|Real Estates Agencies in Korea (sports.nocutnews.co.kr)|
On the 8th of February, the Anti-Corruption and Civil Rights Commission revealed its recommendation regarding real estate fees. In this recommendation, new sections have been added: 900 million to 1.2 billion won for buying transactions and 600-900 million won for leasing transactions. The previous buying transaction, 0.9% of the real estate commission fee to over 900 million won, however, was subdivided into 0.7% for 900 million to 1.2 billion won and 0.9% for over 1.2 billion won. Moreover, while a 0.8% commission fee was imposed in the lease transactions to over 600 million won in the past, it changed to 0.5% for 600-900 million won and 0.8% for over 900 million won. Still, there is criticism in the related industry saying the government should make a move to lower the house prices to less than 900 million to stabilize the housing prices rather than making the standard of the transaction for high-priced housing 1.2 billion won. Meanwhile, a policy regarding people who terminate real estate contracts without consent should bear all commission fees will be implemented. Until now, both sellers and buyers have had to pay the commission fees even if the agreement was breached through the seller’s intentions. However, there is also criticism that paying a commission fee in the unfinished contract is nonsense. It is predicted that this recommendation will take a long time to reach the final reorganization since it must go through a survey of the Ministry of Land, Infrastructure and Transport and some preparation processes.
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