If you violate the resale rights restriction, you cannot subscribe for 10 years

Entry 2020.11.04 13:11 | Revision 2020.11.04 14:21

Starting in February of next year, if you violate the resale rights restriction, you will not be able to subscribe to an apartment for 10 years. Additionally, those who have received the presale will be notified of the planned move-in date up to two months before actual residence is possible. The Ministry of Land, Infrastructure and Transport made this announcement on the 4th through a press release explaining some modifications to the regulations on housing supply (Ordinance of the Ministry of Land, Infrastructure and Transport). The Ministry of Lands, Infrastructure and Transportation plans to announce the legislation from the 5th to the 14th of next month, and then promulgate and implement the amendment around January next year after consulting with related agencies and review by the Ministry of Legislation.

Anyone who violates or mediates the resale law restriction will be restricted from resident qualification for ten years from the date the violation is discovered. If the tenant’s qualifications are restricted, the subscription system will not be able to subscribe. Until now, only those who were displaced by the stomach or used a method to obtain a false pregnancy certificate, etc., have been sanctioned for prohibiting the subscription. This is a follow-up measure to the revised housing law that went into effect on August 18 and will go into effect on February 19 of next year.

The moving process is also improved for those who have been sold in apartment houses. In the future, the commercial operator must notify the expected occupancy date two months before actual occupancy is possible and specify it in the supply contract. Until now, it has been difficult for some business entities to provide a balance or get rid of existing homes by notifying them before or after the scheduled move-in date on the date of the hire announcement.

The designated period to move in is also extended to at least 45 days. Until now, the business entity has been able to arbitrarily set the appointment period, but if the appointment period is too short, there are drawbacks such as the number of moving days. From now on, the move-in period will be dispersed by setting the designated move-in period to at least 60 days for more than 300 households and 45 days for fewer than 300 households.

Excluding faculty members from the special offer of institutions relocating to Happy City in Sejong City, and for long-term service soldiers of 25 years or more who have been recommended by the Ministry of National Defense , only in the metropolitan area, excluding areas overheated for speculation, to apply the relaxed pre-residency requirements at the time of subscription. Also included in this amendment.

In addition, the proposal to relax the income standard for the special offer for newlyweds and for the first time in life, which was announced at the meeting of ministers in charge of the inspection of the real estate market on 14 last month, was also reflected in this review. Newlyweds with an average monthly income of 100% or less and double income of 120% or less from former urban workers to newlyweds with 140% or less and 160% or less of dual income will have the opportunity to subscribe to special supplies. For households with three or less pre-tax incomes, 140% of the median monthly income for urban workers is 7.78 million won per month and 160% is 8.89 million won per month. For the first time in their lives, special inputs are also being offered to those with less than 160% of the average monthly income of urban workers.