The revised Law on Real Estate Business recently passed by the National Assembly stipulates strictly prohibited acts in real estate business.
The National Assembly recently officially passed the revised Law on Real Estate Business. This law takes effect from January 1, 2025, ensuring policy synchronization with the draft Housing Law.
This new law has detailed regulations on prohibited behaviors in real estate business, which are the following:
First, real estate business does not qualify under the provisions of this law.
Second is falsifying documents, intentionally falsifying information about real estate or real estate projects put into business.
Third, do not disclose information about real estate and real estate projects put into business according to the law on real estate business.
Fourth is fraud, deception, and deception in the real estate business.
Fifth is collecting money from the sale, lease and purchase of houses, construction projects, and the construction floor area of future construction projects that do not comply with the provisions of this Law; Using money collected from buyers or lease-purchasers of future houses or construction works contrary to the provisions of law.
Sixth is failure to perform or incomplete fulfillment of financial obligations to the State.
Seventh is issuing a real estate brokerage practice certificate, using a real estate brokerage practice certificate in contravention of the provisions of real estate business law.
Eighth is collecting, managing, and using fees, charges, and other amounts related to real estate business contrary to the provisions of law.