Tighten the situation of chaotic real estate businesses
Effective from January 15, Decree 139/2017 of the Government with quite high penalties is expected to be a solution to tighten the current unserious real estate businesses.
Accordingly, Decree 139 stipulates a fine of 40 million - 50 million VND if any real estate trading floor puts on the trading floor real estate products that do not meet business conditions, and at the same time, the real estate trading floor service business will be suspended from 6 - 12 months.
Fines from 30 million to 40 million VND if real estate trading floors are found to collect real estate service fees that are not regulated by law. Forced to return the illegal profits gained from the violation.
Fines of 10 million to 15 million VND shall be imposed on real estate brokers who, during the process of buying and selling products, erase, repair, lend, lease or rent, borrow practice certificates and revoke practice certificates.
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| Decree 139 also stipulates penalties for many other violations related to investors in construction and real estate business that do not comply with regulations. |
In addition, investors will be fined from 270 million to 300 million VND if they hand over houses and construction works to customers when they are not completed, do not ensure connection to the common infrastructure system of the area, roads or have not accepted and put the housing project or social infrastructure project into use.
A fine of VND 250 million - 300 million shall be imposed on investors who illegally mobilize or appropriate capital, use mobilized capital from organizations or individuals, or advance payments from buyers, lessees, or lessees of future real estate for purposes other than those committed.
Fines from 60 million to 80 million VND for projects that have not been guaranteed by a commercial bank with sufficient capacity to fulfill financial obligations, but the investor still sells or leases them.
Fines of 50 million to 60 million VND shall be imposed on real estate business activities that require the establishment of an enterprise or cooperative without being established in accordance with regulations, or real estate business activities without ensuring sufficient legal capital as prescribed; failure to publicly disclose or incompletely or incorrectly publicizing the contents of real estate projects and housing construction investment projects as prescribed.
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