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 ownership 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 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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