Based on Article 328 of the Civil Code 2015, deposit is the act of one party (called the depositing party) delivering to the other party (called the receiving party) a sum of money or precious metals, precious stones or other valuable objects (hereinafter collectively referred to as deposit property) within a period of time to guarantee the conclusion or performance of a contract.
In case the contract is concluded, performed, the deposit property shall be returned to the depositing party or deducted to perform the obligation to pay money; if the depositing party refuses to conclude, perform the contract, the deposit property belongs to the receiving party; if the receiving party refuses to conclude, perform the contract, it must pay to the depositing party the deposit property and an amount of money equivalent to the value of the deposit property, unless otherwise agreed.
It can be said that deposit is a common and familiar transaction for all individuals and legal entities in Vietnam, especially deposit in transactions of sale and purchase, transfer of houses, land use rights (called real estate sale and purchase).
This article summarizes the important issues when depositing real estate (excluding future-formed houses) in order to provide you with some useful knowledge when you need to carry out real estate sale and purchase transactions.
In addition to paying attention and negotiating the above issues, the deposit agreement between the parties should (1) be made at a notary office, notary office operating legally in the area where the real estate is sold, and (2) show as much detail as possible the information of the expected sale and purchase transaction: the sale and purchase value on the notarized contract, tax obligations, information of the real estate and legal documents, notarization period.
At the same time, the depositing party should consult individuals or organizations with expertise and knowledge in the field of law to get assistance before entering into a real estate sale and purchase transaction.
MT&Partners hope that the article will bring useful knowledge to our readers.10