On November 28, 2023, the National Assembly passed the Real Estate Business Law 2023. This law stipulates the conditions for conducting real estate brokerage services.
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Photo 1: The conditions for conducting real estate brokerage services shall take effect from January 1, 2025 _ Hotline: 097 211 8764
Specifically, the Real Estate Business Law 2023 stipulates the conditions for organizations and individuals engaged in real estate brokerage services as follows:
(1) Organizations and individuals engaging in real estate brokerage services must establish real estate service businesses in accordance with the provisions of the Real Estate Business Law 2023 and meet the following conditions:
- Having regulations on the operation of real estate brokerage services;
- Having infrastructure and technology to meet the operational requirements as prescribed by the Government;
- Employing at least 01 individual with a real estate brokerage certificate;
- Before commencing real estate brokerage services, the real estate service business must submit information about the business to the provincial real estate business management authority where the business is established to be published on the real estate and property market information system as per the Real Estate Business Law 2023.
(2) Individuals practicing real estate brokerage must meet the following conditions:
- Holding a real estate brokerage practice certificate;
- Practicing within a real estate trading floor service business or a real estate brokerage service business.
Therefore, from January 1, 2025, the conditions for conducting real estate brokerage services shall be governed by the provisions of the Real Estate Business Law 2023.
The Real Estate Business Law 2023 will take effect on January 1, 2025.
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