Maximum deposit when buying future apartments

Lawyer Nguyen Thi Thuy, YouMe Law Firm LLC, replied:

Clause 4, Clause 5, Article 23 of the 2023 Law on Real Estate Business stipulates the principles of business in future housing and construction works as follows:

4. Real estate project investors are responsible for the following:

a) Responsibilities specified in Article 17 of this Law;

b) Using money collected from buyers or hired buyers to invest in the construction of projects, houses, construction works, and construction floor areas in construction works that have been sold or leased for the right purpose of use according to the agreement in the signed contract; comply with the provisions of law on money laundering prevention and control;

c) Publicly provide information on the progress of investment in the construction of houses, construction works, and the construction floor area in construction works to buyers and tenants according to signed sales contracts, lease-purchase contracts or competent state agencies upon request. Providing complete and honest records and information on real estate that are eligible for business according to the provisions of this Law for real estate trading floors in case of choosing to distribute products through real estate trading floors;

d) Not authorizing other organizations or individuals to sign deposit contracts, sales contracts, lease-purchase contracts for houses, construction works, and construction floor areas in future construction works.

5. The investor of the real estate project can only collect a deposit of no more than 5% of the selling price, rent to buy houses, construction works, the construction floor area in the construction works from the deposit to buy and buy when houses and construction works have all conditions put into business in accordance with this Law. The deposit agreement must clearly state the selling price, rent for housing, construction works, and construction floor area in construction works.

Thus, when buying an apartment for a housing project formed in the future, only a deposit is required not exceeding 5% of the selling price according to the above regulations.