To address a growing number of disputes between apartment owners and the developers of apartment buildings (the developers) including title to common areas, the Ministry of Construction (MOC) issued Circular 01 dated 25 February 2009. Under Circular 01, developers may obtain certificates of ownership for each apartment only by satisfying the following conditions:
- preparation and submission of a ‘basic file’ for the whole apartment building after the building is accepted for use by the competent state authority;
- preparation and submission of an ‘individual file’ for each apartment in the apartment building, after the purchase price is paid in accordance with the apartment sale-and-purchase contract (the purchase contract); and
- a purchase contract, based on the standard form included with Circular 01.
Circular 01 also conditions the issuance of a certificate of ownership in relation to an individual apartment upon the purchase and sale of such apartment on one of Vietnam’s recently established real estate trading exchanges.