The Ministry of Land, Infrastructure and Transport said on the 29th it plans to draw up relief measures for cases in which, after signing a contract to resell a regional housing cooperative (jihousing) pre-sale right (transfer of member status), the area is designated a speculative overheating district and the transfer of status is not recognized.
Under the current Housing Act, members of regional housing cooperatives are restricted from transferring member status once an area is designated a speculative overheating district. There is no exception for contracts signed before the designation of a speculative overheating district.
All of Seoul was designated a speculative overheating district starting on the 16th of the same month under the 10·15 measures. As a result, there have been cases where people signed contracts to transfer member status before the designation but are not recognized for the transfer of member status because they did not complete the transfer—such as failing to pay the balance—by the time of designation.
The Ministry of Land, Infrastructure and Transport (MOLIT) said it plans to actively review revising related rules so that good-faith parties who entered into valid contracts do not suffer harm.
Earlier, the Ministry of Land, Infrastructure and Transport (MOLIT) took steps to exceptionally allow the transfer of member status in areas such as Mok-dong and Yeouido that were designated land transaction permit zones if a sale had been agreed and a land transaction permit had been applied for before the 10·15 measures, even if the contract proceeded after the measures.