Yeosu-si, 7 Cases Detected Including Suspicion of Illegal Real Estate Gift Transfers

34 Real Transaction Detailed Investigations... Tax Office Notifications and Fines Imposed

[Yeosu=Asia Economy Honam Reporting Headquarters Reporter Sim Kyung-taek] Yeosu City in Jeollanam-do detected seven illegal activities, including suspected illegal gifts, during a thorough investigation of real estate transaction reports conducted to eradicate the practice of false real estate reporting and establish a fair real estate transaction order.

According to Yeosu City, from January to March this year, the real estate transaction reports were diagnosed using a price appropriateness diagnosis system. As a result, 34 cases with potential false reporting, such as drafting up/down contracts, were selected for a detailed investigation starting in September.

The city collected explanatory materials from parties involved, such as sellers and buyers, and conducted an intensive investigation into transaction contracts, transaction funds (copies of bankbooks, account transfer details), and funding sources (gifts, real estate disposal, loans) to thoroughly verify the accuracy of the reported information.

The investigation found three cases suspected of disguised gifts and unclear funding sources, which were reported to the relevant tax office. Additionally, four cases confirmed to have violated related laws, such as delayed transaction reporting, will be fined.

A city official stated, “We will continue to investigate suspicious cases to eradicate false reporting of real estate transactions. We also urge citizens to be especially cautious not to fall for momentary temptations and suffer penalties due to false reporting.”

Meanwhile, Yeosu City has conducted four rounds of investigations into illegal activities such as resale of pre-sale apartment rights. So far, a total of 87 individuals, including 38 suspected of illegal resale and name trust, and 49 suspected of disguised gifts and unclear funding sources, have been reported to relevant authorities. The fifth round of investigation is currently underway.

Yeosu=Asia Economy Honam Reporting Headquarters Reporter Sim Kyung-taek simkt7@asiae.co.kr

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