Osan-si, Special Investigation on False and Fraudulent Real Estate Transactions

5% Fine on Acquisition Price for False Reports
False Reporters Face Up to 30 Million KRW Fine

Osan City in Gyeonggi Province announced on the 5th that it will conduct a special investigation targeting traders suspected of false or fraudulent reporting in real estate transactions until November.

The subjects of this special investigation include cases suspected of ▲false price reporting ▲false reporting without monetary transaction details ▲unregistered brokerage and illegal activities by licensed real estate agents among the transactions reported in the first half of the year. The city plans to carry out the special investigation by receiving and verifying explanatory materials from the parties involved in the transactions.

If false reporting is confirmed as a result of the investigation, a fine equivalent to 5% of the real estate acquisition price will be imposed. Those who submit false reports will be fined up to 30 million KRW. Suspects found to have evaded capital gains tax or gift tax during the transaction process will also be subject to tax audits.

However, fines will be waived for those who voluntarily report illegal activities. Informants who report illegal transactions will receive a reward of up to 10 million KRW.

An official from Osan City stated, "Through this special investigation, we will block illegal real estate speculation and tax evasion to create a transparent and fair real estate transaction environment."

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