March 26, 2018
Real estate has been and is always one of the most important components of people’s lives around the world. Ever since the very beginning of history, the needs for living place has been crucial to the existence of every human being, and such matters revolving around land and property usually create conflicts between neighbors, residential areas, enterprises, communities, or even countries. Real estate is therefore a very “real” and physical aspect of the economy, and usually what happens to the economy happens to real estate first and foremost.
Vietnam has observed marvelous growth ever since it started to deploy its policy towards a more open-market economy. Following such growth, the market of real estate in Vietnam, especially in big cities, has shown significant impact over many developments of buildings, factories, roads and bridges, and other constructions. This creates opportunities and problems for all participant in real estate, whether they are developer, owner, user, trader or arbitrageur. Real estate is, anyway, a kind of valuable asset. It is easy to understand, very familiar to people of all classes, and has never been an outdated choice for investment purposes.
We have engaged in a lot of real estate matters, from advising clients in transfer of land use right to settling of owner-tenant disputes, or facilitating the transactions of trade. Typically, in Vietnam, the law on real estate is very ambiguous, and the facts usually outrun the laws because events may unexpectedly come in place where there is not yet the law to address. The legal definition of land ownership in Vietnam is also very different from that in other countries, mainly due to political regime of communism, which states that all assets attached to land and soil are fundamentally belong to the nation, and the user only has certain rights over the land, and it limits a lot of obvious rights recognized in the west. Claiming an ownership of land and property in Vietnam is a very struggling process, overloaded with ambiguities, procedures, risks. However, it is not impossible to secure your legitimate rights over property or win ownership over a piece of estate, as long as you find a suitable lawyer.
Le & Tran can assist you in every work relating to real estate matters. For illustration, we successfully protected a real estate company agaisnt frauds brough by an infamous speculator who, after buying blocks of flats, failed to pay our client sufficient funds and turned his back by falsely claiming that our client misconducted the contracts. Another case worth remembering was when our client, as a very potential buyer of a huge real estate property, after depositing to secure their place in a still-in-construction property, found out that such piece of property was sold to several other buyers. From such experiences, our lawyers realize our important role in protecting clients not only as ordinary attorneys providing basic legal service, but we are also experts in the economics of real estate itself, seeing through all manners of the market, predicting the ups and downs, understanding the tricks and complexity of transactions, as well as analyzing all applicable aspects. Most people misperceive Vietnam law as highly rigid, leaving little space for improvement or focusing too much on only legal aspects. In fact, Vietnam law is continuously amended to fit the real needs of an open economy, as oriented by politicians recently, and therefore the courts are very flexible in accepting different points of view especially those that concern economical elements. As we all know, real properties are usually very expensive, involving lots of money for each investment. So when we work with our client, we also seek to understand such economic-related matters. This helps a lot in justifying actions in the workflow of real estate litigation settlements, clearing any misunderstanding and pave the way for better court judgement.