Joint Circular No. 01/2014/TTLT-NHNN-BXD-BTP-BTNMT dated April 25, 2014 of the State Bank of Vietnam, the Ministry of Construction, the Ministry of Justice and the Ministry of Natural Resouces and Environment guiding procedures for mortgage of houses to be formed in the future under the Government’s Decree No. 71/2010/ND-CP of June 23, 2010, detailing and guiding the implementation of the Housing Law

JOINT CIRCULAR

Guiding procedures for mortgage of houses to be formed in
the future under the Government’s Decree No. 71/2010/ND-CP of June 23, 2010, detailing and guiding the implementation of
the Housing Law[1]

Pursuant to the 2005 Civil Code;

Pursuant to Housing Law No. 56/2005/QH11; Law No. 34/2009/QH12 Amending and Supplementing Article 126 of the Housing Law and Article 121 of the Land Law; and Law No. 38/2009/QH12 Amending and Supplementing a Number of Articles of the Laws concerning capital construction investment;

Pursuant to the 2006 Law on Real Estate Business;

Pursuant to the 2006 Law on Notarization;

Pursuant to the 2010 Law on the State Bank of Vietnam and the 2010 Law on Credit Institutions;

Pursuant to the 2003 Land Law;

Pursuant to the Government’s Decree No. 163/2006/ND-CP of December 29, 2006, on secured transactions, and Decree No. 11/2012/ND-CP of February 22, 2012, amending and supplementing a number of articles of Decree No. 163/2006/ND-CP of December 29, 2006;

Pursuant to the Government’s Decree No. 153/2007/ND-CP of October 15, 2007, detailing and guiding the implementation of the Law on Real Estate Business;

Pursuant to the Government’s Decree No. 71/2010/ND-CP of June 23, 2010, detailing and guiding the implementation of the Housing Law;

Pursuant to the Government’s Decree No. 83/2010/ND-CP of July 23, 2010, on registration of secured transactions;

Pursuant to the Government’s Decree No. 188/2013/ND-CP of November 20, 2013, on development and management of social houses;

Pursuant to the Government’s Decree No. 156/2013/ND-CP of November 11, 2013, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

Pursuant to the Government’s Decree No. 62/2013/ND-CP of June 25, 2013, defining the functions, tasks, powers and organizational structure of the Ministry of Construction;

Pursuant to the Government’s Decree No. 22/2013/ND-CP of March 13, 2013, defining the functions, tasks, powers and organizational structure of the Ministry of Justice;

Pursuant to the Government’s Decree No. 21/2013/ND-CP of March 4, 2013, defining the functions, tasks, powers and organizational structure of the Ministry of Natural Resources and Environment;

The Governor of the State Bank of Vietnam, the Minister of Construction, the Minister of Justice and the Minister of Natural Resources and Environment promulgate the Joint Circular to guide procedures for mortgage of houses to be formed in the future (future houses) under Clause 2, Article 61 of the Government’s Decree No. 71/2010/ND-CP of June 23, 2010, detailing and guiding the implementation of the Housing Law.

Chapter I

GENERAL PROVISIONS

Article 1.Scope of regulation

1. This Joint Circular guides procedures for mortgage of future houses (including procedures for mortgage, notarization of mortgage contracts and registration of mortgage) by organizations and individuals to borrow loans from credit institutions for purchasing houses in housing development projects or investment projects on construction of urban centers (below collectively referred to as housing investment projects) of real estate trading enterprises under Clause 2, Article 61 of the Government’s Decree No. 71/2010/ND-CP of June 23, 2010, detailing and guiding the implementation of the Housing Law (below referred to as Decree No. 71/2010/ND-CP).

2. This Circular does not regulate:

a/ The mortgage of houses to be built in the future by households and individuals on land areas under their own lawful use rights, to borrow loans from credit institutions.

b/ The mortgage of property rights arising from contracts on purchase and sale of future houses, to borrow loans from credit institutions.

Article 2.Subjects of application

1. Organizations and individuals that purchase future houses from real estate trading enterprises in housing investment projects (including also organizations and individuals that are transferred house purchase and sale contracts) and mortgage the purchased houses for borrowing loans to purchase these houses or other houses from real estate trading enterprises in housing investment projects.

2. Credit institutions established and operating in accordance with the Law on Credit Institutions.

3. Real estate trading enterprises that have future houses in housing investment projects to be sold to organizations and individuals eligible to own houses in Vietnam in accordance with law.

4. Notary public organizations.

5. Land use rights registration offices of Natural Resources and Environment Departments of provinces and centrally run cities; land use rights registration offices of Natural Resources and Environment Divisions of districts, towns and provincial cities; Natural Resources and Environment Divisions of districts, towns and provincial cities where no land use rights registration office is available (below collectively referred to as land use rights registration offices).

6. Registration centers for transactions and assets of the National Registration Agency for Secured Transactions under the Ministry of Justice (below referred to as registration centers for transactions and assets).

7. Other organizations and individuals involved in the mortgage of future houses under this Circular.

Article 3.Interpretation of terms

In this Circular, the terms and expressions below are construed as follows:

1. Future house eligible for mortgage means a house that is purchased by an organization or individual from a real estate trading enterprise in a housing investment project and is under construction according to an approved design dossier and a construction permit (for cases in which a construction permit is required) or has been completely constructed in accordance with the construction law but has not yet been granted a certificate of land use rights and ownership of house and land-attached assets (below referred to as certificate) by the time of establishment of the mortgage contract.

2. Real estate trading enterprise means an enterprise or a cooperative established and operating under the Law on Enterprises, Law on Investment or Law on Cooperatives, having the function of dealing in real estate in accordance with law and acting as the investor of a housing investment project or purchasing houses from investors of housing investment projects for sale to customers.

3. Future house mortgage contract (below referred to as mortgage contract) means a written agreement between an organization or individual defined in Clause 1, Article 2 of this Circular (the mortgagor) and a credit institution defined in Clause 2, Article 2 of this Circular (the mortgagee) in order to establish, change or terminate the rights and obligations of the parties related to the mortgage of a future house.

4. Scope of the secured obligation of the mortgagor toward the mortgagee covers the loan (principal debt), loan interest, overdue debt interest and charges for the loan (if any) agreed upon by the parties in accordance with law.

5. Registration of the mortgage of a future house means that an agency competent to register the mortgage of a future house records information on the mortgage of a future house in the registration book of mortgage of future houses, gives certification of the mortgage registration in the written request for mortgage registration, covering initial registration, change registration, registration of the notice of handling of mortgaged asset, and mortgage deregistration.

6. Transition of registration of the mortgage of a future house or transition of registration of the mortgage of rights arising from a future house purchase and sale contract means that a land use rights registration office certifies contents of house mortgage registration in the cadastral book, the additional page of the certificate and the written request for registration of mortgage transition in case the mortgage of a future house has been registered under this Circular or the mortgage of property rights arising from a future house purchase and sale contract has been registered in accordance with law but the mortgage has not yet been deregistered by the time of grant of the certificate.

Article 4.Principles of mortgage of future houses

1. Credit institutions that accept mortgage of future houses of organizations and individuals to borrow loans for purchase of houses from real estate trading enterprises shall comply with this Circular and other relevant laws.

2. The mortgage of future houses may be conducted only when such houses fully meet the mortgage conditions prescribed in Article 6 of this Circular.

3. The value of a mortgaged future house shall be agreed upon by the two parties based on the house value determined at the time of signing the house purchase and sale contract.

4. Mortgage contracts must be notarized and registered for secured transactions under this Circular.

5. A mortgagor may mortgage a future house at a credit institution to borrow loans for purchase of houses in a housing investment project of a real estate trading enterprise.

6. A future house that is currently mortgaged in the form of mortgage of the property rights arising from a future house purchase and sale contract may not be further mortgaged at a credit institution under this Circular. A future house that is currently mortgaged under this Circular may not be further mortgaged as property rights arising from a future house purchase and sale contract.

7. In case a housing investment project has been mortgaged by a real estate trading enterprise for performance of another civil obligation, such enterprise shall carry out procedures to register change in registered mortgage contents (partial withdrawal of mortgaged assets) before selling houses in such project.

8. Before carrying out procedures for grant of a certificate, the mortgagor and mortgagee may agree on modification of the signed mortgage contract or signing of a new mortgage contract.

9. Agencies competent to register mortgage shall register the mortgage of future houses in the form of take-note registration based on information declared in registration requests. Registrants shall fill in registration dossiers and take responsibility before law for the lawfulness and accuracy of declared information and documents in registration dossiers.

Article 5.Types of future house eligible for mortgage

Future houses which may be mortgaged for loan borrowing under this Circular include commercial houses and social houses in accordance with the housing law, specifically:

1. Condominium apartments constructed in a housing investment project.

2. Separate houses (including villas and semi-detached houses) constructed in a housing investment project.

Article 6.Conditions for future houses to be mortgaged

To be mortgaged at a credit institution, a future house must fully meet the following conditions:

1. Its technical design has been approved, its foundation has been completed, purchase and sale procedures have been completed, a purchase and sale contract has been signed with a real estate trading enterprise in accordance with the housing law or it has been handed over to the purchaser but has not been granted a certificate by a competent state agency in accordance with law.

2. It is not distrained for enforcement of a judgment or for execution of an administrative decision of a competent state agency, in case it has been handed over to the purchaser but has not been granted a certificate by a competent state agency in accordance with law.

3. It belongs to a housing investment project for which a certificate has been granted by a competent state agency or a decision on land allocation or lease granted by a competent state agency in accordance with regulations on investment projects on construction of social houses.

Article 7.Dossiers of mortgage of future houses

A dossier of mortgage of a future house for borrowing loans from a credit institution must comprise:

1. In case the future house is currently under construction:

a/ A house purchase and sale contract signed between the mortgagor and the real estate trading enterprise in accordance with the housing law (one original); receipts and invoices of money collection of the real estate trading enterprise (one original each, if any). In case the future house is purchased by the real estate trading enterprise from an investor for sale, there must be also a house purchase and sale contract signed between the investor and such enterprise (certified copy). In case the mortgagor is transferred the house purchase and sale contract, there must be also the original document on the transfer of the house purchase and sale contract in accordance with the housing law;

b/ A lawful mortgage contract law;

c/ A written record of the pre-acceptance test of the house’s completely built foundation in accordance with the construction law (certified copy);

d/ A written certification of the transaction conducted through the real estate trading floor in accordance with the law on real estate business or being on the list of subjects eligible for division of up to 20% of housing products in accordance with law certified by the provincial-level Construction Department of the locality where the housing project is implemented, in case of a commercial house (one original);

dd/ One of the papers specified in Clause 3, Article 6 of this Circular (certified copy).

2. In case the future house has been handed over:

a/ The documents specified at Points a, b, d and dd, Clause 1 of this Article;

b/ A written record of house handover signed between the real estate trading enterprise and the mortgagor (one original).

Article 8.Rights and obligation of mortgagors

1. Rights of a mortgagor:

a/ To reject requests of the mortgagee which are inconsistent with agreements in the mortgage contract and incompliant with law;

b/ To receive back documents in the mortgage dossier specified in Article 7 of this Circular and the certificate (if any) right after fulfilling the obligation to pay debts to the mortgagee or when replacing mortgage with another security measure or replacing the mortgaged asset with another security asset with the consent of the mortgagee;

c/ Other rights provided by law.

2. Obligations of a mortgagor:

a/ To properly implement agreed contents stated in the mortgage contract;

b/ To provide a complete mortgage dossier as specified in Article 7 of this Circular;

c/ To have, together with the mortgagee, the mortgage contract notarized at a notary public organization and register the mortgage of the future house with the agency competent to register house mortgages under Chapters II and III of this Circular; to coordinate with the mortgagee in registering the change in contents of registered mortgage of the future house as soon as the future house is completed and handed over and granted a certificate;

d/ In case the mortgaged house is damaged or destroyed or cannot be completely constructed for an objective reason or its construction is stopped, the mortgagor shall promptly notify such the mortgagee and replace such house with another asset of equivalent value or add or replace the mortgage with another security measure, unless otherwise agreed by the parties;

dd/ To pay compensation for damage to the mortgagee (if any);

e/ To perform other obligations in accordance with the civil law and the law on secured transactions.

Article 9.Rights and obligations of mortgagees

1. Rights of a mortgagee:

a/ To request the mortgagor to provide a complete dossier of the mortgaged house as specified in Article 7 of this Circular;

b/ To supervise and inspect the formation of the mortgaged house;

c/ To revaluate the mortgaged asset periodically or at any time as agreed upon in the mortgage contract before requesting the addition of another mortgaged asset or security measure if deeming it necessary;

d/ To handle the mortgaged asset in accordance with law in case the mortgagor fails to perform or fully perform the obligations agreed upon in the mortgage contract;

dd/ To request the real estate trading enterprise that sells the house to the mortgagor to provide information on the mortgaged house, coordinate with the mortgagor in carrying out procedures for grant of a certificate for the mortgaged house and create conditions for the mortgagee to supervise and inspect the formation of the mortgaged house;

e/ To request the notary public organization to notarize the mortgage contract;

g/ To request the agency competent to register secured transactions to deregister or change registered information in case of modification, addition, replacement, handling or destruction of the mortgaged asset or termination of the mortgage;

h/ Other rights provided by law.

2. Obligations of a mortgagee:

a/ To properly implement contents agreed upon in the mortgage contract;

b/ To check and verify that the future house fully meets the mortgage conditions under Article 6 of this Circular;

c/ To refrain from obstructing the complete construction of the mortgaged house while conducting supervision and inspection;

d/ To return documents filed by the mortgagor in the mortgage dossier, the certificate (if any) to the mortgagor when the latter fulfills the debt payment obligation as agreed upon the mortgage contract or when the mortgagor replaces the mortgage with another security measure or replaces the mortgaged house with another security asset;

dd/ After signing and registering the mortgage contract, to notify in writing the real estate trading enterprise of the mortgage of the future house by the house purchaser;

e/ To pay compensation for damage to the mortgagor (if any);

g/ To perform other obligations prescribed by law.

Article 10.Rights and obligations of real estate trading enterprises

1. Rights of a real estate trading enterprise that sells a future house to an organization or individual for mortgage to borrow loans from a credit institution:

a/ To refuse to provide information and documents in the dossier of mortgaged house not prescribed in this Circular;

b/ To request the mortgagor to make payment according to agreements in the house purchase and sale contract;

c/ Other rights provided by law.

2. Obligations of a real estate trading enterprise that sells a future house to an organization or individual for mortgage to borrow loans from a credit institution:

a/ To provide sufficient and truthful relevant documents for the purchaser to conduct the mortgage at a credit institution under this Circular and the law on secured transactions. To hand over to the mortgagee documents related to the mortgaged house made after the time of establishment of the mortgage contract as authorized by the mortgagor;

b/ In case it has mortgaged its project to secure the performance of other civil obligations, before signing the house purchase and sale contract, to register the change in the registered contents for partially withdrawing the security asset being the future house sold to the mortgagor in accordance with law;

c/ Upon receiving the mortgagee’s notice of mortgage of the future house, to refrain from carrying out procedures for transfer of such future house to any organization or individual, unless a written consent of the mortgagee is obtained;

d/ To provide a complete legal dossier of the mortgaged house for the competent agency to grant a certificate to the mortgagor or mortgaged house transferee when the mortgaged house is handled in accordance with law.

dd/ To create conditions for the mortgagee to exercise the right to supervise and inspect the formation of the mortgaged house;

e/ To notify the mortgagor and mortgagee of the progress of house purchase payment, construction and completion of construction of the house;

g/ To coordinate with the mortgagee in disbursing loans in accordance with law, and request deregistration of mortgage and handling of the mortgaged asset;

h/ To perform other obligations prescribed by law.

Article 11.Rights and obligations of real estate trading floors with regard to mortgaged commercial houses

1. To provide information and documents related to future houses at the request of mortgagees or provincial-level Construction Departments of localities where housing projects are implemented, and take responsibility for provided information and documents.

2. To refuse to provide information and documents filed in dossiers of mortgaged houses not prescribed in this Circular.

3. To exercise other rights and perform other obligations in accordance with law.

Chapter II

PROCEDURES FOR NOTARIZATION OF CONTRACTS ON
MORTGAGE OF FUTURE HOUSES

Article 12.Notarization of ready-made mortgage contracts

1. A requester for notarization of a mortgage contract shall submit a dossier of request for notarization which must comprise the following:

a/ A written request for notarization of contract or transaction, made according to a set form (one original);

b/ The draft mortgage contract;

c/ Personal identification paper (one copy);

d/ Documents specified in Article 7 of this Circular (one copy), except the mortgage contract;

dd/ Other documents related to the mortgage contract as required by law (one copy). In case the housing investment project has been mortgaged by the real estate enterprise to secure the performance of other civil obligations, there must be the mortgage registration office’s written certification of partial withdrawal of the security asset being the house sold to the mortgagor.

2. Copies specified in Clause 1 of this Article are photocopies, printed copies or typewritten copies which have the same contents as their originals and are not required to be certified. Upon submitting copies, requesters shall produce the originals for comparison. In case the documents specified in Article 7 of this Circular are certified copies, only such certified copies must be produced.

3. Notaries public shall receive dossiers of request for notarization and check documents therein. If dossiers of request for notarization are complete and valid as prescribed by law, they shall accept and record them in notarization registers.

4. Where there are grounds to believe that dossiers of request for notarization have unclear contents, the signing of mortgage contracts shows signs of intimidation or coercion or there is a doubt about the civil act capacity of notarization requesters or a doubt that mortgaged assets fail to satisfy the mortgage conditions prescribed in Article 6 of this Circular, notaries public shall request notarization requesters to clarify such contents or shall conduct verification or invite expert examination as requested by notarization requesters. If such contents cannot be clarified, they may refuse to notarize contracts.

5. Notaries public shall examine draft mortgage contracts and point out clauses that are against the law or social ethics or contract subject matters which are not suitable to reality, if any, to notarization requesters for modification. In case notarization requesters fail to modify, notaries public may refuse to notarize the contracts.

6. Notarization requesters shall themselves read the draft mortgage contracts again or have them read out by notaries public. In case notarization requesters are not fluent in Vietnamese, there must be interpreters who shall fully and accurately translate the draft contracts and wording of certification of notaries public for notarization requesters and shall sign each page of the contracts in the capacity as interpreter.

In case notarization requesters agree with all contents of the draft contracts, they shall sign on each page of such contracts. Notaries public shall write the certification wording on and sign each page of such contracts.

Article 13.Notarization of mortgage contracts drafted by notaries public at the request of notarization requesters

1. Notarization requesters shall submit a dossier set specified at Points a, c, d and dd, Clause 1, Article 12 of this Circular and declare their intention to sign and expected the contents of mortgage contracts.

2. Notaries public shall perform the jobs specified in Clauses 2, 3 and 4, Article 12 of this Circular.

In case the intention to sign and expected contents of mortgage contracts are real and not against the law and social ethics, notaries public shall draft mortgage contracts.

3. Notarization requesters shall themselves read draft mortgage contracts or have them read out by notaries public. In case notarization requesters are not fluent in Vietnamese, there must be interpreters who shall fully and accurately translate the draft contracts and wordings of certification of notaries public for notarization requesters, and shall sign each page of contracts in the capacity as interpreter.

In case notarization requesters agree with all contents of the draft mortgage contracts, they shall sign each page of such contracts. Notaries public shall write the certification wording on and sign each page of such contracts.

Article 14.Other procedures for notarization of mortgage contracts

Other procedures for notarization of mortgage contracts, including notarization competence; notarization time limit; notarization place; writings, signatures, fingerprints, correction of technical errors in notarized documents; amendment, supplementation or cancellation of mortgage contracts, must comply with the law on notarization.

Article 15.Obligations of notary public organizations and notaries public

1. Notary public organizations shall notarize mortgage contracts at the request of notarization requesters who have complete and valid dossiers as prescribed in this Circular.

2. When notarizing mortgage contracts, notaries public shall comply with this Circular and relevant laws, and take responsibility before law for notarized documents.

Chapter III

REGISTRATION AND PROVISION OF INFORMATION ON
MORTGAGE OF FUTURE HOUSES

Article 16.Agencies receiving dossiers, carrying out registration of mortgage of future houses and transition of mortgage registration

1. In case administrative procedures are carried out according to the single-window mechanism, sections receiving dossiers and notifying results of carrying out administrative procedures according to the single-window mechanism (below referred to as single-window sections) shall receive mortgage registration dossiers and transfer them to mortgage registration offices defined in Clauses 2 and 3 of this Article. In case administrative procedures are not carried out according to the single-window mechanism, mortgage registration offices shall receive registration dossiers.

2. Land use rights registration offices of provincial-level Natural Resources and Environment Departments of localities where future houses are constructed shall carry out registration of the mortgage of future houses and transition of mortgage registration for mortgagors that are domestic organizations or overseas Vietnamese implementing investment projects in Vietnam, foreigners or foreign organizations.

3. Land use rights registration offices of Natural Resources and Environment Divisions of districts, towns and provincial cities where future houses are constructed or Natural Resources and Environment Divisions of districts, towns and provincial cities where future houses are constructed in case these localities have no land use rights registration offices shall carry out registration of the mortgage of future houses and transition of mortgage registration for mortgagors that are domestic households or individuals or overseas Vietnamese permitted to purchase houses with land use rights in Vietnam.

Article 17.Time of mortgage registration and time limit for settlement of mortgage registration dossiers

1. The time of registration of mortgage of a future house for determining the payment priority order is the time when an agency competent to receive mortgage registration dossiers receives a valid mortgage registration dossier.

2. The transition of mortgage registration and correction of errors made by registration offices do not change the time of mortgage registration which has taken effect in accordance with law.

3. The time limit for settlement of future house mortgage registration dossiers must comply with Article 18 of Decree No. 83/2010/ND-CP of July 23, 2010, on registration of secured transactions (below referred to as Decree No. 83/2010/ND-CP).

Article 18.Fee for future house mortgage registration

The rates, collection, remittance, management and use of the fee for future house mortgage registration must comply with Joint Circular No. 69/2011/TTLT-BTC-BTP of May 18, 2011, of the Ministry of Finance and Ministry of Justice, guiding the collection, remittance, management and use of the fee for registration of secured transactions, charge for provision of information on secured transactions, and charge for use of regular customer services.

Article 19.Dossiers for initial registration of mortgage of future houses

A dossier for initial registration of mortgage of a future house must comprise:

1. A written request for mortgage registration, made according to form No. 01/DKTC-NTL attached to this Circular (the original); in case form No. 01/DKTC-NTL lacks space for declaration of registration contents, additional contents shall be declared in form No. 04/DKTC-NTL attached to this Circular.

2. The mortgage contract notarized under this Circular (the original).

3. The house purchase and sale contract signed between the house purchase and the real estate trading enterprise in accordance with the housing law. In case the mortgagor is transferred the house purchase and sale contract, one copy of the document on the transfer of the house purchase and sale contract established in accordance with the housing law (one copy) is required.

4. A power of attorney, in case the registration requester is an authorized person.

Article 20.Dossiers for registration of change in contents of future house mortgage registration

1. Cases of registration of change in contents of future house mortgage registration include:

a/ Withdrawal, addition or replacement of a mortgagor or mortgagee; renaming of a mortgagor or mortgagee;

b/ Withdrawal of a mortgaged asset;

c/ Addition of a mortgaged asset without signing a new mortgage contract;

d/ Correction of errors in declarations in written requests for registration made by registration requesters;

dd/ Change in other registration contents.

2. A dossier for registration of change in mortgage registration contents in the cases specified at Points a, b, c and dd, Clause 1 of this Article must comprise:

a/ A written request for change of a mortgage registration content, made according to form No. 02/DKTC-NTL attached to this Circular (the original). In case form No. 02/DKTC-NTL lacks space for declaration of registration contents, additional contents shall be declared in form No. 04/DKTC-NTL attached to this Circular;

b/ A contract on the change in case the parties reach additional agreement, partially withdraw the mortgaged asset, agree on withdrawal, addition or replacement of a party signing the mortgage contract (the original);

c/ A document of a competent state agency or organization on change in any registered information: names and business types of the mortgagor and mortgagee; change of any party signing the mortgage contract (certified copy);

d/ A power of attorney, in case the registration requester is an authorized person.

3. A dossier for registration of change in mortgage registration contents in the case specified at Point d, Clause 1 of this Article comprises:

a/ A written request for change of a mortgage registration content, made according to form No. 02/DKTC-NTL attached to this Circular (the original);

b/ A power of attorney, in case the change registration requester is an authorized person.

Article 21.Dossiers of request for correction of errors in mortgage registration contents made by registration offices

When detecting an error in registration contents made by the registration office, the registrationrequester shall submit a dossier of request for error correction which must comprise:

1. A written request for error correction, made according to form No. 02/DKTC-NTL attached to this Circular (the original).

2. A written request for registration with the erroneous certification by the registration office (the original).

3. A power of attorney, in case of the error correction requester is an authorized person (the certified copy).

Article 22.Dossiers for registration of mortgage deregistration

A dossier for registration of mortgage deregistration must comprise:

1. A written request for deregistration of the mortgage of a future house, made according to form No. 05/DKTC-NTL attached to this Circular (the original).

2. A written consent of the mortgagee to deregistration in case the requester for registration of mortgage deregistration is the mortgagor (the original).

3. A power of attorney, in case the requester for registration of mortgage deregistration is an authorized person.

Article 23.Dossiers for registration of notices of handling of mortgaged future houses

A dossier for registration of a notice of handling of a mortgaged future house must comprise:

1. A written request for registration of a notice of handling of a mortgaged future house, made according to form No. 03/DKTC-NTL attached to this Circular (the original). In case form No. 03/DKTC-NTL lacks space for declaration of registration contents, additional contents shall be declared in form No. 04/DKTC-NTL attached to this Circular.

2. A written notice of handling of a mortgage future house (the original).

3. A power of attorney, in case the registration requester is an authorized person.

Article 24.Dossiers for transition of future house mortgage registration

1. A dossier of request for transition of mortgage registration in case the mortgage of a future house has been registered under this Circular must comprise:

a/ A written request for transition of future house mortgage registration, made according to form No. 06/DKTC-NTL attached to this Circular (the original). In case form No. 06/DKTC-NTL lacks space for declaration of registration contents, additional contents shall be declared in form No. 04/DKTC-NTL attached to this Circular.

b/ A power of attorney, in case the transition requester is an authorized person.

2. A dossier of request for transition of mortgage registration for a future house eligible for mortgage registration in accordance with the law on mortgage of property rights arising from contracts on purchase and sale of future houses must comprise:

a/ A written request for transition and a power of attorney (if any) as prescribed in Clause 1 of this Article.

b/ A document on provision of information on the mortgage of property rights arising from the contract on purchase and sale of a future house issued by the transaction and asset registration center (the original) or a secured transaction registration certificate granted by the transaction and asset registration center (certified copy), and a certificate of registration of change in mortgage registration contents (if any) (one copy).

Article 25.Procedures for future house mortgage registration and correction of errors made by registration offices

1. Requesters for future house mortgage registration shall submit dossiers to agencies competent to receive dossiers defined in this Circular.

2. An officer of a land use rights registration office shall accept a dossier as follows:

a/ He/she shall examine the validity of the dossier. In case the dossier is incomplete, he/she shall refuse to receive it and guide the registration requester in completing it under regulations;

b/ He/she shall record the date and time of dossier receipt (hour, minute, date, month, year) in the written request for registration and dossier receipt; sign and write his/her full name; and issue to the registration requester a dossier receipt;

c/ He/she shall record dossier receipt information in the register of receipt of dossiers for registration of mortgage of land use rights and land-attached assets, made according to form No. 09/STN attached to Joint Circular No. 20/2011/TTLT-BTP-BTNMT of November 18, 2011, of the Ministry of Justice and the Ministry of Natural Resources and Environment, guiding the registration of mortgage of land use rights and land-attached assets (below referred to as Joint Circular No. 20/2011/TTLT-BTP-BTNMT).

3. A single-window unit shall receive a dossier as follows:

a/ It shall carry out the procedures prescribed at Points a and b, Clause 2 of this Article;

b/ It shall record dossier receipt information in its dossier receipt register;

c/ It shall forward the dossier to the land use rights registration office for performing the jobs specified at Point c, Clause 2 of this Article.

4. Upon receiving a dossier, a land use rights registration office shall examine the dossier; give certification in the written request for mortgage registration, make a true copy of the original written request for filing in the dossier; record mortgage registration information in the register of future house mortgage, made according to form No. 07/DKTC-NTL attached to this Circular; forward the original written request with its  certification to the dossier-receiving office or unit and notify registration results to the registrant.

In case there is a ground for refusal of registration under Clause 1, Article 11 of Decree No. 83/2010/ND-CP, the land use rights registration office shall notify in writing the refusal of registration and forward the registration dossier and notice of refusal of registration to the dossier-receiving office or unit for returning to the registrant and guide him/her in complying with regulations.

5. In case the mortgage registration agencies detect errors in mortgage registration information, they shall correct mortgage information in mortgage registration dossiers, and registers for registration of mortgage of future houses, and send written notices of correction of erroneous mortgage registration information to mortgage registrants.

Article 26.Procedures for transition of mortgage registration

1. The transition of mortgage registration may be effected before certificates are granted to grantees. Dossiers of request for transition of mortgage registration shall be submitted together with dossiers of application for certificates.

2. Land use rights registration offices shall base themselves on dossiers for future house mortgage registration and dossiers of request for transition of mortgage registration to effect the transition of mortgage registration by giving certification of mortgage registration contents in cadastral books and additional pages of certificates.

3. In case of transition of mortgage registration for houses eligible for mortgage registration in accordance with the law on mortgage of property rights arising from contracts on purchase and sale of future houses, after giving certification of mortgage registration contents in cadastral books and additional pages of certificates, land use rights registration offices shall certify the completion of the transition of mortgage registration in written requests for transition, send original written requests for transition with their certification as notices of the transition to transaction and asset registration centers under Article 28 of this Circular.

Article 27.Making, supplementation and management of dossier sets for future house mortgage registration

1. A dossier set for future house mortgage registration consists of the dossier for initial registration of mortgage, dossier for registration of change in mortgage registration contents, dossier for registration of mortgage deregistration, dossier for registration of the notice of handling of mortgage asset, and dossier for transition of mortgage registration. Documents included in the dossier set shall be preserved in dossier bags and a list of documents shall be made and supplemented whenever a new document is added and filed in.

2. Future house mortgage registration agencies shall make, supplement and manage dossier sets for future house mortgage registration and registers of future house mortgage. The management of registers of receipt of dossiers for registration of the mortgage of land use rights and land-attached assets must comply with Joint Circular No. 20/2011/TTLT-BTP-BTNMT.

Article 28.Exchange of information between land use rights registration offices and transaction and asset registration centers

1. At least 1 working day before granting a certificate, the land use rights registration office shall send a notice of the transition of mortgage registration under Clause 3, Article 26 of this Circular by post, facsimile or email to the transaction and asset registration center that has granted a secured transaction registration certificate.

2. On the date of receipt of a notice of the transition of mortgage registration from the land use rights registration office or on the following working day, the transaction and asset registration center shall deregister the mortgage of property rights arising from contracts on purchase and sale of future houses in accordance with law and send by post, facsimile or email notices of the deregistration to the land use rights registration office for filing in registration dossiers.

Article 29.Provision of information on mortgage of future houses

The provision of information on mortgage of future houses must comply with Chapter III of Decree No. 83/2010/ND-CP and relevant regulations of the Ministry of Natural Resources and Environment.

Chapter IV

IMPLEMENTATION PROVISIONS

Article 30.Responsibilities of the State Bank of Vietnam’s provincial-level branches

To examine, supervise and inspect according to their competence the implementation of this Circular and report arising problems to competent agencies for handling.

Article 31.Responsibilities of provincial-level Construction Departments

1. To publicize on their e-portals information relating to housing investment projects in their localities right after these projects are approved by competent agencies and comply with the time limit for information disclosure throughout the course of project implementation.

2. To provide information at the request of mortgagees on the construction progress of housing investment projects in their localities and projects that have notified the sale of their houses in accordance with the housing law.

3. To coordinate with functional agencies in examining, monitoring and handling according to their competence or requesting competent agencies to handle violations of organizations and individuals  in housing development investment, and concurrently notify such violations to credit institutions operating in their localities.

Article 32.Responsibilities of provincial-level Justice Departments

1. To direct notary public organizations in their localities in notarizing future house mortgage contracts under this Circular.

2. To settle according to their competence or report to the Ministry of Justice for settlement problems arising in the course of notarization of future house mortgage contracts.

Article 33.Responsibilities of provincial-level Natural Resources and Environment Departments

1. To guide provincial- and district-level land use rights registration offices in performing the following tasks:

a/ Carrying out the future house mortgage registration and transition of mortgage registration under this Circular;

b/ Providing information on future house mortgage registration upon request.

2. To settle according to their competence or report to the Ministry of Natural Resources and Environment for settlement problems arising in the course of future house mortgage registration and transition of mortgage registration.

3. For localities in which land registration offices have been established under provincial-level Natural Resources and Environment Departments, land registration offices or their branches shall perform the jobs of land use rights registration offices under this Circular according to the competence provided by the land law.

Article 34.Organization of implementation

1. This Circular takes effect on June 16, 2014, and replaces Joint Circular No. 05/2007/TTLT-BTP-BXD-BTNMT-NHNN of May 21, 2007, of the Ministry of Justice, Ministry of Construction, Ministry of Natural Resources and Environment and State Bank of Vietnam, guiding a number of regulations on registration of mortgage of houses.

2. The State Bank’s provincial-level branches, provincial-level Construction Departments, Justice Departments and Natural Resources and Environment Departments; Chairpersons of Boards of Directors and Members’ Councils and Directors General (Directors) of credit institutions; real estate trading floors, notary public organizations, land use rights registration offices, and related organizations and individuals shall implement this Circular.

3. Any difficulties and problems arising in the course of implementation should be promptly reported to the State Bank of Vietnam, Ministry of Construction, Ministry of Justice and Ministry of Natural Resources and Environment for consideration and settlement.-