Society

Draft law removes stipulation requiring realty transactions to be conducted on trading floors

The revised draft Law on Real Estate Business has removed a stipulation requiring real estate transactions to be conducted on real estate trading floors and instead only encourages the practice.
Draft law removes stipulation requiring realty transactions to be conducted on trading floors ảnh 1NA Chairman Vuong Dinh Hue (Photo: VNA)

Hanoi (VNA) – The revised draft Law on Real Estate Business has removed a stipulation requiring real estate transactions to be conducted on real estate trading floors and instead only encourages the practice.

The latest revised version of the bill was tabled for examination o August 24 during the 25th meeting of the NA Standing Committee in Hanoi. 

Chairman of the National Assembly’s Economic Committee Vu Hong Thanh reported that the draft had been revised following discussion at the NA.

Draft law removes stipulation requiring realty transactions to be conducted on trading floors ảnh 2At the meeting (Photo: VNA)

A number of adjustments have also been made, including a maximum deposit rate of 10% of the sale or lease-purchase price. It introducesprovisions that require parties to clearly state the sale or lease-purchaseprice in the deposit agreement, thereby ensuring responsibility and contract enforcement.

Followingadjustments, the draft law now consists of 10 chapters and 84 articles, removing 9articles and adding 1 article compared to the versionpresented to the legislature for discussion at the fifth session./.

VNA
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