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Requirements in terms of off-the-plan real estate to be put on the market
Off-the-plan real estate trading is a specific profession, requiring many conditions and high requirements to protect investors' legal rights and interests and help build a transparent real estate environment in accordance with the law.
What conditions must an investor selling off-the-plan real estate meet?
Pursuant to Article 55 of the Law on Real Estate Trading 2014 stipulates as follows:
Requirements in terms of off-the-plan real estate to be put on the market
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- There are documents on land, project documents or construction drawing approved by competent agencies, License for construction if it is required, documents on certification of completion of technical infrastructure in equivalent to project progress; or it is required to gain the certification of completion of the foundation of the building regarding off-the-plan apartment buildings or mix-used buildings.
- Before entering an agreement on sale or lease purchase of an off-the-plan building.
Within 15 days from the day on which the notification is received, the agency in charge of housing of province shall respond in writing to the investor with the building permitted to be sold or leased purchase; if the building do not meet the requirements, they must provide explanation.
According to the provisions of Article 55 of the Law on Real Estate Trading 2014, the essential conditions for off-the-plan real estate trading are:
– The first, Complete documents: When off-the-plan real estate is put into market, the essential condition is to be equipped with documents on land use rights. In addition, project documents along with construction drawing designs need to be approved by the competent authority. In addition, a License for construction is required. Besides, having documents proving acceptance of the completion of technical infrastructure according to project schedule is also a condition that cannot be ignored.
– Specific factors for apartment buildings and mixed-use buildings: In case off-the-plan real estate is apartment buildings or mixed-use buildings for residential purposes, additional requirements are required, which are the acceptance record after completing the building’s foundation. This ensures the reliability and correctness of construction work, creating a foundation for future development and peace of mind for those involved in the project.
Second, Notify the provincial housing management agency: The investor must first notify the provincial housing management agency about the planned sale or lease purchase plan of the housing units.
– Confirmation within 15 days: After receiving notice from the investor, the provincial housing management agency will review and check relevant information. Within 15 days of receipt of the notice, this agency must officially respond to the investor. In case the housing is eligible for transaction, the agency will clearly notify this.
– In case the house is not eligible for transaction, the provincial housing management agency will have to clearly and transparently state the reason. This helps investors better understand the issues that need to be fixed before proceeding with any transaction.
The above conditions are not only procedural requirements but also an important basis to ensure transparency, sustainability and harmonious development of off-the-plan real estate. Documents and technical elements ensure that the construction and development process proceeds according to plan and standards.
When off-the-plan real estate properties expected are put into market, compliance with these conditions not only demonstrates professionalism but also ensures sustainable development and trust from the community and related parties.
Recommendations of LS Law Firm
The above are the basic contents of the requirements in terms of off-the-plan real estate to be put on the market based on the provisions of law at the time of writing. If you need advice on the above issue or are interested in other legal services, please contact LS Law Firm immediately via Email: lslawfirm2014@gmail.com for timely support.
Note: The above article is for reference only, any copying or use of the article as personal evidence in any case or matter is considered unauthorized./.
