The transfer of a part of a real estate project or the whole of a real estate project needs to ensure full compliance with the principles as prescribed by the Law on Real Estate Business.
The investor has the right to transfer a part of a real estate project or the whole real estate project to another person, however, it is necessary to ensure the principles as prescribed. Transfer of all or part of a real estate project is one of the available forms of real estate business. The transfer will be agreed upon by the parties through the contract.
Principles of transferring all or part of a real estate project
Accordingly, Article 48 of the Law on Real Estate Business 2014 clearly stipulates the principles of transferring all or part of a real estate project, specifically as follows:
Real estate project investors can transfer all or part of the project to another investor for continued investment and business.
The transfer of all or part of a real estate project must satisfy the following requirements:
- Do not change the objectives of the project.
- Do not change the content of the project.
- Ensuring the interests of customers and related parties.
The transfer of all or part of a real estate project must be approved in writing by the state agency competent to decide on investment. The investor receiving the transfer shall be granted a certificate of land use rights, ownership of houses, and other land-attached assets, or may register changes in the certificate issued to the transferor in accordance with the provisions of the law on land.
The investor who receives the transfer of the whole or part of a real estate project is not required to redo the project dossier, construction planning, and construction permit of the project if there is no change in the content of the owner's approval on investment policy and investment decision of the project.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.