Pyeongtaek City Conducts Precision Investigation into Apartment Transaction Reports

[Suwon Ilbo=Reporter Seo Dong-young] Pyeongtaek City announced on the 8th that it will conduct precision investigations into apartment transaction reports with high presale rights trading volume and guidance inspections targeting brokerage offices within the city.

Recently, with an increase in presale rights apartment transactions and the commencement of new apartment move-ins, complaints have emerged regarding suspected under-contract reporting.

The city plans to conduct focused investigations on cases where real estate transaction report amounts for multi-unit housing (presale rights) and other properties significantly differ from market prices, cases where additional payment premiums are low or nonexistent, and cases where real estate gifts are falsely reported as sales.

The city will request explanatory materials from sellers, buyers, and licensed real estate agents that can prove actual transaction prices and conduct investigations. If false reports are confirmed, a penalty equivalent to 5% of the real estate acquisition price will be imposed, followed by additional acquisition tax collection and notification to the relevant tax office on suspicion of capital gains tax evasion.

Those who fail to submit or submit false explanatory materials will face penalties of up to 30 million won. The initial reporter who voluntarily discloses violations may receive penalty reductions. In cases where a real estate transaction contract through a licensed real estate agent is proven, the relevant agent becomes subject to investigation and penalties.

The city stated it will make continuous efforts to establish a sound and transparent real estate transaction order through precision investigations into real estate transaction reports and ongoing guidance and inspections of brokerage offices within the city.