Continuing the 6th Session, on the morning of October 31, under the chairmanship of National Assembly Chairman Vuong Dinh Hue, the National Assembly discussed in the hall a number of contents with different opinions of the draft Law on Real Estate Business (amended).

Member of the Standing Committee of the National Assembly, Chairman of the Economic Committee of the National Assembly Vu Hong Thanh presented the Report on explanation, acceptance and revision of the draft Law.

According to Chairman of the Economic Committee Vu Hong Thanh, regarding the content of public disclosure of real estate information for business, there is a proposal to stipulate that "Real estate enterprises must publicly disclose information and be responsible for the completeness, honesty and accuracy of the information to be disclosed". There is a proposal to specify the place to publicly disclose information about real estate.

In response to the opinions of the National Assembly Deputies, the National Assembly Standing Committee has revised the provisions of the draft Law to ensure the responsibility of real estate businesses in fully, honestly and accurately disclosing information about real estate and real estate projects before putting them into business; information disclosure is one of the conditions for real estate business. At the same time, the draft Law has been supplemented with Clause 6, Article 6, assigning the Government to provide detailed regulations to specifically determine the time, order and procedures for disclosing information.

Regarding the conditions for organizations and individuals when doing real estate business, the draft Law stipulates that individuals doing real estate business must establish an enterprise or cooperative with real estate business lines; in case individuals do real estate business on a small scale, they do not have to establish a real estate business enterprise but must declare and pay taxes according to the provisions of law.

Regarding the conditions for houses and existing construction works put into business, the Standing Committee of the National Assembly accepts and adjusts the provisions at Point e, Clause 3, Article 14, accordingly, the sale and lease-purchase of construction floor areas only apply to construction works on land leased by the State in the form of one-time land rent payment for the entire lease term, to ensure consistency of regulations on land users' rights corresponding to the forms of land use as prescribed by the law on land.

Regarding the principles of housing business and future construction works, based on the opinions of the Government, National Assembly Deputies at the 5th Session, National Assembly Delegations, National Assembly agencies, the National Assembly Standing Committee proposes 2 options:

Option 1: “Real estate project investors are only allowed to collect deposits from customers when the houses and construction works have met all the conditions for putting into business and have conducted transactions in accordance with the provisions of this Law.”

Option 2: “Real estate project investors may only collect deposits according to agreements with customers when the project has a basic design appraised by a state agency and the investor has one of the documents on land use rights specified in Clause 2, Article 24 of this Law. The deposit agreement must clearly state the selling price or lease-purchase price of the house or construction work. The maximum deposit amount is prescribed by the Government but must not exceed 10% of the selling price or lease-purchase price of the house or construction work, ensuring compliance with the socio-economic development conditions in each period and each type of real estate.”

Regarding the conditions for housing and construction works formed in the future to be put into business, taking into account the opinions of National Assembly Deputies, the National Assembly Standing Committee has revised the regulations. Accordingly, the business of housing and construction works available in real estate projects must have a Certificate of Land Use Rights for the land area attached to the housing and construction works put into business; the business of housing and construction works formed in the future does not require a Certificate of Land Use Rights but must fulfill financial obligations regarding land for the land area attached to the housing and construction works put into business.

Regarding payment in the purchase, lease-purchase of houses and future construction works, Chairman of the Economic Committee Vu Hong Thanh said that based on the opinions of the Government, National Assembly Deputies at the 5th Session, National Assembly Delegations, National Assembly agencies, the National Assembly Standing Committee proposed 2 options:

Option 1: “If the buyer or the lessee has not been granted a Certificate of land use rights, house ownership rights and other assets attached to the land, the seller or the lessor may not collect more than 95% of the contract value; the remaining value of the contract shall be paid when the competent state agency has granted the Certificate of land use rights, house ownership rights and other assets attached to the land to the buyer or lessee.”

Option 2: “If the buyer or the lessee has not been granted a Certificate of land use rights, house ownership rights and other assets attached to the land, the seller or the lessor may not collect more than 95% of the contract value. The remaining value of the contract shall be transferred by the customer to the investor's account opened at a credit institution for management and the investor may not use this amount; the form of management, costs and profits arising from this amount shall be agreed upon by the investor and the bank.

The investor may only use this amount together with profits (if any) when the competent state agency has issued a Certificate of land use rights, house ownership rights and other assets attached to the land to the buyer or lessee of the house or construction work.

In addition, receiving opinions from National Assembly Deputies, the National Assembly Standing Committee explained and revised a number of contents related to guarantees in the sale and lease-purchase of future housing; Conditions for transferring all or part of a real estate project; Real estate trading floors; Construction and management of information systems and data on housing and the real estate market; Regulation of the real estate market, etc.