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Proposal to enact the “ Law on the Real Estate Transaction and Real Estate Services Industry ”
Strengthen the management of related businesses, such as real estate sales and sales agencies
A bill has come out to create the “Real Estate Transaction Analysis Institute,” a regular government agency that monitors and investigates disruptions in the real estate market.
Management of real estate-related sectors, such as real estate sales and sales agencies, will also be significantly strengthened.
According to the National Assembly on the 8th, Congressman Jin Seong-joon of the Democratic Party, in consultation with the Ministry of Land, Infrastructure and Transportation, proposed a proposal to implement the “ Transaction Industry Act real estate and real estate services ”, which contains the composition and functions of the Real Estate Transaction Analysis Institute.
The Real Estate Transaction Analysis Institute is an agency affiliated with the Ministry of Land, Infrastructure and Transport and has the authority to receive financial, tax and crime information from related institutions such as the National Tax Service, the Financial Supervision Service and the police to analyze, monitor and investigate abnormal real estate transactions or illegal activities. .
However, the premise is that this information can be requested at the minimum required and the information provided is handled in accordance with the Personal Information Protection Act.
It also contains information on the prohibition of various disruptions in the real estate market, such as the fixing of house prices, the dissemination of false information, unfair advertisements and the use of confidential development information and the punishment of violations.
In particular, in relation to the pricing of a house, it has been established that acts affecting the price of a house are not allowed using online alerts or communities.
Spreading false information is an act of disseminating false local development information or an unconfirmed development plan, or providing information on the status of supply and demand that has been intentionally distorted for the purpose of attracting investors.
The management of the real estate industries will also be significantly strengthened.
For real estate sales and real estate agencies, a registration system is introduced that allows them to register with the Ministry of Land, Infrastructure and Transport after meeting standards such as capital.
The reporting system is introduced for real estate consultancy and for the provision of real estate information. Real estate consultants cannot lend or broker money to clients, nor recommend the sale of properties held by particularly close persons.
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