To provide detailed guidance on registration of land-use rights, ownership of assets attached to land and creating a legal base for the registration of real estate, the Government has proposed a new draft of the Law on Real Estate Registration.
The eighth draft provides in detail cases subject to compulsory real-estate registration and cases of registration on demand. The body in charge is the Real Estate Registration Office under the Department of Environment and Natural Resources, which are to be set up locally by the Chairman of the People’s Committee based on Land Use Right Registration Offices.
The registration of land-use rights would be carried out simultaneously with the registration of the ownership of assets attached to land and related procedures, such as notarization and payment of registration fees.
As a result of this procedure, organizations and individuals will receive a certificate of land-use right and ownership of assets attached to land that fully records all rights of land users and owners to these assets since the setting up of the rights.
The draft also stipulates cases of first-time registration and registration of changes. It also separates administrative procedures from real-estate registration procedures.
Notwithstanding, the draft contains some regulations that overlap other laws, such as Land Law, Law on Real Estate Business and Law on Residential Houses, which are subject to on-going debate and discussion.
