The Berkley Buyer’s Guide A-Z: From Inquiry to Handover
Table of Contents
Buying The Berkley is a five-step administrative process that takes between three and eight weeks from initial inquiry to keys-in-hand. Most of the timing variation depends on payment scheme selection and, for Vietnamese buyers, bank-financing closure. Foreign buyers running cash transactions can complete in three weeks or fewer.
This article walks through the actual A-to-Z process, what happens at each stage, what to prepare, and where the timing decisions sit.
Stage 1: Initial Inquiry & Unit Selection (Days 1–7)
The first stage covers project introduction, unit-type orientation, and shortlist of preferred stacks. Most buyers compress this into one or two visits to the sales office or a private walkthrough of available units.
What to prepare:
- Budget range and preferred payment scheme orientation (Standard / Early 50% / Early 100% — see price article)
- Use case (primary residence, second home, pure investment)
- Layout priorities (1BR / 2BR / 3BR, garden, balcony orientation)
- Floor band preference (lower floor / mid / premium upper above level 12)
What happens:
- Sales team walks through available inventory and current allocation status
- Site visit to physical units (if available) or model unit
- Layout-by-layout review against your priorities
- Initial pricing discussion under your candidate scheme
Stage 2: Booking Deposit (Days 7–14)
Once you have selected a unit, the booking deposit reserves it in your name and removes it from active availability. The booking deposit is VND 200 million (approximately USD 8,000), payable by bank transfer.
What to prepare:
- Identification documents (passport for foreign buyers, ID/CCCD for Vietnamese buyers)
- Funds for the booking deposit in your buyer-name bank account
- For couples or multi-buyer arrangements: documentation of joint ownership intent
What happens:
- Booking form signing — confirms unit number, scheme selection, deposit amount
- Bank transfer of VND 200 million to Sonkim Land’s designated account
- Receipt issuance — your unit is now reserved
- Cooling-off window begins (refundable refund period for deposit if you withdraw)
Stage 3: Long-Term Lease Agreement Signing (Days 14–28)
The Long-Term Lease Agreement (LTLA) is the binding commitment document. Signing typically occurs 1–2 weeks after booking, allowing time for legal review.
What to prepare:
- Legal advisor review of LTLA terms (we strongly recommend independent counsel review for foreign buyers)
- For foreign buyers: documentation supporting payment-source-of-funds requirements (Vietnamese banks operate strict KYC on inward foreign currency transfers)
- For Vietnamese buyers using the 70% Loan + HTLS scheme: bank pre-approval letter
- Marriage certificate or single-status declaration (depending on jurisdiction)
What happens:
- Document review session — typically 1–2 hour formal review of contract terms
- LTLA signing — initial-and-sign procedure with notary or developer’s legal team present
- First instalment becomes due (timing varies by scheme — see price article)
- Booking deposit credits against first instalment
Stage 4: Payment Schedule Execution (Days 28 onward, scheme-dependent)
The payment schedule timing varies by selected scheme:
- Standard scheme (Foreign 4.5% / Vietnamese 3%): payments staggered across 9 instalments, typically 6–12 months from LTLA signing to handover.
- Early 50% scheme (Foreign 15.5% / Vietnamese 14%): 50 per cent paid in front-loaded milestones over 4–6 weeks, remainder over the next 4–8 months.
- Early 100% scheme (Foreign 17.5% / Vietnamese 16%): full balance at LTLA signing or within 30 days, then handover process triggers.
- Vietnamese 70% Loan + HTLS: 30% from buyer cash + closing costs at LTLA signing, 70% from bank disbursement (timing depends on bank approval and disbursement timeline, typically 4–8 weeks).
What happens at each milestone:
- Sonkim Land issues payment notice 7 days before due date
- Buyer makes bank transfer to designated account
- Receipt issued for each instalment
- Late payments incur 0.05% per day interest under the LTLA penalty provisions
Stage 5: Handover & Move-In (Days 30–60 from final payment)
Handover is the final stage where the buyer takes physical possession of the unit. For The Berkley specifically, the building is already complete — handover is administrative rather than construction-dependent.
What to prepare:
- Final payment confirmation (where applicable under the scheme)
- Move-in logistics (furniture delivery scheduling, utilities setup, internet activation)
- For foreign buyers: residence-permit and tax-registration paperwork (if planning extended stay)
What happens:
- Pre-handover inspection: Joint walkthrough with the building management to verify the unit’s condition matches the LTLA specification. Identify any “minor defects” (Khiếm Khuyết Nhỏ) for developer to remedy under standard provisions.
- Handover certificate: signed Biên Bản Bàn Giao confirms physical possession transfer.
- Key handover: physical keys, access cards, and welcome documentation provided.
- Common-area orientation: walkthrough of the building amenities (lobby, pool, gym, yoga studio, sky garden, parking) and introduction to the management team.
- Building Rules briefing: review of the Nội Quy Tòa Nhà (Building Rules) covering use of common areas, sub-leasing protocols, short-term rental processes through The North concierge, and resident services.
Special Considerations for Foreign Buyers
- Source-of-funds documentation: Vietnamese banks require documentation supporting foreign-currency inward transfers above certain thresholds. Prepare bank statements, employment income proof, or business income evidence covering the inflow. Your home-jurisdiction bank may also report large outbound transfers under standard cross-border reporting frameworks.
- Taxation: Vietnam imposes VAT on the lease consideration (rolled into pricing). For rental income tax (if you sublease the unit), Vietnam updated the rules effective 2026 — see the dedicated Vietnam Rental Income Tax — 2026 Update section below for current thresholds, rates, and filing requirements. Consult tax advisors in both Vietnam and your home jurisdiction.
- Translation: The LTLA is executed in Vietnamese with optional English-language version for foreign buyers. The Vietnamese version controls in case of conflict. Independent translation review by Vietnamese-speaking counsel is strongly recommended for foreign buyers.
- Power of Attorney: If you cannot attend LTLA signing in person, formal POA arrangements through Vietnamese consular channels are standard. Allow 4–6 weeks for POA processing.
- Bank account setup: Foreign buyers typically open a Vietnamese-resident bank account for ongoing payment management (utilities, management fees, sub-leasing income deposit). Most major Vietnamese banks support foreign-resident accounts with appropriate documentation.
Common Friction Points and How to Avoid Them
- Booking deposit timing: the foreign-buyer pool moves quickly in the eight weeks following formal launch. If your shortlist includes specific stacks (Floor 3 garden units, premium upper floors above level 18, the C2 3-bedrooms), book early or be prepared to adjust selection.
- LTLA review compression: avoid signing on the first review session if the contract is materially complex. Two-session review with overnight reflection captures more questions.
- Payment milestone tracking: the 0.05%/day late-payment penalty compounds quickly. Set calendar reminders for each instalment due date with a 5-day buffer for bank transfer clearance.
- Inspection at handover: minor defects identified before handover are remediated by the developer. After handover, remediation transfers to the lessee. Inspect carefully, document everything, and do not sign the handover certificate until you are satisfied with the unit’s condition.
- Building Rules orientation: the Building Rules cover important practical points (sub-leasing protocols, guest access, parking allocation). Read them during the orientation rather than after the fact.
Timeline at a Glance
| Stage | Duration | Key actions |
|---|---|---|
| Inquiry + Selection | Days 1–7 | Site visit, layout review, scheme selection |
| Booking Deposit | Days 7–14 | VND 200M deposit, unit reserved |
| LTLA Signing | Days 14–28 | Legal review, signing, first instalment |
| Payment Schedule | Variable (4 weeks–12 months) | Scheme-dependent milestones |
| Handover | 30–60 days from final payment | Inspection, certificate, key handover |
⚠️ Vietnam Rental Income Tax — 2026 Update
Vietnam revised its rental income tax framework effective 2026 — relevant for any Berkley owner who plans to lease the unit. The headline numbers below reflect the current rules.
1. Business License Tax (Lệ Phí Môn Bài) — Waived
Individual rental income is now exempt from business license tax as of 2026. No filing required for this specific levy.
2. Revenue Threshold for Tax Liability
| Total Annual Rental Revenue (All Units Combined) | Tax Liability | Filing Required |
|---|---|---|
| Below VND 1 billion / year (~USD 40,000) | ✅ NO tax payable | ⚠️ Filing still required |
| Above VND 1 billion / year | VAT + Personal Income Tax (PIT) | Mandatory |
Important: the threshold applies to the combined revenue across all rental units owned by a single individual — not per unit. If you own 2 Berkley units plus a separate property elsewhere, sum all three rental revenues to determine threshold status.
3. Tax Calculation When Above the VND 1 Billion Threshold
Two taxes apply in parallel:
- Value-Added Tax (VAT / GTGT): 5% × Total Revenue (applied to the entire revenue amount, no threshold deduction)
- Personal Income Tax (PIT / TNCN): 5% × (Total Revenue − VND 1 billion) (applied only to the amount exceeding the threshold)
Worked example — total annual rental revenue of VND 1.5 billion (~USD 60,000):
- VAT: 5% × VND 1.5 billion = VND 75 million
- PIT: 5% × (VND 1.5 − 1) billion = 5% × VND 500 million = VND 25 million
- Total tax payable: VND 100 million (~6.7% of total revenue)
Second example — annual revenue of VND 800 million (below threshold):
- VAT: 0
- PIT: 0
- Business license tax: 0
- Total tax payable: 0 — but filing is still required!
4. Filing & Payment
- Single consolidated filing: all rental units must be declared on one tax return, not separate returns per unit.
- Tax identification:
- Vietnamese citizens: use CCCD (12-digit national ID)
- Foreign individuals: use 10-digit tax code issued by the tax authority
- Deadline: the 2026 tax return and payment are due January 31, 2027. Subsequent years follow the same pattern (January 31 of the year following the tax year).
- Filing channels: National Public Service Portal (online) or local district tax office.
5. Practical Application for The Berkley Owners
Applied to typical Berkley unit scenarios:
- Long-term lease at 5% gross yield on a VND 12 billion unit → VND 600 million/year revenue from a single unit — below the VND 1 billion threshold. Zero tax payable, but filing still required.
- Short-term rental via Concierge at 7% gross yield on VND 12 billion → VND 840 million/year revenue — still below threshold for a single unit.
- Two Berkley units on long-term lease → VND 1.2 billion combined annual revenue — above threshold: tax = (5% × VND 1.2 bn) + (5% × VND 200 m) = VND 60 m + VND 10 m = VND 70 million/year.
Recommendation: consult a tax advisor or accountant before commencing leasing — particularly if you own multiple rental properties — to set up correct filing from day one and avoid back-tax assessments.
For foreign owners: coordinate filing with home-country tax obligations to manage double taxation through Vietnam’s existing treaties (DTAs).
Last updated: May 2026. Regulations may change — Realtique can introduce real-estate-specialised tax advisors who track current rules.
Bottom Line
The Berkley’s acquisition process is straightforward when broken down into stages. The foreign-buyer-specific complications (source-of-funds documentation, translation, POA arrangements, cross-border tax) add procedural overhead but do not change the fundamental five-stage flow.
For most buyers, the practical bottleneck is not the process — it is the booking-deposit timing. With 85 residences and meaningful early demand, the unit you actually want is likely to move within the first eight weeks of formal launch. The five-stage process matters less than getting to Stage 2 quickly with the right unit selected.
Our team supports buyers through every stage of this process. For private consultation on unit selection, scheme math, or legal-advisor introductions, contact us below.
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