The Hồng Hạc City sale and purchase contract comprises 8 main groups of contents and terms: information about the parties and the property, the sale price and payment schedule, handover conditions, construction warranties, breach penalties, dispute resolution, financial appendices and accompanying technical appendices. In particular, all commitments from developer Phú Mỹ Hưng regarding 0% interest, support of 3% per year after handover and 36 months of free management must be specified in the sale and purchase contract or its appendices, rather than existing only as sales information.
Regarding the signing process, the official sale and purchase contract is signed after the buyer pays a reservation deposit and 20% of the property value in full; in addition, the buyer must prepare complete personal legal documents, including a valid Citizen Identity Card, household registration book and marriage certificate or certificate of single status, before the signing date. The entire process from placing the deposit to signing the official sale and purchase contract consists of 5 clear steps, carried out directly with Phú Mỹ Hưng’s sales department — without going through an intermediary agency.
Regarding the terms that require careful reading, there are 6 groups of provisions to which buyers must pay particular attention: the handover date and extension conditions, actual handover standards, late-payment penalties, conditions for unilateral termination of the sale and purchase contract, accompanying financial appendices and the time limits specified in the force majeure provision. Let us explore all the specific contents and terms in the article below.
What is the Hồng Hạc City sale and purchase contract?
The Hồng Hạc City sale and purchase contract is a legally binding document between Công Ty Cổ Phần Đầu Tư Công Đoàn Ngân Hàng Công Thương — a member company of Phu My Hung Development Corporation — as the seller, and the buyer. It establishes ownership rights to the property at the Hồng Hạc City project in Thuận Thành, Bắc Ninh, in accordance with the 2023 Law on Housing, the 2024 Land Law and the 2015 Civil Code.
View the Hồng Hạc City sample contract here
Specifically, the Hồng Hạc City sale and purchase contract is signed after the buyer pays a reservation deposit and the full 20% of the property value, with the first official signing date being 10/7/2025 according to the phase 1 launch schedule. More importantly, the sale and purchase contract is the highest-ranking legal document throughout the transaction — all sales information concerning the price, amenities, handover schedule and financial policies has legally binding effect only when specifically stated in the contract or its attached appendices. Accordingly, buyers should read the contract carefully and cross-check it against the information provided during the consultation before signing, to ensure that their rights are fully protected by law.
In addition, the Hồng Hạc City sale and purchase contract follows the contract template prescribed by the National Competition Commission (transferred to the Bắc Ninh Provincial People’s Committee from 1/7/2025) regarding mandatory contents and general transaction conditions for the sale and purchase of residential property. Let us explore all 8 groups of contents and terms in the Hồng Hạc City sale and purchase contract below.
What terms are included in the Hồng Hạc City sale and purchase contract?
The Hồng Hạc City sale and purchase contract comprises 8 main groups of terms based on legal content: information about the parties and the property, the sale price and payment schedule, handover conditions and standards, construction warranties, breach penalties, dispute resolution, general terms and accompanying appendices.
Below is an overview table of the structure of the Hồng Hạc City sale and purchase contract, helping buyers understand the overall groups of terms before proceeding to a detailed analysis of each section:
The table below lists the 8 main groups of contents in the Hồng Hạc City sale and purchase contract in the order in which they normally appear:
| Content group | Typical terms | Important notes |
| Information about the parties | Name, address and legal representative | Verify the developer’s exact legal entity name |
| Property information | Unit code, area, floor, orientation and subdivision | Cross-check against the appended drawings |
| Sale price and schedule | Total price and payment schedule for each instalment | Check the percentage for each instalment and its due date |
| Handover conditions | Handover date and handover standards | Maximum duration of a force majeure extension |
| Warranty | Warranty period and scope | At least as required by the Construction Law |
| Breach penalties | Late payment and late handover | Percentage per day and penalty cap |
| Dispute resolution | Negotiation, mediation and court proceedings | Determine the court with jurisdiction |
| Appendices | Floor plans, technical specifications and financial schedule | The appendices form an integral part of the sale and purchase contract |
What property and party information is included in the Hồng Hạc City sale and purchase contract?
The property and party information section of the Hồng Hạc City sale and purchase contract is the first and most important group of terms for accurately verifying the property that the buyer will own.
Specifically, the property information section of the sale and purchase contract includes all of the following legal and technical specifications:
- Seller information: Full name: Phu My Hung Development Corporation, registered address, tax identification number, and the full name and title of the authorised legal representative signing the contract
- Buyer information: Full name, Citizen Identity Card number, date of birth, permanent address and marital status (stating clearly whether the purchase is in the buyer’s sole name or jointly owned with their spouse)
- Property information: Unit number according to the project plan, floor number, land area, gross floor area, plot location in the Hồng Phát Zone F1 subdivision plan, house orientation and frontage onto the internal road
- Property type: Townhouse, shophouse, detached or semi-detached villa — clearly stated together with the unit code on the floor plan
More importantly, buyers must carefully cross-check the unit number and plot location in the sale and purchase contract against the floor plan in the attached appendix to ensure that the information matches exactly. Any discrepancy in area, number of floors or property type between the contract and the appendix must be corrected before signing.
What is the payment schedule in the Hồng Hạc City sale and purchase contract?
The payment schedule in the Hồng Hạc City sale and purchase contract comprises 4 main stages: 20% upon signing the sale and purchase contract (10/7/2025), 5% instalments according to construction progress, 75% upon handover of the property (10/12/2026) and the final 5% upon receipt of the pink book.
Specifically, the table below describes the detailed payment schedule for each instalment stated in the Hồng Hạc City sale and purchase contract, helping buyers prepare their funds on time:
| Payment instalment | Date | Percentage | Notes |
| Sign the official sale and purchase agreement | 10/7/2025 | 20% of the sale price + VAT | The largest instalment — make sure you have the full funds ready |
| Instalment 2 | 10/9/2025 | 5% + VAT | Construction schedule begins |
| Instalments 3 to N | Around 2 to 3 months per instalment | 5% per instalment + VAT | According to actual progress |
| Take handover of the property | 10/12/2026 | Remaining 75% | For buyers not taking a bank loan |
| Receive the pink book | After handover | 5% of the sale price | Final payment instalment |
In addition, the SPA sets out the grace period and 0% interest clause in detail: the entire bank loan amount (up to 70% of the unit’s value) benefits from a grace period on principal and 0% interest from the date the SPA is signed until the handover date of 10/12/2026, for customers borrowing through the 3 partner banks Vietcombank, BIDV and VIB. Furthermore, the developer’s 3%/year interest support clause for the 12 months after handover must also be set out specifically in the financial annex attached to the SPA.
What are the handover conditions in the Hồng Hạc City SPA?
The handover conditions in the Hồng Hạc City SPA comprise 3 simultaneous requirements: the buyer has paid 95% of the value in full (including all instalments up to the handover date), the building has been inspected and accepted and given an official street number, and the developer has carried out the procedure to issue a pink book for each unit.
Specifically, the technical handover standards are described in detail in the annex attached to the SPA, covering both finished items and items left as shell. In addition, the actual handover process follows 4 steps: notification of handover from the developer, the buyer inspecting the property, signing the handover record and receiving the keys. In particular, buyers should read the force majeure clause carefully — the SPA must clearly state the maximum extension period in the event of force majeure (usually no more than 180 days) so that the buyer knows their right to claim compensation if this limit is exceeded.
Furthermore, the warranty clause is also tied to the handover date: under the current Law on Construction, an individual residential building carries a minimum warranty of 24 months from the date of handover to the buyer, covering the main structure and the external finishing items carried out by the developer.
Penalty and dispute resolution clauses in the Hồng Hạc City SPA
The penalty and dispute resolution clauses in the Hồng Hạc City SPA cover 3 main situations: penalties for late payment by the buyer, penalties for late handover by the developer, and the dispute handling process.
Specifically, the structure of the penalty clauses in the SPA is usually designed on a bilateral basis:
- Penalty for late payment by the buyer: A percentage penalty is calculated on the overdue amount for each day from the due date to the actual payment date. Buyers should check the percentage and confirm that it does not exceed the statutory maximum.
- Penalty for late handover by the developer: The SPA must clearly state the specific penalty or compensation mechanism if the developer hands over late (beyond the force majeure period). This is a protective clause that buyers need to read carefully.
- Unilateral termination clause: The SPA sets out the conditions and consequences if either party terminates the contract unilaterally — including refund conditions, penalty amounts and the procedural steps.
In addition, the dispute resolution clause in the Hồng Hạc City SPA usually follows a 3-step sequence: direct negotiation between the two parties → mediation with a third party → filing a claim at the competent People’s Court in Bắc Ninh province under the Civil Procedure Code. From this, buyers should confirm clearly the name of the designated court and make sure it is the court with jurisdiction over the project’s address.
What is the process for signing the Hồng Hạc City sale and purchase agreement?
The process for signing the Hồng Hạc City SPA consists of 5 steps from deposit to official signing, carried out directly with Phú Mỹ Hưng’s sales department at its offices in Bắc Ninh, Hà Nội or Ho Chi Minh City, without going through an agency or intermediary broker.
Below is a detailed step-by-step analysis so that buyers can prepare fully and follow the process correctly.
What documents need to be prepared when signing the Hồng Hạc City SPA?
The documents to prepare when signing the Hồng Hạc City SPA fall into 3 groups depending on the buyer: a single individual, a married couple with joint ownership, and an organisation/company, each with different documentary requirements.
Specifically, the table below summarises the documents to prepare for each type of buyer when signing the Hồng Hạc City SPA, so that buyers do not miss any important paperwork:
| Buyer type | Mandatory documents | Additional documents |
| Single individual | Valid citizen identity card, household registration book or temporary residence confirmation (KT3), single status confirmation | None required |
| Married couple | Identity cards for both, household registration book, marriage certificate | Confirmation of consent to purchase from both spouses |
| Organisation/company | Business registration certificate, identity card of the legal representative | Board of Directors’ resolution approving the transaction |
| Bank loan documents | 6 months of bank statements, employment contract | As required by each bank |
More importantly, for married couples both spouses must be present at the signing, or the absent spouse must provide a valid notarised power of attorney. Furthermore, buyers applying for a bank loan should prepare their loan documents in parallel and complete approval before signing the SPA, to ensure they benefit from the 0% interest package attached to the project.
The steps for signing the Hồng Hạc City SPA, from deposit to official signing
The process for signing the Hồng Hạc City SPA consists of 5 sequential steps, each with its own procedure and timing, completed in around 2 to 4 weeks from deposit to signing the official SPA.
Specifically, the 5 steps are as follows:
Step 1 — Pay a reservation deposit and choose a priority unit Contact Phú Mỹ Hưng’s sales department to view the current available units and choose a unit according to location, property type and budget. Pay the reservation deposit as agreed to lock in priority on the chosen unit before the official SPA signing date.
Step 2 — Check the project’s legal documents Ask the sales department to provide copies of the legal documents: the investment policy approval decision, the 1/500 master plan, the land allocation decision and the Bắc Ninh People’s Committee document on the issuance of the red book. This is the step many buyers skip but it is in fact the most important for independently verifying the legal status.
Step 3 — Register for a bank loan package (if needed) Contact one of the 3 partner banks (Vietcombank, BIDV, VIB) to register for a loan package and obtain prior approval. Registering the loan before signing the SPA ensures the 0% interest mechanism attached to the contract applies.
Step 4 — Prepare all personal documents Prepare all the documents listed in the table in the previous section, have the necessary papers notarised and make sure your citizen identity card remains valid for at least 1 year from the signing date.
Step 5 — Sign the official SPA and pay 20% Go to the Hồng Hạc City sales office in Bắc Ninh or the Hà Nội office, read the entire SPA and its annexes carefully before signing, sign and stamp (if an organisation) on every page, then pay 20% of the sale price excluding VAT plus VAT as the first instalment.
Which clauses in the Hồng Hạc City SPA should be read carefully?
There are 6 groups of important clauses in the Hồng Hạc City SPA that should be read carefully, judged by the level of financial and legal risk to the buyer: the handover date, handover standards, penalty levels, conditions for terminating the SPA, financial annexes and the force majeure clause.
Below is an analysis of each group of clauses by the level of attention required:
Group 1 — Handover date and extension conditions: Confirm that the expected handover date of 10/12/2026 is clearly stated in the SPA. Especially important, check the force majeure extension clause carefully: the SPA must clearly state the definition of force majeure, the maximum extension period and the compensation payable if the developer hands over later than the permitted deadline.
Group 2 — Handover standards: Check the list of finishing items in the sale and purchase agreement (SPA) appendix against the information given by the sales team. Items such as completed external facades, bare-shell interiors, lift shafts, septic tanks and decorative metalwork must be listed specifically.
Group 3 — Late payment penalties: Confirm the percentage penalty per day applied to buyers who pay their instalments late. A reasonable penalty is usually between 0.05% and 0.1% per day — if it is higher, you should negotiate an adjustment before signing.
Group 4 — Conditions for unilateral termination of the SPA: Read carefully the conditions under which the developer has the right to cancel the SPA and how refunds are handled. Buyers need to ensure the refund conditions contain no disadvantageous penalty clauses in the event that the buyer needs to withdraw for objective reasons.
Group 5 — Financial appendix: Confirm that all 3 important financial commitments appear in the SPA or its appendix: (1) 0% interest rate until handover, with the names of the 3 partner banks, (2) 3% per year support from the developer for 12 months after handover, (3) free management fees for the first 36 months. If any commitment is missing, ask for it to be added to the appendix before signing.
Group 6 — Technical appendix: Check the unit floor plan in the appendix against the unit code in the SPA to confirm it is the unit you selected. From this, the buyer has a legal basis for confirming their rights later should a dispute arise over the property information.
Specific clauses in the Hồng Hạc City SPA — what else do buyers need to understand?
The Hồng Hạc City SPA wins on transparency of financial clauses (the 0% and 3% per year commitments), a standard real estate SPA lacks these commitments, and the transfer clause is a rare point that needs separate study before signing.
Below is an analysis of the two most important specific points.
Can the Hồng Hạc City SPA be transferred before handover?
The Hồng Hạc City SPA can be transferred before handover, provided the conditions are met: the required percentage has been paid in full in line with the developer’s regulations and Phú Mỹ Hưng has approved it in writing. Specifically, the SPA transfer process consists of: submitting a transfer request to the sales department, paying the transfer fee as stipulated and signing a tripartite transfer appendix (transferor, transferee and developer). Investors should read the transfer clause in the SPA carefully before signing so they know the exact fee, conditions and timing of permitted transfers, and can therefore plan their investment proactively.
How does the Hồng Hạc City SPA differ from a standard real estate SPA?
The Hồng Hạc City SPA differs in 3 financial clauses characteristic of developer Phú Mỹ Hưng that are rarely found in standard real estate SPAs in Bắc Ninh: (1) the commitment to a principal grace period and 0% interest rate, with the specific names of 3 partner banks (Vietcombank, BIDV, VIB) stated directly in the financial appendix; (2) the developer’s obligation to provide 3% per year support for 12 months after handover, also legally binding in the appendix; (3) the commitment to waive management fees for 36 months. By contrast, standard real estate SPAs in the Bắc Ninh market usually contain only basic payment and handover clauses, without long-term financial support commitments from the developer.
Meta Description: The Hồng Hạc City sale and purchase agreement comprises 8 groups of clauses: unit information, sale price, payment schedule (20% on signing the SPA → 75% on handover → 5% on receipt of the certificate), handover on 10/12/2026, warranty, penalties for breach and the financial appendix with 0% interest. A guide to the signing process and 6 clauses to read carefully before signing in 2025.
