"Full Refund Even If Sales Contract Is Canceled"…Extreme Remedy Amid Unsold Unit Fears

Daegu Dalseo Lotte Castle Contract Deposit Safety Guarantee System Implemented

'Dalseo Lotte Castle Central Sky' Perspective View

Lotte Construction announced on the 16th that it will implement the 'Deposit Safety Guarantee System' for the first time in Daegu for the contract holders of 'Dalseo Lotte Castle Central Sky (Apartment Division),' currently being sold in the area of 743, Bondong, Dalseo-gu, Daegu.

The Deposit Safety Guarantee System refers to a system where, if contract holders wish to cancel their contracts at a certain point after the sale, the entire deposit (excluding some option costs and taxes/fees) is refunded to the contract holders without any penalty. The construction company will cancel the previously sold apartments without any additional conditions upon the contract holder's request and fully refund the deposit. Lotte Construction introduced this system for the first time in Daegu to alleviate the concerns of actual buyers amid increasing uncertainties in the real estate market.

Lotte Construction stated that if a cancellation request is received within the special cancellation reception period, the contract will be canceled by the end of the designated move-in period, and the full deposit will be refunded. Additionally, the balcony extension costs are also included in the Deposit Safety Guarantee System to minimize the burden on contract holders.

In addition to the Deposit Safety Guarantee System, Lotte Construction plans to provide 'Special Cancellation Compensation' or 'Move-in Support Funds.' The Special Cancellation Compensation is a system that provides partial support to existing contract holders even if the contract is canceled. Lotte Construction plans to pay the existing contract holders (the party canceling the contract) an amount calculated by adding an annual interest rate of 5.0% to the deposit on a pro-rata basis from the day after the full payment date of the original contract until the move-in start date.

Benefits will also be given to residents who maintain their existing contracts. The Move-in Support Funds are set under the same conditions as the Special Cancellation Compensation (from the day after the full payment date to the move-in start date, annual 5.0%) and will be provided to the residents (main contract holders).

A Lotte Construction official said, "With the implementation of the Deposit Safety Guarantee System, buyers can effectively decide the actual purchase timing by observing real estate market trends," adding, "From the contract holders' perspective, stability can be secured, and from the construction company's perspective, sales can be increased, creating a 'win-win' opportunity for both."

Meanwhile, Dalseo Lotte Castle Central Sky will be constructed with a total of 3 buildings, ranging from 5 basement floors to a maximum of 48 floors above ground, supplying a total of 529 households (including officetels). The exclusive area is composed of a single type of 84㎡ for both apartments and officetels. The model house is set up at Lotte Department Store Daegu Branch.

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