It was found that the expedient method of raising the house price by canceling the contract after reporting it as the new price is still prevalent. As evidenced by this, from February last year to last month, the number of transaction cancellations after registering real estate transactions was 190,000, accounting for 6% of the total transaction cancellations.
According to the data received from the Korea Real Estate Agency by Rep. Jin Seong-jun, a member of the Land, Infrastructure and Transport Committee, from February 1, 2020 to September 30, this year, the number of transaction cancellations and disclosures in the real estate transaction system was 189,397 out of 3,34,228 total housing sales ( 5.7%).
The actual transaction price is used like a stock index through real estate portals and apps, but there is no actual verification, so public confidence is low. If you buy or sell a house, you must report the actual transaction within 30 days. With the current system, instead of reporting after the ownership has been completely transferred, registration is done only by writing a contract, and there is no penalty for canceling it.
It is suspected that he made a false report of a real estate transaction by exploiting a blind spot in the system, and then did not report to the reporting authority even though the transaction contract was canceled, invalidated or canceled, thereby increasing the actual transaction price. Rep. Jin pointed out, “The real trading system is being called a ‘legal playground’ for speculators.”
Bicycle transactions such as reporting and canceling real transaction reports during a period of rising house prices, and false reports, have a large ripple effect on the market. This is because, with just one transaction, the price or asking price of hundreds or thousands of apartments rises.
For example, the price of Namyangju Complex A has continued to increase by about 17% in 28 transactions (refer to the data of the Ministry of Land, Infrastructure and Transport Real Estate Transaction Analysis Planning Group) since Bicycle Trade, and in the case of Cheongju Complex B, about 54% of the transactions have been recorded so far. maintained at a higher price. Also, in the case of Changwon Complex C, 15 transactions were traded at a 29% higher price after bicycling, and then declined slightly in 7 months.
Previously, in December of last year and in January of this year, it was confirmed that about half of apartment transactions that were canceled in Sejong and Seoul were ‘reported transactions’. Transaction cancellations occurred frequently in areas that had led the rise in apartment prices last year. At the time, some raised suspicions that there was a ‘price inflation’ in which an apartment was bought and sold at a price higher than the previous price and then canceled and the price was raised.
As a result of disco’s analysis of actual transaction data from the Ministry of Land, Infrastructure and Transport, it was found that 3,279 transactions, or 2.53%, of the 129,804 nationwide apartment sales in December of last year and January of this year were canceled. When looking at cities and provinces, the cancellation rate of real transactions in areas where apartment prices rose sharply last year, such as Seoul and Sejong, stood out. In particular, among the actual transactions that were canceled in these regions, the proportion of transactions that renewed the new price was found to be high.
Other regions such as Gyeonggi (12.9%), Incheon (10.5%), Daegu (20.0%), and North Chungcheong (3.7%) did not have low cancellation rates.
The Ministry of Land, Infrastructure and Transport has been constantly criticizing market price distortions by exploiting loopholes in the disclosure system. In January, a petition from the Blue House to the Ministry of Land, Infrastructure and Transport came up asking the Ministry of Land, Infrastructure and Transport to come up with countermeasures for fraudulent behavior that exploited loopholes in the disclosure system. The content is that false reports can disturb the market by placing the contract on the actual transaction data of the Ministry of Land, Infrastructure and Transport, forming a market price, inducing other transactions to be concluded at a price slightly lower than that amount, and then secretly reporting the cancellation of the contract.
The Ministry of Land, Infrastructure and Transport also decided that it would be difficult to determine market disturbance if existing transaction information was simply deleted when canceling a housing transaction contract.
However, there are many concerns in the market that the simple disclosure of transaction cancellation details is a meaningless measure. This is because, in accordance with the market price disturbed by the speculators, the general public cannot save the victims by canceling the transaction after it has been traded. In addition, according to the current Real Estate Transaction Reporting Act and the Real Estate Brokers Act, individuals who report false reports in the real estate transaction system are fined and the real estate brokers are subject to business suspension. However, the profit is far greater than the fine to be paid for the actual transaction manipulation, so the actual transaction manipulation is rampant.
Rep. Jin said, “In order to block false reports on the real transaction system, we need to find a system that warns of a speculative transaction that raises the market price by a specific group, and clearly state the reason, such as suspicion of speculation or a simple change of mind, even in the case of a transaction cancellation reason. It is necessary to do so,” he said.
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