False, Delayed, and Evasive Practices: Ulsan Real Estate Transaction Report Violations Surge 144% ... Monitoring Strengthened

Last Year 62 Cases to This Year 151 Cases, 151 Cases Including Delay Reports, 268 People Fined

Ulsan City Hall. [Photo by Yonhap News]

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] As real estate transaction investigations have been strengthened, cases of reporting violations in the Ulsan area have significantly increased.

Ulsan City announced on the 27th that the number of disciplinary actions against violators such as delayed reporting or false reporting has increased sharply compared to last year.

According to Ulsan City, the number of disciplinary actions against violators this year was 151 cases, an increase of about 144% compared to 62 cases last year.

This is attributed to the fact that since the launch of the Ministry of Land, Infrastructure and Transport’s ‘Real Estate Transaction Analysis Planning Team’ in April this year, continuous monitoring investigations of real estate transaction reports have been strengthened, leading to an increase in detailed investigations of false reports.

Based on the investigation results of the Real Estate Transaction Analysis Planning Team, the five districts and counties of Ulsan City have been conducting detailed investigations of real estate transaction reports on an ongoing basis.

A total fine of 564 million KRW was imposed on 268 people involved in 151 cases of violations of the Real Estate Transaction Reporting Act, including delayed reporting, false reporting of transaction amounts such as down contracts or up contracts.

Additionally, 53 cases suspected of illegal activities such as disguised gifts were reported to the relevant tax offices for investigation of possible tax evasion.

By type of violation, delayed reports exceeding the real estate transaction reporting deadline accounted for the largest number with 140 cases, followed by 10 cases of false reporting such as up contracts and down contracts, and 1 case of failure to submit transaction price supporting documents.

An official from Ulsan City said, “We will strengthen investigations into violations of the Real Estate Transaction Reporting Act, such as false reporting, through continuous monitoring to stabilize the local real estate market.”

Fines for violations of the Real Estate Transaction Reporting Act are imposed up to a maximum of 3 million KRW if the report is not submitted or delayed within 30 days from the date of the real estate transaction contract (or cancellation date).

In particular, when the report is made with false information or when prices are falsely reported through ‘down contracts’ or ‘up contracts,’ a fine of up to 5% of the acquisition price is imposed.

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