Establishment of Standard Trust Agreement Draft... Opinions Accepted Until the 7th of Next Month
Revitalization of Trust-Based Redevelopment Projects
On the 23rd, the Ministry of Land, Infrastructure and Transport announced that it will begin collecting opinions on the preparation of a standard trust contract and enforcement regulations required when a trust company participates as a project implementer in maintenance projects.
The standard trust contract and enforcement regulations are being prepared to ensure fair contract signing between residents and trust companies and to protect residents' rights, and after collecting opinions, they plan to distribute them to local governments and stakeholders.
First, even if not all residents who signed the trust contract terminate the contract, the trust contract can be collectively terminated if the trust company is not designated as the project implementer within two years after the contract, or if more than three-quarters of the residents agree.
The real estate entrusted by residents (trust property) will be managed separately from the trust company's own assets and other properties, and loans secured by the trust company's trust property can only be made after construction begins, when the project promotion is certain.
The trust method also clearly stipulates the project completion deadline by requiring that procedures such as project cost settlement be completed within one year after the ownership transfer notification, similar to the association method.
In addition, matters necessary for project promotion such as management and operation of trust property, resolutions of the general meeting of landowners, and methods of borrowing funds are regulated.
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The full text of the amendment and standard proposal can be found in the official gazette and on the Ministry of Land, Infrastructure and Transport website, and if there are any opinions on the amendment, they can be submitted through the website, etc.
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