Submission of 'Funds and Supporting Documents' Mandatory for Housing Transactions in Sejong New Town

Provided by Sejong City

[Asia Economy (Sejong) Reporter Jeong Il-woong] When trading houses in the new urban area of Sejong (starting from the 27th), it will be mandatory to submit a funding plan and supporting documents. This is applied according to the amendment of the Enforcement Decree of the Act on Reporting Real Estate Transactions, etc., as a follow-up measure to the Ministry of Land, Infrastructure and Transport’s ‘Management Plan for Housing Market Stabilization.’

According to Sejong City on the 26th, the amendment mainly includes ▲expansion of the scope of submission of funding plans ▲expansion of the scope of submission of supporting documents ▲expansion of reporting items such as whether there is a special relationship in corporate housing transactions ▲mandatory submission of funding plans when corporations purchase houses.

Until now, in regulated areas, funding plans had to be submitted when trading houses worth 300 million KRW or more, and in non-regulated areas, for houses worth 600 million KRW or more. However, according to the related law amendment, the city explains that funding plans must be submitted when trading all houses within regulated areas.

Also, supporting documents for the contents stated in the funding plan were previously only required when trading houses exceeding 900 million KRW in speculative overheated districts, but the city emphasizes that from now on, submission of supporting documents will be mandatory for all housing transactions.

In particular, when reporting corporate housing transactions, in addition to the existing general reporting items, additional reports must be made on corporate registration status, whether there is a special relationship between transaction parties, and the purpose of acquiring the house.

In the case of corporate house purchases, which are highly likely to be abused as a means of real estate speculation such as transactions between related parties, submission of funding plans will be mandatory regardless of transaction area and amount to strengthen the actual transaction investigation system for corporations.

A city official said, “With the Ministry of Land’s system improvement, submission of funding plans and supporting documents will be mandatory for all housing transactions within the planned area,” and added, “The city will continuously monitor various illegal activities during housing transactions in the region to secure a transparent real estate transaction order.”

This content was produced with the assistance of AI translation services.