Suncheon City Cracks Down on Corporate Real Estate Speculation... Mandatory Submission of Housing Transaction Contract Reports

Ownership Transfer Registration Not Possible If Not Submitted

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City announced that starting from the 27th, when a corporation conducts a housing transaction, it must submit a housing transaction contract report to the city hall regardless of the amount, and if the buyer is a corporation, a fund procurement plan must also be additionally submitted.

The main points of the revised Real Estate Transaction Report Act include the submission of a fund procurement plan by corporations (stock companies, general partnerships, limited partnerships, limited liability companies, limited companies) and the expansion of reporting items for corporate transactions. The submission requirement applies from housing sales contracts concluded by corporations on the 27th.

Individuals only need to submit a fund procurement plan when purchasing housing priced at 600 million KRW or more, as before the revision.

To enhance the transparency of corporate real estate transactions and enable effective actual transaction investigations, corporations must additionally report ▲corporate registration status, ▲whether there is a special relationship between transaction parties, and ▲the purpose of housing acquisition, in addition to existing reporting items when reporting housing transactions.

If the housing transaction contract report and fund procurement plan are not submitted, a real estate actual transaction report certificate will not be issued, and ownership transfer registration cannot be completed.

A Suncheon City official stated, “This related law revision is part of the Ministry of Land, Infrastructure and Transport’s follow-up measures for the ‘Housing Market Stabilization Management Plan.’ Until now, it was difficult to identify relationships between parties in corporate housing transactions, which could be exploited as a means of illegal transactions and real estate speculation. However, going forward, effective inspections capable of blocking illegal and unlawful acts will be possible.”

For further details, please contact the Suncheon City Land Information Division.

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