Recently, the Government issued Decree No. 96/2024/ND-CP detailing a number of articles of the Real Estate Business Law.
Accordingly, individuals are not required to establish investment projects according to the provisions of law on construction and housing, and individuals doing small-scale real estate business are not required to establish investment projects.
The number of transactions will be limited to less than 10 times a year and each contract will not exceed 300 billion VND. In case of one transaction per year, the value is not calculated.
Organizations that sell or rent houses, construction projects or part of the construction floor area not for business purposes are also limited in the number of sales and must declare and pay taxes.
Currently, the new regulations specifically limit the number of transactions and contract value in this case. This is a new point compared to before because the old regulations did not state the conditions for individuals doing small-scale real estate business.
Notably, Decree No. 96/2024/ND-CP of the Government also tightens conditions for practicing real estate brokerage.
Accordingly, from August 1, brokers must have a practicing certificate and operate in a trading floor, real estate brokerage company or real estate consulting and management company. This means that individuals are not allowed to practice as freelance brokers like in previous years.
Decree No. 96/2024/ND-CP of the Government takes effect from August 1, 2024, at the same time as the Law on Real Estate Business takes effect.
According to Article 61 of the Law on Real Estate Business, organizations and individuals providing real estate brokerage services must establish real estate service businesses and must meet the following conditions:
There must be regulations on real estate brokerage services; Must have physical and technical facilities that meet operational requirements according to Government regulations; Have at least 1 individual with a real estate brokerage certificate;
Before operating real estate brokerage services, brokerage service enterprises send information about the enterprise to the state management agency on real estate business at the provincial level where the enterprise was established for approval. Posted on the housing and real estate market information system.
Individuals practicing real estate brokerage must meet the following conditions: Have a real estate brokerage practice certificate; Must practice in a real estate trading floor service business or a real estate brokerage service business.
