Real estate buying/selling conditions for FOREIGNERS in Vietnam. Any guide?

As far as I know, Vietnamese law of purchasing/selling real estate has undergone some major changes... Does anybody know what these changes are, and probably someone has come up with some kind of a guide for those who want to buy/sell property?

As a foreigner I 'm mostly interested in conditions (restrictions?) for foreign citizens, but also would love to educate myself about the situation in general.

Thanks in advance!
25.09.2018
14

25.09.2018
0
Well it's not exactly a step by step guide, but I kinda know a few restrictions for foreign citizens.

First off, we're allowed to purchase property on secondary market ONLY from developers or other foreigners. We CAN'T buy any property from a Vietnamese citizen. And vice versa: a Vietnamese citizen isn't allowed to buy real estate from a foreigner. That's how the real estate market is divided here. I must say, prices on the foreign-owned property is much higher than on the local market. Even if you have double citizenship, you still cannot operate in both markets. VN law is pretty strict on that point.

If you're married to a VN citizen and both of you signed the purchase contract, it depends on how the property is identified. If the primary owner has a foreign passport, the property is automatically identified as foreign and can't be sold to a VN citizen. And vice versa.

Correct me if I'm wrong
25.09.2018
0
I guess the procedure varies depending on what kind of real estate you're going to buy. If you wanna purchase a property in a new building, better to contact the project developer directly. Better safe than sound, if you know what I mean. Plus, I'd advice you to search for information about the project in the Internet.

If you don't know VN language well enough, you should hire an interpreter who will help you with documentation, negotiations and stuff.

If you're buying from a developer, take the following into consideration:

1) You don't have to pay taxes. The developer is to pay tax for the property sale.

2) If you sign a contract on the early stage of construction, you might not be able to see what exact property is available for you to purchase. If you're on the stage when some drawings and samples are available, you can sign a reservation contract for the particular property you choose.

3)Then you have to sign a deposit contract which is about 80mln Dong. If after signing you're not going to buy property, you lose your deposit. Percentage and purchase plan varies for VN and foreign citizens.

4) Next step is signing the property purchase contract and transferring 30% of its price.
5) Then you pay 65% of the price and receive the contract and receipt.
6) At the day of the property handover you have to check it for defects and sign the object delivery contract.

I hope it's clear enough!
25.09.2018
0
Just to add a few details:

Usually you receive an empty apartment, I mean shell construction. You have to set up all the interior work by yourself, so it's extra investments and to tell the truth it's TONS of money, depending on the apartment size - up to 1trl dong.
However there're real estates with interior included, you just have to add the kitchen and call it a day.
If you'll want to sell this property, you can run into a contract with a foreign citizen only...
Good luck!
01.10.2018
0
Hey guys,
All foreigners can buy a property in a secondary market. Just have to know the details, how it's work.
And no, foreigners don't have to pay extra money for the property. And NO, buy the property directly from the Developer is so great idea. Now, there are many VN' companies buy the property in the stage, when the Developer only receive the permission for the Project. And even doesn't start to construction pit. So then these company very competitive prices, and Developer price become higher.
You never can find the true info about Project in the Internet.
Each project has a different payment details and it's not like 35%/65%.
And you absolutely right when hire an interpreter who will help you with documentation, negotiations and stuff.
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