SALE, PURCHASE  CONTRACT OF OFFICETEL (OFFICE APARTMENT COMBINED WITH ACCOMMODATION), HOW IS REGULATED?

Office apartments combined with accommodation (Officetel) with diverse functions, combining business and residential purposes, are currently a type of accommodation that has become quite popular according to the general trend of the needs of businesses, when contributing significant part in reducing urban pressure in central areas. As an object regulated under the provisions of real estate business law, when purchasing and selling an office apartment combined with accommodation, a sale, purchase contract of officetel must be drawn up according to the prescribed form.

1.         Requirements in terms of officetel to be put on the market

Officetel to be put on the market shall satisfy the following requirements:

–          The ownership of the building on land is registered in the Certificate of land use right. Regarding an off-the-plan building in the real estate project, it is only required to have the Certificate of land as prescribed in regulations of law on land.

–          There is no dispute about the land and ownership of the building on land.

–          The building is not distrained.

2.         Regulation on sale, purchase contract of officetel

Sale, purchase contract of officetel must have the following main contents:

–          Names and addresses of contracting parties;

–          Information about the real estate;

–          Lease purchase price;

–          Payment method and deadline;

–          Real estate transfer deadline and enclosed documents;

–          Warranty;

–          Rights and obligations of contracting parties;

–          Liability for any breaches of contract;

–          Penalties for any breaches of contract;

–          Cases in which the contract is terminated and solutions;

–          Dispute settlement;

–          Effective date of the sale, purchase contract of officetel.

3.         Regulated form of sale, purchase contract of officetel

Sale, purchase contract of officetel must comply with Form No. 02 Appendix issued with Decree 02/2022/ND-CP.

Noted, Sale, purchase contract of officetel must be made in writing, notarized or authenticated according to regulations.

The effective date of the contract shall be agreed and stated in the contract by contracting parties. If the contract has been notarized or authenticated, the effective date of the contract is the notarizing or authenticating date. If the contracting parties have not agreed or the contract has been not notarized or authenticated, the effective date is the date on which the contract is signed.

>> INFORMATION DISCLOSURE BY INTERNAL ACTORS https://linconlaw.vn/information-disclosure-by-internal-actors/

>> PROCEDURES FOR REGISTRATION OF FUNCTIONAL FOODS DECLARATION https://linconlaw.vn/procedures-for-registration-of-functional-foods-declaration/

4.         Purchase price and contract payment issues

a.         Purchase price in the sale, purchase contract of officetel

The sale, purchase price of officetel shall be agreed by contracting parties and stated in the agreement. If the State stipulates regulations on the price, the contracting parties shall comply with those regulations.

b.         Payment for transactions of the sale, purchase contract of officetel

–          The payment for transactions shall be agreed by contracting parties and followed the regulations of laws on payment.

–          Penalties and compensation for damage caused by late payment from the buyer, or late real estate transfer from the seller shall be agreed by contracting parties and stated in the contract.