Establishing Order in Real Estate Transactions to Protect the Property Rights of Gunmin
Changnyeong-gun, Gyeongnam Province, is strengthening guidance and crackdowns on illegal real estate activities to protect the property rights of residents and establish a sound real estate transaction order.
As jeonse fraud is rapidly increasing nationwide, including incidents like the Villa King case, not just in specific areas of the metropolitan area, detailed business information of licensed real estate agents is being additionally disclosed so that tenants can identify risky brokers.
Information on licensed real estate agents was previously disclosed in a limited manner through the National Spatial Information Portal, showing the status of brokerage offices and current business status. Now, detailed business history such as opening, closure, relocation, suspension, and administrative sanctions from the initial registration date will be additionally disclosed.
The county distributes name tags to licensed real estate agents upon establishment or relocation registration, which include their name, photo, brokerage office name, and registration number, so that residents can easily distinguish between "licensed real estate agents and brokerage assistants."
Additionally, photos of licensed real estate agents are required to be posted at the entrance of brokerage offices to prevent illegal activities such as brokerage by "unregistered or unqualified brokers" and "loaning of certificates or registration cards."
The county has organized a crackdown team to enforce regulations against illegal real estate brokerage activities to foster a healthy real estate brokerage culture. The inspections will check ▲proper posting of notices ▲unregistered or unqualified brokerage activities ▲false listing advertisements ▲excessive brokerage fees, among others.
The targets are 95 real estate brokerage offices within the county, and inspections will be conducted throughout the year as needed. Violations found will result in administrative actions such as fines, business suspension, and referral to judicial authorities.
For real estate transactions suspected of violating laws such as "false reporting and illegal gifting" under the Ministry of Land, Infrastructure and Transport’s verification system, focused inspections will be conducted to check consistency with reported prices. Suspected cases will be investigated by requesting transaction contracts, proof of payment, and other documents from the parties involved.
If false reporting is confirmed, a fine of up to 5% of the acquisition price will be imposed. Failure to submit supporting documents for the investigation or submitting false documents will result in a fine of up to 30 million KRW. If illegal gifting or other tax-related violations are confirmed, the case will be reported to the relevant tax office.
A county official stated, “We will do our best to continuously promote and inspect to protect residents’ property rights and stabilize the real estate transaction market,” and added, “We ask residents to use only registered real estate brokerage offices, as unqualified and illegal brokerage activities do not provide legal compensation in case of disputes.”
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