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The Ultimate Guide to Transferring Ownership of Your Mini Apartment with Ease

Are you looking to buy or sell an apartment but are unsure of the procedures involved? Look no further! Our comprehensive guide will take you through the process of transferring ownership of a mini apartment step-by-step. Learn the ins and outs of this process and make your real estate journey a breeze.

Administrator

15 July, 2024

Mini apartments are a popular housing segment that has gained much attention in recent times. If you’re curious about the paperwork and procedures involved in transferring ownership of a mini apartment, we’re here to guide you through the process in detail.

1Legal Basis

The 2014 Housing Law of the National Assembly of the Socialist Republic of Vietnam.

Decree No. 99/2015/ND-CP detailing the 2014 Housing Law of the Government of the Socialist Republic of Vietnam.

Transfer of mini apartments based on the 2014 Housing Law and Decree No. 99/2015/ND-CP

2 Procedures for Transfer of Ownership of Mini Apartments

Once the necessary documents are prepared, the transferring and receiving parties should follow these steps to transfer ownership of the mini apartment:

Step 1: Execute a Contract at a Notary Public Office

The involved parties visit a notary public office to draft a contract for civil transactions such as a sales contract (in case of a purchase) or a contract related to inheritance or donation of the mini apartment.

Within 10 days from the date of executing the contract and obtaining the confirmation seal from the notary public office, the parties must declare and pay the relevant fees such as registration fees and personal income taxes to the state budget. Failure to do so within the specified time frame will result in penalties as per the law.

Parties involved visit a notary public office to execute a contract

Step 2: Declare Financial Obligations

Declare financial obligations at the People’s Committee of the district/county/town where the mini apartment is located. The dossier for transferring the ownership certificate of the mini apartment includes:

Registration fee declaration form;

Personal income tax declaration form (02 copies signed by the transferring party, except in cases of donation, where 04 copies are required);

01 civil contract, such as a sales, donation, or inheritance contract;

01 certified true copy of the certificate of ownership of the apartment;

Certified true copies of the ID card/Citizenship Identification Card and household registration book of the transferring and receiving parties.

Note: In cases of donation or inheritance, if the receiving party has a certificate confirming their kinship with the transferring party, they will be exempt from personal income tax.

Declaration of financial obligations

Step 3: Apply for Transfer of Ownership

Visit the People’s Committee of the district/county/town where the apartment is located to apply for the transfer of ownership. The dossier for the transfer of ownership includes:

Application for registration of changes signed by the transferring party;

Transfer contract (in case of sale), donation contract, or will (in case of inheritance);

Original certificate of ownership of the mini apartment;

Original receipt of payment of fees and charges to the state budget;

Copies of ID card/Citizenship Identification Card and household registration book of the receiving party.

Apply for transfer of ownership

Step 4: Pay the Registration Fee and Receive the Pink Book

Wait for the review and issuance of the pink book (ownership certificate) for the mini apartment.

Issuance of the pink book for the mini apartment

That concludes our comprehensive guide on the procedures for transferring ownership of a mini apartment. We hope this article has provided you with valuable insights and knowledge on the topic.

Frequently asked questions

The process involves legal and financial steps to ensure a smooth and legitimate transfer of ownership. It includes preparing and signing the necessary documents, such as a sales and purchase agreement, and registering the new owner with the relevant authorities.

Yes, there can be tax implications. Depending on the jurisdiction and the specifics of the transfer, taxes such as capital gains tax, transfer taxes, or stamp duties may apply. It is important to seek professional advice to understand the tax liabilities and plan accordingly.

The specific documents may vary depending on the location, but typically, you will need a valid ID of both the buyer and seller, property-related documents such as the title deed and floor plan, and a sales and purchase agreement detailing the terms of the transfer.

Engaging the services of a reputable lawyer or solicitor is advisable to guide you through the process and ensure all legal requirements are met. Additionally, using a trusted escrow service can help secure the transaction by holding funds until all conditions are met and protecting both buyer and seller.

Challenges may include unresolved liens or encumbrances on the property, issues with the property’s title, or disputes over the terms of the sale. It is important to conduct due diligence and address any potential red flags early in the process to mitigate these issues.

The timeline can vary depending on several factors, including the complexity of the transaction, the efficiency of the local authorities, and the number of properties involved. Generally, it can take a few weeks to several months to complete the entire transfer process, including registration of the new owner.