Sejong-si, Detailed Investigation into False Real Estate Transaction Reports

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City will conduct a thorough investigation into false real estate transaction reports within its jurisdiction.

The city announced on the 1st that it will officially begin investigating transaction reports to eradicate false real estate reporting.

Previously, the city formed a special task force for real estate investigations and focused administrative efforts on the investigation, including hiring two dedicated personnel for transaction report investigations last October.

Currently, a focused investigation is underway targeting about 2,000 individuals suspected of not properly reporting actual transaction amounts such as up/down contracts, disguised gifts, name trusts, tax evasion including capital gains tax, and violations of the Licensed Real Estate Agents Act.

Going forward, the city plans to analyze and investigate unclear sources of funds such as disguised loans during the funding process, and expects the related investigation results to be released in the first half of next year.

If violations of the Real Estate Transaction Reporting Act, Licensed Real Estate Agents Act, tax laws, or other related laws are confirmed from the investigation results, the city’s policy is to strongly respond by notifying relevant agencies such as the National Police Agency and tax offices and imposing administrative sanctions according to related laws.

Recently, as the Ministry of Land, Infrastructure and Transport has expressed its intention to conduct a full investigation into illegal transactions targeting corporations and outsiders who purchased low-priced multi-family housing, the city anticipates that follow-up measures such as administrative sanctions against illegal real estate traders will steadily increase.

Meanwhile, the first person to voluntarily report a violation of real estate transaction reporting will be exempt from or receive a 50% reduction in fines. The city urges those who have falsely reported real estate transactions to voluntarily report.

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