Buying real estate in Vietnam

Buying real estate in Vietnam

Сообщение! » 23 дек 2014, 04:31

Buying real estate in Vietnam
In the last year or two in socialist Vietnam, there have been dramatic changes in the real estate market. If before the "outsiders" - individuals under any pretext does not admit to owning land and buildings, now removed obstacles and made very significant concessions.

Foreign citizens were able to buy apartments and villas (without land), or more precisely to take them from the state in the long-term lease for 50 years with the possibility of extension (before it was allowed to do only through registered in Vietnam joint ventures).

However, this privilege only received certain categories of non-residents. Are investors, entrepreneurs, representatives of foreign companies, all sorts of graduates, scientists and artists working in Vietnam and somehow benefit the Vietnamese economy and the country as a whole. It also includes foreign citizens with Vietnamese state awards.

And finally, the preference in the acquisition of property by foreigners are unmarried, look for a Vietnamese brides.

As for mansions with land (all land in Vietnam is still owned by the state), they are now also possible to take the state long-term lease for a maximum period of 70 years with the possibility of further extension without additional charges.

On the same terms and purchased land for the construction of their own home. In practice this means perpetuity. At the same time, a foreigner can buy only one unit of property. A housing market, it may not earlier than one year.

The deal takes about two months. When a potential buyer finds the property to him, he said, checking the purity of the title, the seller enters into a preliminary agreement commits both parties to adhere to the agreement on the deal.

Buyer transfers the seller a deposit (by arrangement), which remains at the seller's payment if the buyer refuses to their intentions.

If the property is acquired in the primary market, it should definitely find out whether a developer license for construction activity, whether he had received permission for the erection of houses in this place and agreed upon a plan for development with local authorities.

In the secondary market, in addition to the purity of the title, it is necessary to carefully find out whether his master arrears on utility bills or any other debt hanging.

If all goes well, the two parties enter into a contract of sale, which holds his signature notary. Buyer transfers money to the seller, then the name of the new owner is entered in the State Register. The new owner receives at the hands certificate confirming his right to use the house / apartment / land.

Total cost of the paperwork reaches 6.5% of the purchase price. This includes stamp duty - 1% (paid by the buyer), re-title - $ 1 (one dollar, the buyer), notary services - 0.2% (the seller). In addition, the buyer pays the value added tax - 5%. The transaction value may increase more than two times, if we add the services of an agent and a lawyer: 1.5 - 5% each (the seller pays the agent, lawyer - the buyer).

Tax deal - 25% (paid by the seller). Tax on rent from non-residents will be charged at a flat rate - 20%. Property tax has not been previously because there was no private property. Now it is (the Vietnamese are also allowed to privatize and to buy homes, which they had rented from the state, as well as perform other real estate transactions). But the legislation, including tax under the new situation is not "locked up." This year, the authorities intend to conduct an inventory of land in order to improve taxation. By the beginning of 2011 a new tax code to enter into force.!
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