The purchasing process for property in Vietnam includes 6 stages in generall.
Booking or reservation. Customer register for purchase right by deposit to builder. The money is different by different project segment. For instance, the middle class maybe 50M VND (2,200$) per booking, or upper class can be 100M VND (4,400$) or even 200M VND (8,800$) for luxury class.
The booking is 100% refundable as whenever the client wants to refund. It may take around 2 working weeks to refund the booking and no fee charged.
There are two sale methods including lucky draw and by ordering:
+ Lucky draw: by luck draw system, the chance for clients is the same.
+ By ordering number: the clients get advantage by booking in advance.
Agents will collect client’s needs in general including type of property (1,2 or 3beds…), view, and floors range. Clients are suggested to give a vary of priorities so there would be a higher chance to make the deal successfully.
2. DEPOSIT AND SIGN DEPOSIT AGREEMENT
When client booked the project, they book by un- official price provided by builder.
Before the launch day a couple of days, there will be a matching units for clients (if the sale method is by ordering number). Each unit may have around 3 Priorities
The official price by specific unit will be provided on the launch day (maybe offline or online). The client decides to buy will make a deposit (none refund), normally the deposit money equals the booking sum.
After 1-2 weeks since the deposit, clients will pay the first installment, which is about 10-15% of the unit value and sign the deposit agreement (DA).
3. SIGN SALE AND PURCHASE AGREEMENT
The 2nd installment will be paid after the project finished the foundation. Client is required to finish 20-30% unit value in total. Then sign Sale and Purchase Agreement.
After SPA, clients have the right to resale the unit.
4. FOLLOW PAYMENT SCHEME
After sign SPA, clients will follow the payment schemes that they picked.
Till before the handover time, client is required to pay 50% if the builder is foreigner (or has FDI), and 70% if the builder is local.
Clients are required to make the total payment of 95% + 2% of maintenance fee to receive the property.
6. RECEIVE HOUSE CERTIFICATE
Clients will pay the last 5% when they receive the house certificate/Pink book.
Note: Above is a typical sale procedure for property purchase in VN, depends on the construction speed, the payments maybe faster.
After the launch day, if any units left over, the clients are allowed to purchased directly, skip the booking.