Instructions for drafting real estate purchase and sale contracts

Article overview

Drafting real estate purchase and sale contracts requires accuracy and completeness. The contract needs to include information about the buyer, seller, transaction assets, contract value, payment method, and handover deadline. Mastering the regulations and applying them correctly to each specific case will help protect the interests of parties involved in real estate transactions. The article below will provide specific information about this issue.

 Drafting real estate purchase and sale contracts
Drafting real estate purchase and sale contracts

Types of real estate contracts

According to Clause 1, Article 44 of the Law on Real Estate Business 2023, types of contracts in real estate business include:

  • Contracts for purchase and sale, lease purchase and rental of housing and construction works.
  • Housing lease contract;
  • Purchase and sale contracts, lease-purchase contracts for construction projects, construction floor areas in construction projects that serve the purpose of tourism and accommodation;
  • Lease contract for construction works, construction floor area in construction works with functions serving tourism and accommodation purposes;
  • Purchase contract, lease purchase contract of construction works, construction floor area in construction works with functions serving educational, medical, sports, cultural, office, commercial purposes, services, industry and construction works with mixed service functions;
  • Contract to lease a construction project, the construction floor area in a construction project with functions serving educational, medical, sports, cultural, office, commercial, service, industrial and construction works with mixed service functions;
  • Contract for transfer of land use rights with technical infrastructure in real estate projects;
  • Lease contracts, sublease contracts of land use rights with technical infrastructure in real estate projects;
  • Contract for transfer of entire real estate project;
  • Contract to transfer part of real estate project;
  • Transfer contract, purchase and sale contract, lease purchase contract for housing and construction works.

These contracts govern transactions involving many different types of real estate. Each type of contract has its own characteristics in terms of content and terms, consistent with the nature of each type of real estate and transaction.

A clear classification of real estate contracts helps parties involved in the transaction choose the right type of contract, ensuring compliance with legal regulations and protecting their rights. At the same time, it contributes to market transparency and promotes the development of the real estate business sector.

Contracts for buying, selling, renting, and leasing housing
Contracts for buying, selling, renting, and leasing housing

Necessary contents in real estate purchase and sale contracts

According to Article 46 of the Law on Real Estate Business 2023, real estate purchase and sale contracts need to include the following main contents:

  • Information of the parties participating in the transaction;
  • Detailed description of the real estate;
  • Contract value and payment method;
  • The contract must also clearly stipulate the time limit for handing over the assets and accompanying documents;
  • Warranty terms, rights and obligations of the parties;
  • Terms of liability for breach of contract, fines for violations;
  • Cases of contract termination or cancellation and handling measures;
  • In particular, in the case of selling houses to be formed in the future, the contract must have provisions on bank guarantees for the investor’s financial obligations.

These contents ensure the legality and completeness of the contract, helping to protect the rights of both the buyer and the seller. Specific provisions on dispute resolution methods and the effective date of the contract are also very important, helping the parties have a basis to resolve problems that arise during contract implementation.

Reference: Latest real estate purchase and sale contract form

Some notes when drafting Real Estate purchase and sale Contracts

When drafting real estate purchase and sale contracts, you should pay attention to:

  • The accuracy of the parties’ information and detailed description of the real estate.
  • Contract value, payment method and handover deadline need to be clearly specified.
  • For land use rights certificates, it is necessary to confirm the legal status and no disputes.
  • The contract needs to specifically stipulate the responsibility to pay taxes, fees and related costs.
  • Legal commitments, provisions on penalties for violations and conditions for contract termination need to be included to ensure the rights of the parties.
  • The time of transfer of ownership rights and registration of ownership rights at state agencies also need to be clearly specified.

Real estate sales contracts need to be notarized or authenticated to ensure legality. If there are warranty terms, the seller’s responsibilities should be clearly stated. Finally, the dispute resolution mechanism and contract validity period also need to be fully mentioned in the contract.

Issues that need attention
Issues that need attention

Consulting service to guide drafting the latest real estate contracts in Long Phan

Long Phan provides professional consulting services on drafting real estate contracts. Our team of experienced professionals has a deep understanding of the Law on Real Estate Business and the latest regulations. We assist customers in drafting contracts to ensure legality and protect the rights of both parties. Long Phan’s services include:

  • Detailed advice on contract content
  • Provide standard real estate business contract templates
  • Draft contracts with full content, ensuring to minimize risks
  • Review important terms and finalize the contract
  • Support during negotiations.
  • Continuously update changes in legal regulations to ensure contracts always comply with the latest requirements.
  • Support the notarization process and resolve contract disputes.

Drafting real estate purchase and sale contracts requires in-depth knowledge of law and practical experience. Long Phan provides high-quality consulting services, helping customers build standard contracts, and protecting maximum rights. For detailed advice, please contact the hotline 0906735386. We are ready to assist you in all real estate transactions.