No Comments

The Verity Of Issuing Permanent Papers To Land For Condotel

Failure to issue a permanent red book for condotel

There are still many opinions on the information that when customers invest resort project (condotel) will be issued permanent papers to land.

Failure to issue a permanent red book for condotel
Failure to issue a permanent red book for condotel

Many experts in the real estate industry said that the rapid development of condotel type makes the legal framework for this type difficult to catch up with.

Therefore, in April 1977, Vietnam Real Estate Association (VNREA) has proposed to the Ministry of Construction on the type of coastal condotel property. In the written proposal, VNREA said that the Ministry of Construction should adjust, propose amendments to the law and related legal documents on condotel planning.

In detail, there are proposals for the granting of land use rights and hotel ownership certificates to customers purchasing condotel on the seashore towards individuals, organizations that may purchase condotel (not in the form of transfer of all or part of the project) and be issued a certificate, whether the coastal condotel is built on commercial land or residential land without forming a residential unit.

However, lawyer Pham Van Hung – Ho Chi Minh City Bar Association said that currently the certification is being implemented under Circular 23/2014 / TT-BTNMT dated 19/5/2014 of the Ministry of Natural Resources – Environment. However, not all condotels are sold to the buyer, so the buyer is only granted a certificate for the project having content (the whole project or a part of the project) that investors are allowed to do business under the Trading law in real estate.

The condotel project is just a hotel project under the Tourism Law, the investor cannot sell it. If the buyer still signed the contract, he cannot be issued certificates. Although the type of resort property currently has no legal name according to Circular 23/2014 / TT-BTNMT, the approval decision will write the name of the project, generally the end of the tail. The only problem is that the certificate can not use the foreign name “villa” or “condotel”, so it may have to use the name in the specific characteristics that have not beenmentioned in Circular 23/2014 / TT-BTNMT as the villa (apartment), resort,… but can not be the villa (apartment) tourist to cause misunderstanding for hotel projects, tourism projects (not divided and sold).

You can read more information at Vietnam Real Estate Law

Taking advantage of the lack of information or desiring to be stable long-term, some investors have advertised the “winged words” that owning condotel is issued permanent papers to land.

Le Hoang Chau, Chairman of the HCM City Real Estate Association, explained that there are mixed projects in areas planned for tourism and convalescence. In return, many real estates have proclaimed many products such as hotels, condotel apartments, apartments, townhouses, villas where buyers are long-term residents, have stable permanent papers to land,… leading to confusion for secondary investors that the ownership of the condotel and land use rights are similar to residential apartments.

Failure to issue a permanent red book for condotel
illustration

To the state Management Agency, Mai Van Phan – Deputy Director of Statistics, General Department of Land, Ministry of Natural Resources and Environment affirmed: “The country has no resort projects, condotel to be issued certificates of land use right and ownership of houses and other assets attached to land (papers to land).

Currently, only a few resort projects in Khanh Hoa are granted ownership certificates for assets formed on land with a term of 50 years, not permanently owned.

Mr. Phan also said that to issue permanent papers to land for condotel, there should be a uniform assessment and correction of the legal system relating to land, construction, and finance. “As for the Ministry of Natural Resources and Environment, which is based on the desire of condotel buyers to own permanent flats, this content has also been put in place and incorporated into the revised Land Law in 2018,” said Phan.

You are reading the article “The Verity Of Issuing Permanent Papers To Land For Condotel” in the section “Real Estate News” on the website: realestatevietnam.com.vn
All information sharing, feedback please email to info@realestatevietnam.com.vn, Hotline 0909 890 897 (24/7).
Thank you!

The Verity Of Issuing Permanent Papers To Land For Condotel
Review

Comments (0)