Draft law removes stipulation requiring realty transactions to be conducted on trading floors
The revised draft Law on Real Estate Business has removed a stipulation requiring real estate transactions to be conducted on real estate trading floors and instead only encourages the practice.
The latest revised version of the bill was tabled for examination o August 24 during the 25th meeting of the NA Standing Committee in Hanoi.
Chairman of the National Assembly’s Economic Committee Vu Hong Thanh reported that the draft had been revised following discussion at the NA.
A number of adjustments have also been made, including a maximum deposit rate of 10% of the sale or lease-purchase price. It introduces provisions that require parties to clearly state the sale or lease-purchase price in the deposit agreement, thereby ensuring responsibility and contract enforcement.
Following adjustments, the draft law now consists of 10 chapters and 84 articles, removing 9 articles and adding 1 article compared to the version presented to the legislature for discussion at the fifth session.
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