ISSUE THE CERTIFICATE OF OWNERSHIP FOR CONDOTEL WORKS FROM MAY 20, 2023
On April 03, 2023, the Government issues the Decree No. 10/2023/ND-CP on amending and supplementing a number of decrees guiding the implementation of the Land Law.
Currently, the grant of certificate of ownership of land-attached construction facilities according to the commercial or service land area purpose is having many difficulties.
Many localities have not yet issued the ownership certificates; some localities have issued ownership certificates for works, but have not been in compliance with legal regulations and had effects on the legal rights and interests of the investor as well as the transferee.
In order to solve the above problems in granting of a certificate of ownership of land-attached construction facilities according to the commercial or service land area purpose (hereafter called condotel apartments), Decree No. 10/2023/ND-CP supplements Clause 5, Article 32 and amends, supplements Article 72, Decree No. 43/2014/ND-CP on this problem.
In accordance with the new Decree, owners of condotel apartments who fully satisfy the conditions under the land law, construction law and the law on real estate business, shall be granted a certificate of ownership of land-attached construction facilities according to the commercial or service land area purpose.
The land use term shall comply with provisions of Clause 3 Article 126 and Clause 1 Article 128 of the Land Law. Owners of construction facilities shall take responsibility before the law for fully satisfying conditions prescribed by the construction law and the law on real estate business.
Accordingly, the ownership term of the condotel depends on the purpose of land use in accordance with current regulations, but not exceeding 50 years of the ownership term shall not exceed 50 years for land allocated or leased by the State for commercial or service use.
Buyers may only own land and apartments during the remaining land use period, not for long-term use as residential land.
Decree No. 10/2023/ND-CP takes effect on May 20, 2023.
