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Realtors could be fined for avoiding trade centers   2008-09-03 - ThanhNienNews


Real estate companies would be fined up to US$3,600 for not conducting property transactions through real estate trading centers, according to a draft decree by the Ministry of Construction.

Property developers and agents would be fined VND50-60 million ($3,000-3,600) if they sell, buy or rent properties without going through such centers.

The ministry ordered in June that real estate companies and developers must complete all property transactions through real estate trading centers, which are also known as real estate exchanges.

The move came as part of a government plan to improve transparency in the sector.

Fines would also be levied on property businesses that violate other procedure regulations, according to the draft.

Fines of VND60-70 million ($3,600-4,200) could be imposed on real estate developers operating without a business permit, or those trading unlicensed properties.

Similar fines would be applied to property firms that sell apartments before completing project foundations and those companies that sell properties in projects that have yet to obtain official approvals or permits.

Fines of some VND70-80 million ($4,200-4,800) could be handed out for other brokerage, appraisement and management violations.

A VND90 million ($5,400) fine would be levied on developers or agents that fake brokerage and appraisement permits. Violators could also be banned from operating in the field for five years.

When completed, the draft decree would be submitted to the prime minister for approval.

Property businesses may establish their own real estate exchanges with the approval of local authorities.

Individual buyers and sellers are not obligated to use the centers.

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