Daejeon City Detects 16 Cases of Illegal Real Estate Transactions Including 'Down Contracts'

Real estate transaction violations and penalties detected through joint inspections conducted by Daejeon City last month. Provided by Daejeon City.

[Asia Economy (Daejeon) Reporter Jeong Il-woong] The Daejeon city government recently conducted a joint crackdown on local real estate agencies, uncovering a total of 16 cases of illegal transactions.

According to the city on the 21st, the crackdown took place from the 7th to the 25th of last month through a joint effort between the city and district offices. The targets were apartment complexes where resale restrictions on pre-sale rights were lifted since last year, as well as areas undergoing redevelopment and reconstruction.

The crackdown revealed 3 cases including under-the-table contracts, excessive brokerage fees, and unreported employees, along with 13 cases of illegal transactions such as failure to post the original insurance certificates.

The city imposed business suspension orders for the first 3 cases and corrective recommendations for the latter 13 cases.

Kim Jun-yeol, head of the Urban Regeneration and Housing Headquarters of the city, stated, “We will continue focused crackdowns until the end of the year to establish transparent real estate transaction order and provide demand-centered real estate administrative services.”