» » NA committee debates draft law on real estate

The National Assembly (NA) Standing Committee yesterday discussed the draft laws on real estate registration and guaranteed transactions, with legislators asking for more revisions to the laws before they are submitted to the NA in October.

Director of the NA Legal Committee, Nguyen Van Thuan said it would be a mistake if the draft law on real estate registration regulated transactions of all forms of real estate.

"Real estate under the current laws include land, housing, constructions, mines, forests, and bodies of water for aquaculture production. These are governed by different laws and different ministries. Therefore, applying a transaction certificate for all of them, as the draft law regulates, will be unsuitable," said Thuan.

Thuan added that the common international concept of real estate was land and residential houses, so it would be a complicated issue if the draft law required the registration of transaction of factories and mines.

Registrations of property rights and property transaction are two different legal institutions, therefore, the processes will also be different and can not be governed by the same law and the same agency.

Other deputies also warned that the draft would cause more red tape as it requested real estate owners to have both a certificate of use rights and a permit in order to engage in civil transactions.

The draft law has six chapters and 76 articles, regulating trading, exchange, gifting, inheriting and capitalization of real estate in Viet Nam.

Regarding the law on guaranteed transactions, deputies agreed that the draft law could confuse people and even State agencies as it's articles overlapped with other existing laws such as the laws on Land, Housing, Maritime and Civil Aviation.

Thuan said that there was no convincing reason for the introduction of the law as it stood at the moment.

Source: Vietnam News

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