Ho Chi Minh City requires investors not to authorize brokerage floors to sign contracts.

Accordingly, only the investor is authorized to sign contracts with buyers or lease-purchase customers of real estate products. Authorizing a brokerage floor or any individual to act on their behalf is considered a violation of real estate business regulations.

This regulation aims to prevent situations where investors delegate contract signing to brokerage floors, which can create legal risks for buyers. In reality, many customers have lost their deposits or faced disputes when projects were delayed, while the investor did not recognize contracts signed by a third party.

In addition, before selling, lease-purchasing, or transferring a product, the investor must publicly disclose complete project information, including location, legal status, scale, progress, and all conditions necessary for business. After a transaction occurs, the company must also update sales and transfer status so that authorities can monitor the activities.

East Ho Chi Minh City real estate, October 2025. Photo: Quynh Tran

The Department of Construction stated that acts such as illegal project transfers, raising capital without meeting conditions, or misusing customer funds are subject to fines ranging from VND 200 to 300 million and suspension of operations for 6–12 months.

The agency also requires that, before selling or lease-purchasing off-plan properties, companies must notify the authorities that the project meets transaction conditions. Initially, reports are submitted in paper form; once the national real estate database system is completed, companies will submit online to make it easier for the public to access.

The Department emphasizes that public disclosure of information is a mandatory obligation to increase transparency, prevent “ghost” projects and illegal capital mobilization, and ensure that investors take direct responsibility toward buyers. It also advises the public to only sign contracts and make payments directly to the investor, avoiding transactions through brokerage floors if there is no clear confirmation of signing authority.

According to experts, disclosing project information and prohibiting contract authorization make the market more transparent, giving buyers additional tools to verify before committing funds. If strictly enforced, this regulation will be an important step toward restoring order and strengthening trust in Ho Chi Minh City’s real estate market.

Previously, real estate brokerage floors could be legally authorized by investors to sign sale, lease-purchase, or transfer contracts with customers. However, since the 2023 Real Estate Business Law took effect on January 1, 2025, this provision has been tightened, almost completely ending the practice of authorizing brokerage floors to sign on behalf of investors.

Source: VnExpress Newspaper