Can gold be used to pay for real estate?

August 15, 2021 08:45

Question: My neighbor offered to buy a 100 m2 plot of land and a level 4 house on my land for 19 taels of SJC gold bars. I also want to sell and plan to keep the gold for convenience instead of receiving money as usual. Is that okay?

PIETY(Ninh Giang)

Answer:According to Clause 4, Article 19 of Decree 24/2012/ND-CP, using gold as a means of payment is a violation of the law.

Therefore, people are not allowed to use gold as a means of payment when buying and selling real estate in particular and buying and selling activities in general.

Pursuant to Point b, Clause 3, Article 3, Point b, Clause 1 and Point b, Clause 2, Article 24 of Decree 88/2019/ND-CP, if people use gold as a means of payment, they will be warned. In case of recidivism or multiple violations, they will be fined from 10 million VND to 20 million VND, and violating organizations will be fined double.

In my opinion, to ensure that your real estate transaction is carried out in accordance with the law, you and your neighbors must pay in Vietnamese Dong as usual.

After receiving money from the real estate buyer, if you have a need, you can go to credit institutions or businesses licensed by the State Bank to buy and sell gold bars to buy gold bars.

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Can gold be used to pay for real estate?