The investors in real estate are entitled to make whole or a part transfer of the real estate invesments when they are fulfill with the conditions of trading real estate investments, conditions of trading investors and the purchasers are also fulfill their conditions to receive the invesments.
The investors are entitled to transfer whole or a part of the real estate investments (“Projects”) to other investors when they are received the approval in writing from authoritative state offices.
The investors have to notice that not all of the Projects are available to be transferred. The transferring is just able to be made when it is fulfill with the following conditions:
Conditions of transferred Projects
At first, Projects have been approved by the authoritative state offices. Beside of that, Projects have got the 1/500 detail plan or ground plan that approved.
The whole Projects, a part of the Project that going to be transferred must have finished compensation and site clearance activities. If transferring whole of the Projects, the Projects must have finished corresponding technical infrastructure works according to the schedule inscribed in the approved projects when they are transferred.
The Projects must have no dispute over land use rights. Beside of that, it must be not distrained to ensure the execution of the judgment or to abide by the administrative decisions of the authoritative state offices.
Another important condition is that the Projects must not be the subject of decisions on project recovery and land acquisition by the authoritative state offices; if there is a violation in the course of project implementation, the investor must have completed the sanctioning decision before transferring.
On the other side, the investors must have the Land Use Rights Certificate for the Projects or the part of the Projects that transferred.
About the purchasers, they must be real estate enterprises that have enough financial ability and committing to keep investing according to the legal regulations and committed project.
In addition, the transferring must commits to the rules such as not changing the target of the Projects; not changing content of the Projects; warranty the benefit of the customers and related parties.
The permission to transfer a part or whole of a project belongs to the authority of the provincial People’s Committee or the Prime Minister.
Whereby, the provincial People’s Committee is entitled to permit a transferring to be proceeded with the projects that decided by People’s Committee according to the regulations. The Prime Minister is also entitled to permit a transferring to be proceeded with the projects that decided by Prime Minister according to the regulations.
When transfereing the Projects, the purchasers will have the following benefits: entitled to be issued with a certificate of land use right, ownership of house and other properties associated with land or entitled to be register for variation on the certificate that issued before transferring according to the regulations about lands.
Beside of that, the purchasers are not required to make again the Projects files, construction plan, construction permit… if there are no changing with the investment content of the Projects after transferring.
If the purchasers are enterprises that have foreign capital, after getting the permition to transfer the Projects from the authoritative state office, the investors who selling the Projects must perform the procedures to give back the lands to the State. Then, within 30 days from the day that the authoritative state office received the valid files from the purchasers, they will issue a decision to allow the purchasers to lease the lands.
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