New regulations on real estate project transfers are attracting the attention of investors in this field.
According to Lawyer Dao Thu Thao - Hanoi Bar Association, Article 39 of the 2023 Law on Real Estate Business, effective from August 1, 2024, states that the transfer of real estate projects is clearly and specifically regulated to ensure transparency and stability of projects.
In particular, Article 39 of the 2023 Law on Real Estate Business stipulates that real estate project investors have the right to transfer all or part of the project to another investor to continue investing, constructing and doing business, but must be approved by the competent State agency and the project must be in the implementation period.
When carrying out the transfer, it is necessary to ensure that the planning, objectives of the project are not changed and the legitimate rights of the stakeholders are protected. This is very important because changing the objectives and planning can affect the entire project development plan and the interests of the stakeholders.
Notably, after the transfer is completed, the transferee will inherit all rights and obligations of the transferring investor, becoming the investor of the project or part of the project that has been transferred.
Referring to this content, economic expert, Dr. Nguyen Minh Phong said that the real estate transfer market will be transparent when the real estate database and information on buying and selling transfers are legally public.
In addition to regulations on transfer principles, the 2023 Law on Real Estate Business also clearly stipulates the conditions for transferring real estate projects.
According to Clause 1, Article 40 of the Law on Real Estate Business 2023, real estate projects to be transferred must meet specific conditions.
First, the project must have been decided on investment policy, approved investment policy or approved investment by a competent State agency, and the investor must have been selected or recognized if the project requires recognition procedures.
The project must have an approved detailed plan and have completed compensation and resettlement support. For infrastructure construction projects, the corresponding technical infrastructure works must be completed according to the approved schedule, design and plan.
The transfer of real estate projects must satisfy all conditions specified in Article 40 and comply with regulations on form, purpose, land use term, and land registration according to the land law.
