Is it possible to sell an apartment with installment payments?

In Article 125 of the Housing Law 2014, the purchase and sale of apartments in the form of deferred payment or installment payment is regulated as follows:

- As agreed by the parties and clearly stated in the house purchase and sale contract.

- During the period when the apartment is being paid in installments, the buyer of the apartment may use it and be responsible for its maintenance, unless otherwise agreed upon or within the warranty period of the apartment.

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Clause 2, Article 125 of the Law on Housing affirms that:

Buyers with deferred payment or installment payments may only conduct transactions of purchase, sale, donation, exchange, mortgage or capital contribution of this house to another person after having fully paid for the purchase of the house, except for cases where the otherwise agreed by the parties.

If the purchaser of an apartment that is paying in installments wants to sell it to another person, he/she is required to fully pay the house purchase price to the seller, unless otherwise agreed by the parties.

Therefore, if buying an apartment in the form of progress payment with the investor or installment payment to the seller, only when paying the entire purchase amount of the apartment, the buyer is allowed to sell it to another person, unless the parties have other agreement.

In addition, according to Clause 5, Article 321 of the Civil Code 2015, when applying for an installment loan from a bank, if it wants to be sold to another person, the mortgagor may sell the apartment mortgaged by the bank to another person if approved by the bank or as required by law.

If the parties agree or the bank agrees to sell the apartment in installments, the following ways can be expressed:

- The investor signs the transfer document of the apartment purchase and sale contract before submitting the application for the Certificate to the State agency.

- The parties cancel the previous  purchase and sale contract in the form of installments and the seller will directly sign the apartment sale and purchase contract with the new buyer (if the previous buyer has not yet transferred to the Red Book) or make a tripartite agreement in form of installment payments between three parties: the previous buyer, the seller and the new buyer.

- Make a tripartite agreement between the bank, the buyer and the seller on the bank's agreement to sell the apartment on installment payments to another person. Simultaneously, cancelling the mortage, re-signing the sale and purchase contract and transfering the name of the Red Book to the new buyer.

According to the provisions of Article 370 of the 2015 Civil Code, the parties can transfer the bank's loan obligation to another person.