Notes for long-term rent at VinCity Grand Park

Customers should pay attention to the following points when proceeding to lease VinCity Grand Park long-term project

Transfer of lease contract

– What is the transfer procedure?

According to Article 5.1.d of the Covenant, the transfer procedures are as follows:

Step 1: Informing the Investor: The Lessee sends a notice to the Investor (“Investor”) for the transfer of the new investor.

Step 2: Signing the transfer: The lessee and the new customer sign the document on the assignment of the contract of sale at the notary public organization.

Step 3: Tax declaration and payment: The lessee and new customer shall carry out the tax payment procedures and issue a written certification that the lessee has fulfilled its tax obligations in accordance with Vietnamese law.

Step 4: Submit the transfer dossier to the investor: The lessee and the new customer send the transfer dossier (all dossiers related to the investment certificate, VBCN, documents related to the fulfillment of tax obligations …) to the investor.

Step 5: Investor confirms transfer: Investors check documents and transfer confirmation in accordance with regulations.

From the date the investor confirms the transfer, the new customer becomes the lessee according to the Charter and inherits all the rights and obligations of the lessee in accordance with the Charter. In this case, the term of the contract is unchanged and the extension of the term of the contract is made in accordance with the law.

– What is the procedure for the transferee to sign the land concession and grant a book?

Step 1: carry out procedures for receiving the transfer of the investment certificate as per Section 1 above.

Step 2: Investors and NVN liquidate and sign the SC with the principles stipulated in Article 12.1 of the contract with the selling price = total rent of the remaining time. The issuance of the Certificate of Ownership (“GCN”) for NVN is in accordance with the SC and the law.

The ownership duration for NVN is currently regulated as follows:

– For Apartment: long-term ownership.

– For Officetel Offices: 50 years from the date of the land allocation decision of the Project.

– Is the lease issued? How is the mortgage of the lessee in the investment contract?

According to the provisions of the Charter and the law of Vietnam, during the lease period, the lessee has the right to use stable for the apartment, while the ownership still belongs to the investor. Therefore, with GC, GCN will not be issued to the lessee.

Where the law of Vietnam allows and the parties switch to signing the Custody, the lessee will be issued a Certificate of Merit under the SC and the law of Vietnam.

Under Article 5.1 of the Covenant, the lessee is entitled to mortgage property rights arising from the lease contract, in which property rights are understood to include rights such as the right to receive the apartment, the right to use the Apartment, the right to lease (if permitted by law), the right to receive fines, compensation from the investor.

Rights of the lessee

– What are the interests of the lessee being a foreigner according to the Covenant which is different from the foreign buyer under the SC?

In the case of an apartment: The right of the lessee in accordance with the Agreement is the same as the right of the Purchaser under the Condominium Agreement (such as the right to use the Apartment, the right to sublease the Apartment, the right to assign the contract, arising from the contract, the right to participate in the incentive programs under the lease policy of the investor …, using the common utility project of the Project). The main difference is that with the lease agreement, the lease will not be issued to the lessee.

VinCity Grand Park's closed ecosystem

VinCity Grand Park promises to be a wave of a transaction in the city’s eastern property market.

In case of OT: the lessee has some rights similar to the buyer under the SC as the right to use the OT, the right to mortgage the property arising from the contract, the right to participate in the main incentive programs. Rental books of CĐT …, using the utility of the project. The difference is the right to lease the OT, the right to transfer the contract, OT property rights, specifically:

– Regarding the right to sublease the OT: The lessee is allowed to sublease the OT apartment, except for cases where the lessee is a foreign individual or organization; or Vietnamese residing overseas, foreign-invested enterprises not engaged in real estate business

– Regarding the right to transfer the contract: The lessee is entitled to transfer the lease and the buyer can not transfer the land.

– Regarding ownership of OT apartments: Due to the fact that during the term of ownership, the apartment will not be issued with certificates to the lessee. The Acquiror is granted a Certificate of Completion by the Acquiror.

– What damage is in the warranty of the lessor?

According to Article 7.1 of the Investment Code, the investor will provide warranty in accordance with Article 85 of the Housing Law 2014, under which the warranty contents include repairing, repairing damaged frames, columns, beams, floors and walls. , ceiling, roof, terrace, stairs, parts, tiles, plaster, fuel supply system, electricity supply system, lighting, water tanks and water supply system, Discharge of sewage and wastewater, domestic waste, overturning cases, subsidence, cracks, slumps and other contents as agreed in the house purchase or sale contract. For other equipment attached to houses, the seller or the house-renting purchaser shall carry out the repair warranty, replacing them according to the time limit prescribed by the manufacturer.

Cases not covered by the warranty are specified in Article 7.3 of the contract.

VinCity Grand Park

Utilities VinCity Grand Park has a complete ecosystem that Vingroup committed to bringing in each of its high-end projects.

– When will the funds be transferred to foreigners will be transferred to the account? Foreign account?

In this case, the lessee is a foreigner who must make an account at a commercial bank in Vietnam or use an account opened at a bank in Vietnam and the investor will transfer money to this account.

– Where the plan (using a loan or own capital) compared with the standard progression of the investor, the beneficiary is entitled?

In the case of the plan and the whole plan, the plan will be discounted according to the contractor of the investor from time to time. At this time, if the Plan is within 15 days from the signing date, the plan will be entitled to a discount equal to 9.5% of the amount and time of TTS. This discount will be deducted from the payment value of the contract.

About the dossier:

Step 1: Plan will sign the contract with the full price + standard payment schedule according to CSBH.

Step 2: Clips Early payment request + TTS discount agreement to note the progress of TTS and discount.

Note: In this case, the total rent under the contract is not changed.

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