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Question: We are the investor of a project on development of apartments for sale and going to sell our apartments. What are procedures relating to sale of apartments that we have to follow?

Answers:

Under the Housing Law and Circular No.13/2008/TT-BXD dated 21 May 2008 of the Ministry of Construction providing guidelines for implementing Decree No.153/2007/ND-CP on detailed regulations for implementing the Law on Real Estate Business, when selling your developed apartments, you have to comply with the following procedures:

You have to publish information of your apartments (e.g. type, location, area etc.) through a licensed real estate trading floor (“Trading Floor”) for at least 7 days. At the same time, such information as project information, types and number of apartments, time and address for organizing the sale must be published by you for at least 03 consecutive issues on a local newspaper, at least 01 time on a local television channel where the apartments are located and on the website of the Trading Floor, if any.

After the publication period as mentioned above, you (or Trading Floor if being authorized) shall be able to organize for the sale of apartments to customers. In case where there is more than one customer registering to buy an apartment or where the number of registering buyers is higher than the number of the to-be-sold apartments, the selection of buyers must be made by lot or auction.

The apartment sale contracts must be made according to the standard form set by the Circular No.01/2009/TT-BXD dated 25 February 2009 of the Ministry of Construction stipulating a number of contents regarding issuance of house ownership certificates and guidance on the form of a contract on sale of apartments in investment projects of house business organizations. Also, according to Item 3, Article 93 of the Housing Law, apartment sale contracts between you and your customers are not necessary to be notarized or certified by notary public offices or People’s Committees.

Pursuant to Item 2, Article 1 of the above-mentioned Circular No.01/2009/TT-BXD, you are required to complete and submit the basic dossier of the apartment building(s) to the authority, who has the competence to issue apartment ownership certificates, within 30 days after the apartment building(s) are accepted to put into use; you also have to complete and submit to the application dossier for apartment ownership certificate of each apartment to the authority within 30 days after the apartment buyers make full payment under the apartment sale contracts.

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