Please let us about conditions for organizations/individuals involving in real estate business under Law on real estate business?
On 29th June 2006, the National Assembly of the Socialist Republic of Vietnam passed the Law on Real Estate Business. Accordingly, the Law provides for conditions for organizations/individuals involving in real estates business shall be in compliance with, subject to each kind of business activities. Concretely:
- For doing real estates business, it shall be necessary to establish a company or a cooperative, having legal capital and having real estates business registration with the competent authorities;
- For doing real estates services, it shall be necessary to establish a company or a cooperative and having registration on business of real estates services in accordance with the laws;
- For real estates brokerage services, it shall have to have at least one person holding a certificate of real estate brokerage services; For real estate assessment services, it shall have to have at least two persons holding certificate of real estate assessment; For real estate transaction center service, it shall have to have at least two persons holding certificate of real estate brokerage services, etc;
- Individuals who deal with real estate brokerage services independently shall have to register with competent authorities in accordance with regulations of laws and must have certificate of real estate brokerage.
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