Real estate brokers are now subject to new laws and 'land snoopers' are no longer permitted

DNHN - Failure to provide, provide insufficient information, or provide dishonest information regarding the real estate (real estate) that the broker would result in a punishment of between 200 and 250 million VND, according to newly announced government laws.

That is one of the contents of Decree 16/2022/ND-CP (referred to as Decree 16) "Regulations on administrative sanctions on construction" which officially took effect on January 28. Decree 16 replaces Decree 139/2017/ND-CP (2017) of the Government and Decree 21/2020/ND-CP (2020) of the Government amending and supplementing several articles of Decree 139.

According to the Decree, in Article 59 "Violations against regulations on real estate service business", a fine of from 40 to 60 million dongs for one of the specific acts such as: Doing business in independent real estate brokerage services without having practice certificates or certificates have expired as prescribed; erasing, correcting the real estate brokerage practice certificate, falsifying the certificate content; lending, leasing or renting or borrowing real estate brokerage practice certificates to carry out activities related to real estate brokerage; organizations and individuals providing real estate brokerage services are concurrently both a broker and a contract performer in a real estate business transaction.

A fine of between VND 120 million and VND 160 million shall be imposed for one of the following acts: Engaging in real estate services without first establishing a business by prescribed procedures or failing to have a sufficient number of people with a prescribed real estate brokerage practice certificate or a practising certificate. occupation expires as prescribed; contracts for real estate service businesses are not written or do not contain all of the essential terms as prescribed. 

Real estate trading floors do not have operating regulations or operate in contravention of regulations approved by competent authorities, operate without names and addresses as prescribed, or change their names and operating addresses without notifying them. competent authorities as prescribed; Collecting all kinds of real estate service business fees that are not regulated by law.

Enterprises providing real estate brokerage services, real estate services, real estate transactions or individuals providing independent real estate brokerage services do not comply with the reporting regime as prescribed.

For acts of real estate being posted on the real estate trading floor but not meeting the conditions as prescribed; If they fail to provide, provide incompletely or provide dishonestly with documents and information about the real estate they broker, they will be subject to a fine of between VND 200-250 million. 

The Decree also stipulates an additional form of sanction, which is deprivation of the right to use a practising certificate for 3-6 months for the acts specified at Point c, Clause 1 of this Article.

Suspend the business of providing real estate trading floor services for 6-9 months for the acts specified at Point a, Clause 2, and Point a Clause 3 of this Article.

Also according to this Decree, Article 60 "Violation of management, application and disclosure of housing and real estate market information" stipulates a fine of from 60 to 80 million VND for the following acts: Failure to provide or provide incorrect information inaccurate, incomplete or incorrect declaration of real estate to the information management agency on housing and real estate market according to regulations; Providing third parties with housing and real estate market data of government agencies without the permission of the agency managing the real estate information system; 

Failing to clarify, explain and correct according to regulations the content of real estate market information provided by them at the request of the agency managing the housing and real estate market information system; Falsifying, corrupting or losing information and data about housing and real estate market; Illegally possessing and destroying information and data on housing and the real estate market in the national and local housing information system and database according to regulations; Obstructing the exploitation and use of information and data on housing and real estate market in the national and local housing information system and database according to regulations. 

Quang Tai - Hoàng Gia