On July 24th, 2024, the Government issued Decree No. 96/2024/ND-CP guiding certain provisions of the 2023 Law on Real Estate Business (“Decree”). It includes regulations on the operational conditions of real estate trading floors, specifically as follows:
– The real estate trading floors must meet the conditions stipulated 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 must be responsible for the activities of the real estate trading floor. The legal representative of the real estate trading floor may concurrently be the manager of the real estate trading floor.
– The real estate trading floor must have a stable name and transaction address for more than 12 months, and technical equipment that meets the requirements of the real estate trading floor’s activities content.
– The real estate trading floor is responsible for implementing anti-money laundering measures and reporting on anti-money laundering in accordance with the provisions of the law on anti-money laundering.
Additionally, the Decree guides other important contents stipulated in the Law on Real Estate Business, such as:
– Detailed guidance on procedures for transferring all or part of a real estate project.
– Timing and content of public information on real estate, and real estate projects brought into business, which real estate business enterprises (including foreign-invested real estate business enterprises) must perform before signing real estate purchase, lease, and transfer contracts.
– Issuance of contract templates in the real estate business, replacing the current contract templates under the 2014 Law on Real Estate Business.
– Detailed guidance on procedures, processes, and dossiers for transferring real estate business contracts.
Decree No. 96/2024/ND-CP takes effect from August 1st, 2024.
