A new decree is needed to replace existing Decree 02/2022/NĐ-CP and ensure appropriateness with the new law and consistency with existing laws. — VNA/VNS Photo Hồng Đạt

The ministry said that the Law on Real Estate Business 2023, with 10 chapters and 83 articles, is coming into effect from January 1, 2025.

Thus, a new decree is needed to replace existing Decree 02/2022/NĐ-CP and ensure appropriateness with the new law and consistency with existing laws, and to establish a proper legal framework for real estate business management.

A major point of the draft decree involves regulations on the trading of off-plan and ready properties.

Accordingly, real estate businesses, before signing contracts, are responsible for disclosing information about the property fully, accurately and truthfully.

Regarding off-plan houses, developers must submit documents about the eligibility for trading of their projects to the provincial-level management agency. The authorised agency will respond within 15 days about whether the projects are eligible for trading or not.

The draft decree also provides details about the operation of real estate transaction platforms, realtors and certifications. — VNS