According to the Land Law 2024, from August 1, 2024, there have been amendments and supplements to enhance transparency and efficiency in activities related to land use rights auctions.
Land use rights auction procedure
- The unit assigned to manage the land fund shall prepare a plan for auctioning land use rights and submit it to the competent authority for approval. Land eligible for auction includes: Land with a land use plan; Land with completed compensation and site clearance; Land with a decision on land allocation and lease through auction.
- The auction organizer prepares the documents of the land and land plot to be auctioned. Then, send them to the competent land management agency to submit to the competent People's Committee to decide on the auction of land use rights.
- The land management agency determines the starting price of the land plot and land auction, submits it to the competent People's Committee for approval of the auction form, starting price and detailed regulations on the auction.
- Information on land use rights auctions is publicly announced on the National Land Use Rights Auction Information Portal or the electronic information portal of the competent People's Committee, the headquarters of the People's Committee of the commune/ward where the land is located. The announcement of information must ensure transparency and accuracy.
Land use rights auction procedures
- Buy auction documents
- Deposit, usually 5 - 20% of the starting price.
- Complete the auction registration form as required.
There are three forms of auction: oral auction, sealed bid auction, and online auction.
The auction winner is notified of the results and signs a land transfer or lease contract. The auction winner then pays the auction winnings within the prescribed time limit, usually within 30 to 90 days. After completing the payment, the auction winner is issued a Land Use Rights Certificate.
Lawyer Truong Anh Tu (TAT Law Firm) recommends that, to ensure rights and minimize risks, auction participants should carefully study Decree No. 71/2024/ND-CP and related documents, or consult legal advice before conducting the auction.
