How to Resell Your Apartment in Vietnam as a Foreigner
Reselling your apartment in Vietnam can seem like a complex process, especially for foreigners. From understanding the required documents to managing taxes and repatriating funds, every step needs to be precise. This guide will help you navigate the resale process with ease, ensuring a smooth and successful transaction.
Table of Contents
1. Preparing Your Documents
a. Passport and Sales and Purchase Agreement (SPA)
Your passport and SPA are the primary documents required for resale. Since most properties in Vietnam lack the Pink Book (official certificate of ownership) for foreigners, 99% of resales rely on the SPA.
b. Single or Marriage Certificate
Though not required when buying, marital documents are mandatory when selling. They confirm sole or shared ownership, ensuring compliance with property laws.
- Single Certificate: For single sellers, this document verifies their marital status.
- Marriage Certificate: For married sellers, this proves joint ownership.
Where to Obtain These:
It reall depends on the law of your home country for where you can get this marital status certificate. For example:
- In Vietnam: Vietnamese locals can get this at the ward department where they registered their residency.
- In Hong Kong: Hong Kong peole have to take an oath in court for single status or provide a marriage certificate.
Check with a legal professional in your home country to understand the specific requirements.
c. Notarized and Translated Copies
To comply with Vietnamese legal standards, notarize and translate all documents into Vietnamese. Doing this in Vietnam can save costs significantly compared to other countries.
d. Developer or Previous Seller Documentation
You’ll need:
- Transfer requests and invoices from your initial purchase.
- Resale confirmation if you bought the property from a previous owner.
These documents are essential for validating ownership and transferring it to the new buyer.
For the invoices, you can get them from the developer. But for the ownership confirmation from the resell if you buy the property from the previous owner, you will get it from both notary office and developer. Make sure you keep all of these important documents as if you loose them, it will be very troublesome.
Important tip: As all notary offices in Vietnam only accept these notarized documents with 6 months valid, you don’t need to rush to prepare them in advance. Only start to prepare them once you got the deposit from the buyer on hand.
2. Understanding the Resale Timeline
The typical resale process in Vietnam takes 30-45 days. Here’s a breakdown:
Step 1: Deposit Agreement
Once you’ve found a buyer, they’ll pay a deposit of 5-10% of the sale price. This secures the transaction and allows you to start preparing the necessary documents.
Step 2: Preparing Documents
After receiving the deposit, gather the required documents (valid within six months) and set an appointment at the notary office.
Step 3: Notary Appointment
At the notary office:
- Both parties sign the transfer documents.
- The buyer pays the remaining balance.
- The notary validates the transaction.
3. Finalizing the Transaction
Even after the notary appointment, there are critical steps to complete the resale process.
a. Paying the Transfer Tax
You must pay a 2% transfer tax to the Vietnamese government. This takes about 7-14 days to process. Only after completing this step can the buyer proceed with ownership transfer.
b. Developer’s Confirmation
Once the buyer submits the tax invoice and other documents to the developer, they’ll receive the final ownership confirmation. This step takes an additional 7-10 days.
c. Repatriating Funds
To wire your money out of Vietnam:
- Submit the tax invoice and ownership confirmation to your bank.
- Ensure the funds are transferred under your name to avoid complications.
4. Why Hire a Real Estate Agent?
Navigating this process alone can be overwhelming. A professional real estate agent ensures every step is handled seamlessly, from document preparation to coordinating with buyers and government offices.
Reselling your apartment in Vietnam as a foreigner requires careful planning, from preparing valid documents to understanding the resale timeline and tax obligations. With the right guidance, the process can be smooth and rewarding.
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