Please tell me the conditions and documents that we shall have to prepare to transfer the project.
Question:
Our company is investing in residential housing development project that have been granted the investment certificate by a provincial People’s Committee. Now we want to transfer the project to our partner. Please tell me the conditions and documents that we shall have to prepare to transfer the project.
Answer:
According to Decree 153/2007/ND-CP dated October 15, 2007 detailing and guiding the implementation of the law on real estate business, a project on residential housing complex may be wholly transferred when the following conditions are fully satisfied:
(1)It is not subject to the withdrawal of written investment licenses or investment certificates of projects (2) It has been approved under law. (3) Its investor has acquired land use rights through a land lease contract or land allocation decision or land use rights certificate. (4) The ground clearance and payment of ground clearance compensations for the whole project or the current stage of the project have been completed, and technical infrastructure works have been built according to the approved project implementation schedule.
The new investor receiving the transfer of project shall be satisfy the following conditions: (1) it is an organization or individual conducting real estate business and satisfying the conditions provided by the law. (2) it meets the financial conditions on project investors; (3) it has a written commitment to implement the project according to the approved schedule.
A dossier of application for permission for transfer of a whole project comprises:
- An application for permission for transfer of a whole project of the current investor.
- The investment license issued by a competent state agency;
- The dossier of the approved project according to law;
- The land lease contract or land allocation decision or land use rights certificate;
- Report on project implementation to the time of transfer.
- The new investor's documents including: business registration certificate having the business line of real estate business, commitment of the new investor, documents proving the financial capacity.
In your case, the documents shall be submitted to the Department of Construction. The Department of Construction shall evaluate the documents and submit to the provincial People’s Committee for its decision.
No more than 30 days as from the date that the transfer is approved by the provincial People’s Committee, your company and the new investor shall have to enter into project transfer agreement and complete the handling over the project.
