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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