As stipulated in Vietnam Civil Code 2005, almost all types of contract involving the transactions in real estate, notarization, and registration at competent authority are compulsory. As real estate transactions are normally at high value, the process of notarization and registration would help parties involved to be protected from falsified transactions. In order to improve the administrative procedure, government has simplified the process as regulated in Resolution 52/NQ-CP under which five types of real estate contracts do not require mandatory notarization:
i) Leasing land use right and properties belonging to land;
ii) Transferring agricultural land use right;
iii) Land use right on loan or in due;
iv) Leasing residential house;
v) Authorizing management of residential house.
Accordingly, both parties may negotiate, make contract in writing and sign, stamp as required by laws. However, as real estate transactions are normally at high value, the process of notarization and registration would help parties involved to be protected from falsified transactions. Our real estate lawyers in Vietnam recommend client to have house leasing contracts voluntarily notarized to better protect their interests in disputes or any future issues.
For more information or legal advice in real estate transactions, we are glad to assist. ANT Lawyers, your lawyers in Vietnam.