Yeosu City Launches Strong Crackdown on 'Tteotdabang'
Yeosu Police Station Forms Joint Inspection Team with Yeosu Branch of Korea Association of Realtors
[Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] Yeosu City, Jeollanam-do announced on the 16th that it will conduct a special crackdown on illegal real estate brokerage activities, such as 'Tteotdabang' (illegal real estate agents) that have been rampant due to the recent overheating of the Yeosu real estate market.
The crackdown began on the 14th with an on-site inspection near the Marine Park Asiang model house at Woongcheon Booyoung, and a joint inspection team has been formed with the Yeosu Police Station and the Yeosu branch of the Korea Association of Realtors to enforce strict measures until the 14th of next month.
Strong administrative sanctions and legal actions will be taken simultaneously against those caught engaging in illegal activities.
According to Yeosu City and the local real estate industry, apartments recently sold in the area have seen so-called premiums worth tens of millions of won attached to the pre-sale rights, which are being traded, significantly influencing the rise in apartment prices in Yeosu.
With the already high prices of new apartment sales, buyers have to pay additional premiums, increasing the sense of loss among those without homes.
A Yeosu City official stated, “We will continue to crack down on illegal brokerage activities to establish order in the real estate market and protect citizens’ property rights,” and added, “We ask citizens to actively participate in eradicating illegal resale of pre-sale rights.”
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Meanwhile, acts such as selling or brokering the resale of pre-sale rights during the resale restriction period are punishable by up to three years in prison or a fine of up to 30 million won, as well as cancellation of the pre-sale rights. Those who broker such transactions face up to three years in prison or fines up to 20 million won, along with cancellation or suspension of their real estate office registration.
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