Conditions of operation of real estate trading floors

According to the Decree, organizations and individuals establishing real estate trading floors must submit documents as prescribed to the State management agency for real estate business at the provincial level where the real estate trading floor is headquartered (submit documents directly or send documents via the postal system or submit documents online) to be granted an operating license.

The registration dossier includes: 1- Application for registration of real estate trading floor activities (according to the form in Appendix XVII); 2- Certificate of business registration as prescribed in Clause 5, Article 9 of the Law on Real Estate Business; 3- Documents proving the right to use the real estate trading floor headquarters; 4- Copy of the certificate of completion of the real estate trading floor management and operation course of the real estate trading floor manager; 5- List of real estate brokers who have been granted real estate brokerage practice certificates.

Within 15 working days from the date of receipt of complete documents, the provincial-level State management agency for real estate business shall be responsible for checking the documents and issuing a License to operate the real estate trading floor (according to the form in Appendix XVIII); in case of refusal, a written notice must be given stating the reasons.

After granting the Operating License, the provincial State management agency for real estate business reports to the Ministry of Construction to post information of the real estate trading floor on the Ministry of Construction's website.

Information of the real estate trading floor includes: Name of the real estate trading floor; name of the enterprise establishing the real estate trading floor; full name of the manager of the real estate trading floor; address and contact phone number of the real estate trading floor.

In case of changes in name, head office address, legal representative, or other contents in the registration dossier, within 10 working days from the date of the decision to change, the real estate trading floor must send a document to the State management agency for real estate business at the provincial level where the real estate trading floor is registered to establish and operate to be re-issued the Certificate of Registration of Operation.

The provincial State management agency for real estate business reports to the Ministry of Construction for management and posting of information.

The Decree clearly states that real estate trading floors must meet the conditions prescribed in Article 55 of the Law on Real Estate Business.

The legal representative of the enterprise and the manager of the real estate trading floor shall be responsible for the operations of the real estate trading floor. The legal representative of the real estate trading floor may also be the manager of the real estate trading floor.

A real estate trading floor must have a name and a stable transaction address for more than 12 months and technical equipment that meets the requirements according to the content of the real estate trading floor's operations.

Real estate trading floors are responsible for implementing anti-money laundering measures and reporting on anti-money laundering in accordance with the provisions of law on anti-money laundering.

Real estate trading floor activities

According to the Decree, real estate trading floors operate according to the provisions of Article 56 of the Law on Real Estate Business.

Confirmation of real estate transactions is carried out as follows: Real estate transactions through direct form shall be confirmed in writing. In case of real estate transactions through electronic form, electronic confirmation shall be carried out in accordance with the provisions of the Law on Electronic Transactions, the law on e-commerce and the provisions of relevant laws.

The document confirming the real estate transaction must have the signatures of the representative of the enterprise that is the project investor or owner of the real estate, the representative of the real estate trading floor, the individual broker and the seal of the enterprise corresponding to the transaction form.

According to the Decree, the provincial-level State management agency for real estate business shall reissue the Operating License in case the License is lost, torn, burned, or otherwise destroyed upon request of the real estate trading floor or changes in the floor's information as prescribed in Clause 3, Article 14 of this Decree.

Real estate trading floors must submit a dossier to the State management agency for real estate business at the provincial level where the operating license was granted (submit the dossier directly or send the dossier via the postal system or submit the dossier online) to be re-issued the Operating License. The dossier for re-issuing the Operating License includes: Application for re-issuing the Operating License (according to the form in Appendix XIX); Operating License (in case of damage).

The provincial-level State management agency for real estate business, after receiving a complete and valid dossier, is responsible for checking the dossier and re-issuing the operating license (according to the form in Appendix XX) within 5 working days. The re-issued operating license retains the previously issued license number to maintain the link with the dossier and data.

In case of refusal to re-issue, the provincial-level State management agency for real estate business must notify in writing and clearly state the reason for refusal.

The provincial-level State management agency for real estate business shall decide to revoke the License and terminate the operation of a real estate trading floor in the following cases:

In case the real estate trading floor violates the provisions of Article 8 of the Law on Real Estate Business and other relevant laws.

Within 7 working days from the date of revocation of the Operating License, the provincial-level State management agency for real estate business shall be responsible for notifying in writing the Ministry of Construction and the tax authority in the locality where the operation is registered about the revocation of the Operating License of the real estate trading floor.

Within 60 days from the date of revocation of the Operating License, the real estate trading floor must pay all outstanding taxes; pay off other debts; complete procedures to terminate contracts signed with employees; for service contracts signed with customers but not yet completed, it must reach an agreement with the customer on the performance of that service contract.

In case a real estate trading floor voluntarily terminates its operations, at least 30 days before the expected date of termination of operations, the real estate trading floor must notify in writing the provincial-level State management agency for real estate business and the tax authority where it is registered to operate.

Within 7 days from the date of receipt of the notice of termination of the real estate trading floor, the provincial-level State management agency for real estate business shall be responsible for notifying in writing to the Ministry of Construction.

Before the termination of operations, the real estate trading floor must pay all outstanding taxes; pay off other debts; complete procedures to terminate contracts signed with employees of the real estate trading floor; and complete service contracts signed with customers.

In case it is impossible to complete the service contract signed with the customer, it is necessary to reach an agreement with the customer on the performance of that service contract.

The Decree takes effect from August 1, 2024.