Standard form contract for sale and purchase of commercial apartment

From 8th April 2014, the case of any contract for purchase and sale a commercial apartment between the Developer (Investor) and a Client which fails to comply with the contents of the stanrd form contract issued with Circula No. 03/2014/TT-BXD, such signed contract is not recognized by law and shall not provide a the basis for issuance of a signle land certificate. The Developer (Investor) is responsible for registration of the contract for purchase and sale of commercial apartments on the standard form issued with Circular No. 03/2014/TT-BXD with the competent state agency in accordance with law on protection of consumers”rights.

Standard form contract for sale and purchase of commercial apartment

Standard form contract of sale condominium commercial signed between the Developer (Investor) and Purchaser (appliable to the purchase and sale of commercial apartments for both cases apartment formed in the future and available apartments in connection with Circular No. 03/2014/TT-BXD dated 20 February May 2014 of the Minister of Construction)

(Standard form contract for sale and purchase of commercial apartment)

SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
--------------------------

[Location], [Date]

APARTMENT PURCHASE AND SALE CONTRACT
No. ................................................

Pursuant to the Civil Code dated June 14, 2005;
Pursuant to the Law on Housing dated November 29, 2005 and the Law No. 34/2009/QH12 dated June 18, 2009 on amendments to Article 126 of the Law on Housing and Article 121 of the Law on Land;
Pursuant to the Law on Real estate trading dated June 29, 2006; Pursuant the Law on Consumer protection dated November 17, 2010;
Pursuant to the National Assembly’s Resolution No. 19/2008/QH12 dated June 03, 2008 on experimental permission for foreign entities to purchase and own housing in Vietnam;
Pursuant to the Government”s Decree No. 51/2009/ND-CP dated June 03, 2009 providing guidance on some Articles of the National Assembly’s Resolution No. 19/2008/QH12 dated June 03, 2008 on experimental permission for foreign entities to purchase and own housing in Vietnam;
Pursuant to the Government”s Decree No. 71/2010/ND-CP dated June 23, 2010 providing guidance on the Law on Housing;
Pursuant to the Government”s Decree No. 99/2011/ND-CP dated October 27, 2011 providing guidance on the Law on Consumer protection;
Pursuant to the Circular No. 16/2010/TT-BXD dated September 01, 2010 of the Ministry of Construction providing guidance on the Government”s Decree No. 71/2010/ND-CP providing guidance on the Law on Housing.
Pursuant to the Circular No. 03/2014/TT-BXD dated February 20, 2014 of the Minister of Construction on amendments to Article 21 of the Circular No. 16/2010/TT-BXD dated September 01, 2010 of the Ministry of Construction providing guidance on the implementation of the Government”s Decree No. 71/2010/ND-CP on the implementation of the Law on Housing;
Pursuant to the Decision No. [1].......................................................................; (record any relevant decision here such as a decision on land lease or land allocation, an official document approving the project and so forth)
Pursuant to the authorization No. .................  to sell housing via a real estate exchange between [name of the company] and [name of the real estate exchange]
Other basis [2]................; (record here any other bases relevant to purchase and sale of apartment such as a document registering purchase, a contract paying a deposit, and so forth, or recorded the new name, numer of legal document when State may modify, replace the legal documents).

This contract is made between:
Party A: The Seller
Company [3]:………… (name of company selling apartments)
- Certificate of investment (or Certificate of Business registration) No. .......................... or Company number: .............................
- Representative: ........................... Position: ...................................
Under the authorization No. ....................................................... (if any).
- ID or passport number: .......................... Date of issue: ....................... at ...........
- Address: .....................................................................................................
- Phone number: ..................................... Fax: ......................................
- Account number: ........................................ at ............................
- Tax code: ..............................................................................................
Party B: The Purchaser
- Mr./Mrs. [4]: ............(If there are a number of joint of purcahsers named in the contract, then this section must contain complete information about each joint purchaser).
- is the representative of (if the Purchaser is an organization): ...........................................
Under the authorization No. ....................................................... (if any).
- ID or passport number: .......................... Date of issue: ....................... at ...........
- Permanent residence: .................................................................................
- Address: .....................................................................................................
- Phone number: ..................................... Fax: ......................................
- Account number (if any): ........................................ at ............................
- Tax code (if any): ...................................................................................
Both parties agree to enter into an apartment purchase contract with the following terms and conditions:
Article 1. Interpretation of terms (Standard form contract for sale and purchase of commercial apartment)
In this contract, the terms below are construed as follows:
1. “apartment” means an apartment that is built in accordance with the approved design, belongs to the apartment building invested by [name of the company], and has the features specified in Article 2 of this contract;
2. “apartment building” means the whole building invested by [name of the company], including the apartments, commercial areas, public facilities, including the outdoor public area at block No. .......... of [name of project] in [ward, district, and province];
3. “contract” means this apartment purchase contract, its appendices, and written amendments to the contract that are made and signed by both parties during the contract performance;
4. “sale price” means the total price of the apartment mentioned in Article 3 of this contract;
5. “warranty” means the repairs and replacement of the items in Article 9 of this contract that are damaged, defective, or malfunctioning not on account of the apartment users over a certain period of time prescribed by law and this contract;
6. “usable area of the apartment” means the carpet area written in the Certificate issued to the Purchaser, including the area of the walls separating the rooms inside the apartment, the area of the balcony and the loggia (if any), not including the area of the boundary walls of the house, the walls separating the apartments, the columns, and technical boxes inside the apartment. The area of the balcony is the area of its floor. If balcony share a wall, the boundary is the inner edge of that wall according to the approved floor plan of the apartment.
7. “construction area of the apartment" means the area defined by the centerline of the boundary walls of the apartment, including the area of the columns and technical box inside the apartment.
8. “private area of the Purchaser” means the usable area of the apartment mentioned in Clause 6 of this Article and the technical equipment attached to the apartment;
9. “private area of the Seller” means the area in the apartment building that is not sold by the Seller and is used for doing business. The value of the area is not included in the apartment price;
10. “shared area in the apartment building” means the public area and the facilities prescribed by housing laws and the agreements in Clause 3 Article 11 of this contract;
11. “Rules and regulations” means the internal rules and regulations on the management and use of the apartment building enclosed with this contract, including every amendment approved by the Apartment Building Assembly during the operation;
12. “Fees for maintenance of shared area” means the fees payable by both parties at 2% of their private areas to contribute to the maintenance of the shared areas in the apartment building;
13. “managerial services” means the services and tasks that ensure the normal operation of the apartment building;
14. “maintenance of the apartment building” means the regular, periodic, and unscheduled maintenance of the apartment building and the equipment attached there to in order to sustain the quality of the apartment building;
15. “operating company” means the group of people that manage the operation of the apartment building after the construction is completed and the building in inaugurated.
16. “force majeure events” mean the unforeseen events that happen beyond the reasonable control of either party and prevent them from performing their duties under the contract despite the measures they have taken. The events considered force majeure events are agreed by both parties in Article 14 of this contract;
17. “Certificate” means the Certificate of rights to use land and ownership of property on land issued by a competent authority to the Purchaser in accordance with the laws on land;
18. Other terms agreed by both parties: .............................................
Article 2. Description of the apartment (Standard form contract for sale and purchase of commercial apartment)
The Seller sells the apartment with the following specifications to the Purchaser:
1. Description of the apartment:
a) The apartment No. ..... on ...... floor of the apartment building .............[address including street, ward, district, city/province].................
b) The usable area is ............. m2. This area is the carpet area stipulated in Clause 6 Article 1 of this contract, and is the basis for imposing the price stipulated in Article 3 of this contract;
Both parties agree that the carpet area mentioned in this Clause is only provisional and may be increased or decreased according to the measurements when the apartment is transferred. The Purchaser is responsible for paying the price of the apartment to the Seller according to the actual area when the apartment is transferred. In case the carpet area varies by ... % of the area written in this contract, either party is not required to adjust the sale price. If the carpet area varies by more than ... % of the area written in this contract, the sale price of the apartment shall be adjusted according to the actual area measured when the apartment is transferred.
Both parties shall write the actual carpet area, which is measured when the apartment is transferred, and the difference in the area (if any) in the transfer note or the contract appendix.  The transfer note and contract appendix is an integral part of this contract The apartment area shall be written in the Certificate issued to the Purchaser according to the actual carpet area measured when the apartment is transferred;
c) The construction area is ... m2, which is calculated in accordance with Clause 7 Article 1 of this contract;
d) Purpose of the apartment: living. (if the purchased apartment is attached to the commercial area on the 1st floor of the apartment building according to the approved designed, the purpose shall be living and doing business).
dd) The year in which the construction of the apartment building is completed: .................
2. Description of the land on which the apartment building is built:
a) Land plot No. .............. or block No. .......................
b) Map No. ................................. drawn by ................................;
c) Shared area: ............. m2 (including the outdoor public area, if any).
Article 3. Sale price, maintenance fee, payment method and deadline (Standard form contract for sale and purchase of commercial apartment)
1. Sale price:
a) The sale price of the apartment equals = the price of 01 m2 of usable area multiplied by (x) the total usable area of the apartment, in particular: ..... m2 x ..... VND/m2 = ................. VND. (In words: ............................).
The sale price in this clause is inclusive of the value of rights to use land, VAT, and the fee for maintenance of the shared area of the apartment building. In particular:
- Sale price (inclusive of the value of rights to use land):....................... VND. (In words: .........................................................................................................)
- VAT: .................................. VND. (In words ..........................); this tax is not is not imposed on land levy paid to government budget;
- Fee for maintenance of shared area at 2% of the sale price (exclusive of tax): ............... VND. (In words: .......................);
b) The sale price in Point a of this Clause does not include:
- Registration fee, other fees and costs related to the application for the Certificate. Such fees and costs shall be covered by the Purchaser;
- The cost of connection, installation of equipment and services in the apartment including: gas supply, postal and telecommunications services, television, and other services used by the Purchaser in their apartment. Such cost shall be paid by the Purchaser directly to the service providers;
- Monthly management fee. From the day on which the apartment is transferred to the Purchaser according to Article 8 of this contract, the Purchaser must pay the management fee in accordance with Clause 5 Article 11 of this contract;
- Other fees and costs agreed by both parties: .............................................
c) Both parties agree that from the day on which the apartment is transferred and throughout the period of ownership of the apartment, the Purchaser shall fulfill the financial obligations, pay the monthly management fee, and charges for other services such as gas, electricity, water supply, telephone, cable television, etc. to the service providers.
2. Method of payment: the payment shall be made in VND (in cash or via the account No. ...................... at ...................)
The date of payment is the day on which the Seller issues a receipt for the payment they receive from the Purchaser.
3. Payment deadline:
a) The deadline for making the payment (not including the 2% fee for maintenance of share area): both party shall reach an agreement on the deadline for making the payment, including deadline for making the payment in case the actual carpet area is different when the apartment is transferred, provided the payment before the apartment is transferred is made in accordance with the Law on Housing;
b) The deadline for paying the 2% fee for maintenance of shared area: the Purchaser must pay the Seller before the transfer note is signed. Both parties agree that the Seller must transfer the this amount to an account at a commercial bank as term deposit within 07 days from the day on which the amount is paid by the Purchaser. The Seller must transfer the amount (including the interest) to the management board of the apartment building after the management board is established within 30 days from the day on which a Decision on recognition of the management board is issued by the People’s Committee of the district. The management board shall use it for the maintenance of shared area of the apartment building in accordance with law, unless both parties agree to let the investor to provisionally manage the fees.
Article 4. Housing quality (Standard form contract for sale and purchase of commercial apartment)
1. The quality of the apartment building is guaranteed by the Seller according to the approved design, including the use of the correct or equivalent building materials agreed by both parties in this contract.
2. Construction schedule: both parties agree that the Seller is responsible for sticking to the following schedule (only applicable to future apartments):
a) Stage 1:……………………………………………………………
b) Stage 2:……………………………………………………………
c) Stage 3:……………………………………………………………
d) ……………………..………………………………………………..
3. The Seller must build technical and social infrastructural works serving the demand at the apartment building of the Seller in accordance with the approved planning, design, and schedule; ensure the quality according to the construction standards and regulations imposed by the state.
4. The Seller must finish building the infrastructural constructions serving essential needs of the Purchaser at the apartment building according to the approved project and schedule before the transferring date, including: roads, public lighting system, electricity, water supply and drainage, gas supply, telecommunications system (if both parties agree that the Seller must build them), etc.; social infrastructural works such as ................... (both parties must reach an agreement on the works the Seller must build to serve the normal needs of the Purchaser according to the approved schedule).
Article 5. Rights and obligations of the Seller (Standard form contract for sale and purchase of commercial apartment)
1. The Seller is entitled to:
a) Request the Purchaser to pay for the apartment in accordance with Article 3 of this contract, and charge an interest if the Purchaser fails to meet the payment deadline in Article 3 of this contract. The interest shall be calculated in accordance with Clause 1 Article 12 of this contract.
b) Request the Purchaser to receive the apartment on the schedule written in this contract.
c) Conserve their ownership to the apartment, refuses to transfer the apartment or refuses to transfer the original Certificate to the Purchaser until the Purchaser fulfill their financial obligations under this contract;
d) Suspend or request the suppliers to suspend the supply of electricity, water, and other services if the Purchaser (the party that purchases the apartment or the transferee of the apartment purchase contract from the Purchaser) violates the Regulation on management and use of apartment building promulgated by the Ministry of Construction and the Rules and regulations enclosed with this contract;
e) Change the equipment and building materials with equivalent quality in accordance with construction laws. An agreement with the Purchaser must be reached when the complete equipment and/or materials inside the apartment are changed;
g) Exercise the rights and fulfill the duties of the management board of the apartment building before the management board is established; establish the Rules and regulations; establish the management board, select and sign contracts with a operating company to manage the operation of the apartment building over the period from the inauguration date of the apartment building to the day on which the management board is established.
h) Unilaterally terminate the apartment purchase contract in accordance with the agreement in Article 15 of this contract.
i) Request the Purchaser to pay penalties for breach of contract or pay damages when the Purchaser commits the breaches that carry penalties or damages under this contract, or under a decision from a competent authority;
k) Exercise other rights agreed by both parties: .............................................
2. The Seller is obliged to:
a) Provide the Purchaser with accurate information about the approved detailed planning and designs of the apartment building and the apartment. Provide the Purchaser this contract together with 01 approved drawing of the floor plan of the apartment, 01 approved drawing of the floor plan of the floor on which the apartment is located, 01 approved drawing of the floor plan of the whole apartment building, and other legal documents related to the sale of the apartment;
b) Build the apartment building and infrastructural works according to the approved planning and schedule so that the Purchaser can use and live normally in the apartment when it is transferred;
c) Design the area, the floor plan and infrastructural works in accordance with the planning and construction laws. The area and floor design of the apartment shall not be changed unless the change is requested by a competent authority or both parties reach an agreement on the change that is approved by a competent authority;
d) Ensure the construction quality, technical and aesthetic architecture of the apartment building according to current design and technical standards;
dd) Preserve the apartment before it is transferred to the Purchaser; provide warranty on the apartment and the whole apartment building in accordance with Article 9 of this contract;
e) Transfer the apartment and legal documents related to the apartment to the Purchaser on schedule;
g) Instruct the Purchaser to sign service contracts with suppliers of electricity, water, telecommunications services, cable television, etc.;
h) Pay land levy and other fees related to the sale of the apartment;
i) Follow the procedures to obtain the Certificate, which is given to the Purchaser. In this case, the Seller shall request the Purchaser in writing to submit necessary documents for the issuance of the Certificate.
If the Purchaser fails to provide sufficient documents within ...... days from the day on which the Purchaser receives the request, it will be considered that the Purchaser voluntarily follows the procedure themselves. When the Purchaser voluntarily follows the procedure themselves, the Seller must provide support and necessary legal documents about the apartment for the Purchaser;
k) Hold the first Apartment Building Assembly to establish a management board; perform the duties of the management board before a management board is established;
l) Assist the Purchaser in following the procedure for mortgaging the purchased apartment at the Purchaser’s request;
m) Pay penalties for breach of contract and pay damages to the Purchaser when committing the breaches that carry penalties or damages under this contract, or under a decision from a competent authority;
n) Pay the 2% maintenance fee on the area under the private ownership of the Seller and transfer all the fees collected from the Purchaser to a bank account, then transfer it to the management board in accordance with Point b Clause 3 Article 3 of this contract.
p) Fulfill other obligations agreed by both parties (as long as they are not against the law and social ethics) ................................................
Article 6. Rights and obligations of the Purchaser (Standard form contract for sale and purchase of commercial apartment)
1. The Purchaser is entitled to:
a) Receive the apartment described Article 2 of this contract with the equipment and materials enumerated in the list of building materials agreed by both parties and the dossier on the apartment in accordance with this contract.
b) Use ............. parking space(s) No. ........................... in the parking lot of the apartment building;
c) Request the Seller to obtain the Certificate (unless the Purchaser voluntarily follows the procedure for obtaining the Certificate according to Point I Clause 2 Article 5 of this contract);
d) Own, use, and trade the purchased apartment in accordance with law; use the infrastructural services directly provided by service providers or via the Purchaser after the apartment is transferred according to the regulations on the use of infrastructural services provided by service providers;
dd) Receive the Certificate after paying off the apartment, taxes, fees and charges according to this contract and law;
e) Request the Seller to complete the construction of technical and social infrastructural works on schedule;
g) Refuse to receive the apartment if the Seller fails to complete and inaugurate the infrastructural works serving essential needs of the Purchaser according to Clause 4 Article 4 of this contract, or if the actual usable area of the apartment is  …. % smaller/bigger than the usable area written in this contract. The refusal to receive the apartment in this case is not considered a breach of conditions for apartment transfer imposed by the Purchaser upon the Seller;
h) Request the Seller to hold the first Apartment Building Assembly to establish a management board when the conditions for establishing the management board are satisfied.
i) Request the Seller to assist in mortgaging the purchased apartment;
k) Request the Seller to pay maintenance fee in accordance with Point b Clause 3 Article 3 of this contract;
l) Exercise other rights agreed by both parties: .............................................
2. The Purchaser is obliged to:
a) Pay the price of the apartment, the 2% fee for maintenance of shared area in full and on schedule according to Article 3 of this contract, regardless of the availability of the payment notice made by the Seller;
b) Receive the apartment in accordance with this contract;
c) From the day on which the apartment is transferred, the Purchaser is totally responsible for the purchased apartment (except for the cases in which the Seller is responsible or when warranty is claimed), take responsibility for the purchase and maintenance of necessary insurance against insurance the damage to the apartment as well as civil liability insurance;
d) From the day on which the apartment is transferred, even when the Purchaser does not start using the apartment, the apartment shall be managed and maintained in accordance with the Rules and regulations with which the Purchaser must comply;
dd) Pay the taxes and fees mentioned in Article 7 of this contract;
e) Pay for the services such as electricity, water supply, cable television, satellite television, telecommunications, etc. other taxes and fees that are incurred due to the Purchaser’s demands;
g) Pay the management fee and other fees according to Clause 5 Article 11 of this contract, even when the Purchaser does not use the purchased apartment;
h) Comply with the Regulation on management and use of apartment buildings imposed by the Ministry of Construction and the Rules and regulations enclosed with this contract;
i) Enable the operating company to maintain the apartment building and manage the operation of the apartment building;
k) Use the apartment only for living in accordance with the Law on Housing and this contract;
l) Pay penalties for any breach of the contract and pay damages to the Seller when committing the breaches that incur penalties or damages under this contract, or under a decision from a competent authority;
m) Fulfill other obligations under the decisions of competent authorities when violating the regulations on management and use of apartment buildings;
n) Fulfill other obligations agreed by both parties (as long as they are not against the law and social ethics) ................................................
Article 7. Taxes and relevant fees (Standard form contract for sale and purchase of commercial apartment)
1. The Purchaser must pay registration fee, other fees and charges related to the issuance of the Certificate when the Seller applies for the Certificate, and over the period of ownership or enjoyment of the apartment from the day on which the apartment is transferred.
2. The Purchaser shall pay taxes, fees and charges (if any) to government budget when selling a purchased apartment to another person.
3. The Seller shall fulfill their financial obligations to government budget in accordance with law.
4. Other agreements of both parties (within the law) …………………………………………..
Article 8. Apartment transfer (Standard form contract for sale and purchase of commercial apartment)
1. Conditions for apartment transfers: Both parties shall reach an agreement on the conditions for transferring the apartment to the Purchaser Pursuant to the rights and obligations of both parties under this contract (such as the Seller must complete the apartment according to the design, the Purchaser must pay off the apartment, the Purchaser must pay the 2% fee for maintenance of shared area, etc.)
2. The Seller shall transfer the apartment to the Purchaser on [date].
The apartment may be transferred before or after the deadline mentioned in this Clause, but not later than ..... days from the deadline; the Seller must send a written notification to the Purchaser of the reasons for the late transfer of the apartment.
...... days before the transfer date, the Seller must send a written notification to the Purchaser of the time, location, and procedure for transferring the apartment.
3. The apartment transferred to the Purchaser must comply with the approved design, use the equipment and materials in the list of equipment and materials agreed by both parties under the contract, except for the case in Point e Clause 1 Article 5 of this contract.
4. On the transferring date, the Purchaser or an authorized person must check the actual condition of the apartment in comparison to the contract, cooperate with the representative of the Seller to measure the usable area of the apartment, and add signatures on the transfer note.
If the Purchaser or the authorized person fails to receive the apartment within ..... days according to the notification sent by the Seller, or does not receive the apartment after checking without satisfactory explanation (except for the case in Point g Clause 1 Article 6 of this contract), it shall be considered that the Purchaser has accepted and received apartment from the transferring date, and the Seller has fulfilled their obligation to transfer the apartment. In this case, the Purchaser must not give any reason for not receiving the apartment. The refusal to receive the apartment is considered a breach of contract shall face penalties according to Article 12 of this contract.
7. From the day on which both parties sign the transfer note, the Purchaser is entitled to use the apartment at their disposal and take every responsibility related to the apartment, whether or not the Purchaser has used the apartment.
Article 9. Warranty (Standard form contract for sale and purchase of commercial apartment)
1. The Seller is responsible for giving a warranty for the sold apartment in accordance with Article 46 of the Government”s Decree No. 71/2010/ND-CP on the implementation of the Law on Housing and the amendments by the state.
2. When transferring the apartment to the Purchaser, the Seller must notify the Seller and provide the Seller with a copy of the record on construction inspection of the apartment building so that both parties can determine beginning of warranty period.
3. Warranty services (including apartments in the apartment building used for various purposes) include: repairing the defects in the main structures of the building (beams, columns, ceilings, floors, roof, walls, paving, plastering), the equipment attached to the building such as doors, gas supply, electrical wires, lighting system, water supply and drainage system, repairs when the building tilts or subsides. The Seller shall give warranty for the other equipment attached to the building under regulations of the manufacturers or distributors.
The Seller must repair the defects or replace the defective items with the items of the same kinds with equal or better quality. The replacement or repairs shall be done by the Seller or a party authorized by the Seller.
4. The Purchaser must notify the Seller in writing of the defects covered by the warranty. Within ... days from the receipt of the notification sent by the Purchaser, the Seller must provide warranty services in accordance with the agreement and law; the Purchaser must enable the Seller to provide warranty services. If the Seller’s delay in providing warranty services causes damage for the Purchaser, the Seller must pay compensation for the damage to the Purchaser.
5. The warranty period begins when the Seller signs the construction inspection record, in particular:
a) 60 months or longer if the apartment building is 9 stories high or higher;
b) 36 months or longer if the apartment building is 4 to 8 stories high;
c) 24 months or longer if the apartment building not the kinds mentioned in Point a company Point b of this Clause.
6. The apartment is not under warranty in the following cases:
a) Usual wear and depreciation;
b) The damage caused by the Purchaser or any user of a third party;
c) The damage caused by force majeure events;
d) The warranty has expired according to Clause 5 of this Article;
dd) The cases that are not covered by the warranty according to Clause 3 of this Article, including the equipment and parts attached to the apartment that are installed or repaired by the Purchaser without the Seller’s consent;
e) Other cases agreed by both parties: .............................................
7. After the warranty expires according to Clause 5 of this Article, the Purchaser is responsible for repairing the defects to the apartment. The maintenance of shared area of the apartment building must comply with housing laws.
Article 10. Transfer of rights and obligations (Standard form contract for sale and purchase of commercial apartment)
1. If the Purchaser wishes to pledge the purchased apartment as collateral at a credit institution operating in Vietnam before being issued with the Certificate, the Purchaser must send an advance notice to the Seller so that the Seller and the Purchaser could follow the banking procedures.
2. If the Purchaser has not received the apartment from the Seller and wishes to transfer this contract to a third party, the parties must follow the procedure for contract transfer prescribed by housing laws. The Seller must not collect any additional transferring fee while following the procedure for certifying the contract transfer.
3. Both parties agree that the Purchaser may only transfer the apartment purchase contract to a third party when all of the conditions below are satisfied:
a) The apartment is not pledged as collateral at a credit institution or not restricted from transfer by a regulatory body, or not under dispute with a third party, unless the bank allows the Purchaser to transfer the contract to a third party.
b) The Purchaser has paid the Purchaser the due amounts related to the apartment under this contract;
c) The transferee of the contract is eligible to purchase and own housing in Vietnam according to Vietnam’s law when the contract is transferred;
d) The transferee makes a commitment to adhere to the agreements between the Seller and the Purchaser in this contract.
4. In both cases mentioned in Clause 1 and Clause 2 of this contract, the Purchaser or the transferor is entitled to the rights and obliged to perform the duties of the Purchaser according to agreements in this contract and the Rules and regulations enclosed with this contract.
Article 11. Private areas, shared areas, and used of apartment in the apartment building (Standard form contract for sale and purchase of commercial apartment)
1. The Purchaser has a private ownership of the area of the purchased apartment according to this contract and the equipment attached to the apartment, including .................................................; has the ownership and the right to use the shared areas and equipment in the apartment building according to Clause 3 of this Article.
2. The areas and equipment under the private ownership of the Seller include: ................................................................................
3. The areas and equipment under the shared ownership of owners in the apartment building include: ........................................................ (within the law)
4. The areas under the private ownership of other owners (if any) in the apartment building (such as offices, supermarkets, etc.): ............................
5. The management fee is agreed by both parties as follows:
a) The management fee during the period from the day on which the apartment is transferred to the Purchaser according to Article 8 of this contract to the day on which the management board is established and signs a management contract: ............................... VND/m2/month. This fee may be reasonably adjusted. The Purchaser must pay this fee to the Seller on .............................. (the fee may be paid monthly on ................. or paid all at once within the first ......... months on .................)
(Both parties agree to enclose with this contract a list of managerial tasks and services provided for the Purchaser by the Seller before the management board is established, including essential services and extended services such as: security, hygiene, management, sports, health care, etc.).
b) After the management board is established, the list of tasks and services, the management fee and the payment of fee shall be decided by the Apartment Building Assembly and discussed by the management board and the operating unit.
c) If management fee is imposed by the People’s Committee of the province where the apartment building is situated, it shall be paid accordingly unless otherwise agreed by both parties.
6. Other agreements (if any): ...................................................................
Article 12. Responsibilities of both parties and penalties for breach of contract (Standard form contract for sale and purchase of commercial apartment)
1. The penalty for late payment for the apartment is agreed by both parties as follows:
a) If the Purchaser fails to make the payment within ..... days from the deadline for making the payment in Clause 3 Article 3 of this contract, an interest on the late payment shall be charged at ...... % according to the interest rate announced by [name of the bank] when the payment is made over the period from the deadline to the payment date [both parties shall reach an agreement on the interest rate per day or per month]
b) During the performance of this contract, if the total number of days of late payment of the amounts in Clause 3 Article 3 of this contract exceeds ........ days, the Seller is entitled to unilaterally terminate the contract according to Article 15 of this contract.
In this case, the Seller is entitled to sell the apartment to another client without the Purchaser’s consent. The Seller shall refund the payment made by the Purchaser  [with or without interest depending on both parties] after deducting the penalty for breach of contract at ...........% of the total value of this contract (not including tax)
2. The penalty for late transfer of the apartment is agreed by both parties as follows:
a) If the Purchaser has paid the apartment off but the Seller fails to transfer the apartment within ..... days from the deadline in Article 8 of this contract, the Seller must pay an interest of .......... % on the amount paid by the Purchaser to the Seller over the period from the deadline for transferring the apartment to the actual transferring date according to the interest rate announced by [name of the bank] when the payment is made [both parties shall reach an agreement on the interest rate per day or per month].
b) If bb fails to transfer the apartment after ..... days from the deadline in Article 8 of this contract, the Purchaser is entitled to sustain this contract with a new deadline for transferring the apartment, or unilaterally terminate the contract according to Article 15 of this contract.
In this case, the Seller must refund the amount paid by the Purchaser [with or without interest depending on both parties] and pay the Purchaser a penalty for breach of contract at ..........% of the total value of this contract (not including tax)
3. If the Purchaser refuses to receive the apartment when the transfer is due and the conditions for transferring the apartment are satisfied, ........................ (negotiated by both parties).
4. Other agreements (negotiated by both parties within the law) ................................................
Article 13. Declarations of both parties (Standard form contract for sale and purchase of commercial apartment)
1. The Seller declares that:
a) The apartment described in Article 2 of this contract is under the ownership of the Seller, has not been sold to another person, and is not restricted from transaction as prescribed by law;
b) The apartment described Article 2 of this contract is built according to the approved planning, design, and drawings that are provided for the Purchaser, using the building materials in this contract;
c) Other declarations agreed by both parties:……………………………….
2. The Purchaser declares that :
a) The Purchaser has thoroughly studied the information about the apartment;
b) The Purchaser has been provided by the Seller with photocopies of necessary documents and information related to the apartment; the Purchaser has carefully read and understood this contract as well as its appendices. The Purchaser has examined all issues deemed necessary by the Purchaser to check the accuracy of such documents and information;
c) The amount of payment for this apartment is legitimate and is not under dispute with a third party. The Seller is not responsible for any dispute over the amount paid by the Purchaser to the Seller under this contract. If a dispute arises over the amount paid for this apartment, this contract is still applicable to both parties;
d) The Purchaser shall provide necessary documents the Seller’s request to obtain the Certificate for the Purchaser.
3. The conclusion of this contract between both parties is completely voluntary, not coerced or deceitful.
4. If one or multiple Articles, Clauses, or Points in this contract is declared null and void or unenforceable by a competent authority according to current laws, other  Articles, Clauses, and Points of this contract are still applicable to both parties. Both parties shall reach an agreement on amendments to the Articles, Clauses, or Points declared null and void or unenforceable.
5. Both parties are committed to adhere to the agreements in this contract.
Article 14. Force majeure events (Standard form contract for sale and purchase of commercial apartment)
1. Both parties agree that the events below are considered force majeure events:
a) War, natural disasters, or changes to the law;
b) A decision made by a competent authority must be implemented or other cases prescribed by law;
c) Either party has an accident or illness that must receive emergency treatment at a medical facility;
d) Other cases agreed by both parties: .............................................
2. Every case of financial difficulty is not considered a force majeure event.
3. When any of the force majeure events in Clause 1 of this Article occurs, the party affected by the event must notify the other party (in writing or directly) within .... days from the occurrence of such event and present any available document proving the force majeure event). The failure of the party affected by force majeure event to perform their duties is not considered a breach of contract, and also does not entitle the other party to terminate this contract.
4. The performance of duties of both parties shall be suspended during the occurrence of the force majeure event. Both parties shall resume the performance of their duties after the force majeure event ends, except for the case in Point d Clause 1 Article 15 of this contract.
Article 15. Contract termination (Standard form contract for sale and purchase of commercial apartment)
1. This contract shall be terminated in one of the following cases:
a) Both parties agree in writing to terminate the contract. In this case, both parties shall make a written agreement on the conditions and time for contract termination;
b) The Purchaser fails to pay off the apartment on schedule according to Point b Clause 1 Article 12 of this contract;
c) The Seller fails to transfer the apartment on schedule according to Point b Clause 2 Article 12 of this contract;
d) If either party fails to overcome the force majeure event to keep performing their duties within ..... days from the occurrence of the event, and no other agreement is reached between both parties, either party is entitled to unilaterally terminate this contract. The contract termination in this case is not considered a breach of contract.
2. Both parties shall reach an agreement on the mitigation of damage caused by contract termination in the aforesaid cases, such as refunding payment for the apartment, charging interest, fines, damages, etc.
3. Other agreements (negotiated by both parties within the law) ...........................
Article 16. Notification (Standard form contract for sale and purchase of commercial apartment)
1. Mailing addresses of both parties: ...................................................................
2. Form of notification (fax, mail, telegram, direct notification): ...............................
3. Recipient of notifications (the Purchaser shall appoint a person to receive notifications):
3. All notifications, requests, information, and complaints related to this contract must be made in writing. Both parties agree that the notifications, requests, and complaints are considered received if they are sent to the correct recipient and address and in the correct form prescribed in Clause 1, Clause 2 and Clause 3 of this Article. The date of receipt is:
a) The sending date if the mail is given directly and bear the signature of the recipient;
b) The day on which the sender receives a notice of successful fax if the notification is sent by fax;
c) On ............. from the date in the date time if the notification is sent by express mail;
d) Other agreements negotiated by both parties:……………………………….
4. Both parties must notify one another of any change to the address, name of the recipient, or method of receipt, otherwise the sender is not responsible if the notification is not received by the party that makes the change.
Article 17. Other agreements (Standard form contract for sale and purchase of commercial apartment)
Apart from the agreements in this contract, both parties may negotiate additional agreements as long as they are not in contravention of the contents of this contract, the law, and social ethics.
Article 18. Dispute settlement (Standard form contract for sale and purchase of commercial apartment)
Both parties shall negotiate the settlement of the disputes over the contents of this contract  If the dispute settlement is not negotiated within ..... days from the day on which one party sends a written request for dispute settlement to the other party, either party is entitled to request the court to settle the cases in accordance with Vietnam’s law.
Article 19. Effect (Standard form contract for sale and purchase of commercial apartment)
1. This contract takes effect on .....................................
2. This contract consists of 19 Articles and ................ pages, is made into 04 copies with the same value. 01 copy is kept by the Purchaser, 03 copies are kept by the Seller to pay taxes, fees, and obtain the Certificate for the Purchaser.
3. 01 approved drawing of the floor plan of the apartment described in Article 2 of this contract, 01 approved drawing of the floor plan of the floor on which the apartment is located, 01 approved drawing of the floor plan of the whole apartment building, 01 copy of the Rules and regulations, 01 copy of the list of building materials (if the apartment is built in the future), and ..............................  are enclosed with this contract.
The appendices and the amendments to this contract agreed by both parties are an integral part of this contract and applicable to both parties.
4. Any amendment to this contract must be made in writing and bear the signatures of both parties./.

         THE PURCHASER                      THE SELLER