1. Reservation of real estate
After you have chosen an object for purchase, you need to reserve it so that it does not go to someone else while all the necessary procedures are being performed. To do this you need to sign an agreement and make a first deposit. Usually deposit amounts is 50-100 million VND (about 2300-4600 $) and paid for for each unit of acquired property.
A deposit agreement is usually concluded with a third party, i.e. our company but you can also directly with the developer if you are in Vietnam.
The deposit must be transferred within 24 hours after booking to the account of the developer. Later it will automatically converted into payment for the purchased property.
All transactions in Vietnam are carried out only in national currency Vietnam dongs. You can pay directly to the developer, bring cash, make payment through an agency / management company that can accept any payment methods include the cryptocurrency.
2. Deposit agreement
Having paid the first installment it is necessary to conclude a deposit agreement. It is a confirmation of the reservation, confirmation that advance payment has been made and a transaction agreement where all necessary payments will be prescribed in accordance with the rules of the developer.
How to buy real estate in Vietnam by a foreigner. Complete guide with updates.Developers often require that agreement must be concluded within 24 hours, a maximum of 14 days after paying the first payment for the reservation. So you need to be in Vietnam, or have a trusted representative (usually our company), or you will find a trusted person yourself.
The next step is to pay for the purchase in accordance with the schedule of the transaction agreement. You pay directly to the developer by bank transfer or through a trusted person.
4. SPA (Sales Purchase Agreement)
An SPA is drawn up. In the future, this agreement can be transferred to third parties, i.e. You can resell, bequeath and perform other actions.
5. Transfer of real estate to the owner
Registration fees of 0.5% and service charge of 2% are paid. In addition for the year ahead you will need to pay for the operation and management of the building, usually 2%.
At this stage the amount of your contract payments should be 95%.
6. The pink book
Having a signed contract of sale and fulfilled financial obligations (payment of 95% of the cost), it is necessary to submit documents for receiving the pink book. This is the main property document of real estate in Vietnam.
Within 14 days after receiving notification of the readiness of the Pink Book, a final payment of 5% is required.