Law on Real Estate Business has certain limitations for foreign investors to
conduct real estate business in Vietnam and must meet the legal requirements.
Foreign investors investing in Vietnam wish to use the land to
conduct business activities, or intend to conduct real estate business in
Vietnam, or simply a foreigner wishing to purchase and own real estate in Vietnam
should be aware of the legal provisions on conditions of implementation, orders
and procedures to of the transactions to minimize risks. The assistance
of the lawyers on real estate in Vietnam shall be worthwhile.
Real estate lawyers in Vietnam would
have in-depth knowledge of the Land Law, Law on Housing, Law on Real Estate
Business and related regulations. In addition, they would have practical experience
in implementing legal procedures, handling disputes, and supporting real estate
transactions in Vietnam. The real estate lawyers could explain the restrictions
on land use rights of foreign organizations and individuals in Vietnam and the
conditions for conducting business in real estate in Vietnam. The lawyers
at request could assist the foreigners with the process and procedures to work
with state agencies to obtain land use rights for enterprise and home ownership
rights for individual more effectively.
When conducting
transactions related to real estate such as buying, selling, transferring,
renting, leasing, real estate lawyers could also provide assistance in in legal
due diligence of the real estate to minimize legal risk to clients. It is important
to evaluate the legal status of the property, the owner of property, whether
property is in dispute, or subject to additional requirements of government
before being sold by the developer and the people eligible for entering into
the transaction. In addition, the lawyers in Vietnam can
advise clients to draft or review the agreements, sales contract as well as the
process to legalize the process to comply with the law in Vietnam.
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