In Vietnam,Is it necessary to pay for land purchases and sales through a bank?

In Vietnam, is it necessary to pay for land through a bank?

Pursuant to Article 16 of the Law on Real Estate Business 2014:

Article 16. Payment for real estate transactions

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

2. Penalties and compensation for damage caused by late payment from the buyer, transferee, lessee, or renter, or late real estate transfer from the seller, transferor, or lessor shall be agreed by contracting parties and stated in the agreement.

Applicable laws permit the parties to agree on a method of payment, therefore if you and the seller agree on cash payment, you can pay in cash.

What kinds of properties can be bought and sold?

Pursuant to Article 09 of the Law on Real Estate Business 2014:

Article 9. Requirements in terms of real estate to be put on the market

1. A building to be put on the market shall satisfy the following requirements:

a) The ownership of the building on land is registered in the Certificate of land use right (hereinafter referred to as Certificate of land). 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.

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

c) The building is not distrained.

2. Types of land permitted to be put on the market shall satisfy the following requirements:

a) There are Certificates of land as prescribed in regulations of law on land.

b) There is no dispute over the land.

c) The land is not distrained;

d) The land use term is still unexpired.

As a result, to be put into business, all forms of land must meet four conditions: There are Certificates of land as prescribed in regulations; There is no dispute over the land; The land is not distrained;The land use term is still unexpired.

Best regard