Time to establish home ownership from August 2024

Office of Legal Consulting of Lao Dong Newspaper replied:

Article 12 of the 2023 Housing Law (effective from August 2024) stipulates the time for establishing home ownership as follows:

1. In case of direct investment in housing construction, the time of establishing housing ownership is the time of completion of housing construction according to the provisions of law on construction.

2. In case of purchase, sale or hire-purchase of housing that is not covered by Clause 4 of this Article, the time of establishing house ownership is the time when the buyer or hire-purchaser has fully paid the purchase price or hire-purchase price and has received the house, unless the parties have another agreement.

3. In case of capital contribution, donation or exchange of housing, the time of establishing housing ownership is the time when the capital contribution recipient, the donation recipient or the exchange recipient has received the house from the capital contributor, the donor or the house exchanger, unless the parties have another agreement.

4. In case of purchase, sale or hire-purchase of housing between the investor of a housing construction investment project and the buyer or hire-purchaser, the time of establishing house ownership rights shall be implemented in accordance with the provisions of the law on real estate business.

5. In case of house inheritance, the time of establishing house ownership is implemented according to the provisions of civil law.

6. Other cases shall be implemented in accordance with relevant laws.

7. Housing transactions specified in Clauses 2, 3 and 4 of this Article must comply with the conditions on housing transactions and the contract must be valid according to the provisions of this Law.

Thus, from August 2024, the time to establish home ownership is regulated as above.