The purchase and sale of apartments by installment payment is regulated in Article 167 of the 2023 Housing Law as follows:
- Agreed upon by the parties and clearly stated in the home purchase contract.
- During the period of installment payment, the apartment buyer is allowed to use and is responsible for maintenance, unless otherwise agreed or during the apartment's warranty period.
In particular, Clause 2, Article 167 of the 2023 Housing Law affirms: The home buyer who pays in installments or in installments may only conduct transactions to buy, sell, donate, exchange, mortgage, or contribute capital to this home with another person after having fully paid for the home, unless the parties have another agreement.
According to this regulation, if the buyer of an apartment currently paying in installments wants to sell it to someone else, he/she must pay the full purchase price of the house to the seller, unless the parties have another agreement.
Thus, if buying an apartment by paying in installments with the investor or paying in installments to the seller, only when paying the full amount of the apartment purchase price, the buyer is allowed to sell it to another person, unless the parties have another agreement.
Similarly, when mortgaging a bank installment loan, if you want to sell it to someone else, according to Clause 5, Article 321 of the 2015 Civil Code, the mortgagor can sell the apartment mortgaged to the bank to someone else if the bank agrees or as prescribed by law.
Accordingly, if the parties agree or the bank agrees to sell the apartment being paid in installments, the following methods can be used:
- The investor signed the Apartment Sale and Purchase Contract Transfer Document without submitting the application to the State agency for a Certificate.
- The parties sign to cancel the old installment purchase contract for the apartment and the seller will directly sign the apartment purchase contract with the new buyer (if the old buyer has not transferred the Red Book) or establish a written agreement on the sale of the apartment in installments between three parties: the old buyer, the seller and the new buyer.
- Make a three-party agreement between the bank, the buyer, and the seller that the bank agrees to sell the apartment being paid in installments to another person. At the same time, release the mortgage on the property, re-sign the sales contract, and transfer the Red Book to the new buyer.
In this case, the parties may transfer the bank's loan obligation to another person in accordance with the provisions of Article 370 of the 2015 Civil Code.
Thus, the buyer can sell the apartment being paid in installments if there is the consent of the seller according to the above analysis or when the installment has been paid in full or according to the agreement of the parties.
