Law on Real Estate Trading 2023 has officially come into force from August 1st, replacing Law on Real Estate Trading 2014. According to the new law, house buyers at projects must pay the investors or real estate businesses through bank transfer.
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Article 48 Law on Real Estate Trading 2023, which came into force from August 1st, stipulates payment in real estate business transactions as follows: Payment in real estate transactions and projects must be agreed upon in the contract and comply with legal regulations. Investors, real estate businesses, and real estate services must receive payments from customers through accounts opened at domestic credit institutions or legally operating foreign bank branches in Vietnam.
Photo 1: From August 1st 2024, in which cases must house buying and selling be made via bank transfer?_Hotline: 0972118764
Additionally, Clause 3 of Article 9 of the Law on Real Estate Trading 2023 stipulates cases where establishing a real estate business enterprise is not required. Specifically: “Individuals engaging in small-scale real estate businesses do not need to establish a real estate trading enterprise but must declare and pay taxes according to legal regulations.”
Thus, the requirement to pay via bank transfer when buying and selling houses only applies to customers purchasing homes in projects from investors, real estate trading enterprises, and real estate service businesses. For individuals engaged in small-scale real estate businesses, selling houses, buildings, or floor areas not intended for business purposes, or selling, leasing, or leasing-purchasing houses, a bank transfer is optional.
This means that if people are buying and selling houses for residential purposes and not for business, a bank transfer is not required.
Therefore, under the Real Estate Business Law 2023, when customers buy houses in projects from investors, real estate business enterprises, and real estate service businesses, they must make payments through the bank.
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